For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for Home Estate/PUDS for the first 5 months of the year there have been 20 sales compared to 26 in 07 meaning theyre about 25% behind last years pace. The median sales price has dropped from $1,557,500 in 07 to the current $990.562. This could actually end up being a good thing because it means that properties farther down the price scale are selling which is where the vitality of the market will come. The other good number is the Days on the Market which has slid to 92 in 08 compared to 122 in 07. This means it took about a month less for sellers to get an accepted offer. Newer properties coming on the market this year have slowed from 70 in 07 to the current 56 but interestingly enough the Median List Price for those new properties has risen from $985,000 to $1,095,000. The one number that bothers me the most is the homes that have gone into escrow have fallen from 28 to 22 this year. Hopefully with the homes farther down the scale starting to sell this will invigorate the Carpinteria/Summerland market.
For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first five months of the year in the condo market sales have gone from 19 in 07 to 13 in 08. The fewer sales have also seen a rather dramatic decline in the median sales price from $598,000 to $500,000 in 08. Even more dramatic is the decline in the numbers of condos going into escrow. In 07 at this time that number was 25 and currently in 08 its been 15. Unlike the Home Estate market the Days on the Market for Condos has increased to 120 from 109 last year. Also the numbers of new listings has increased this year from 69 in 07 to 85 in 08. The interesting number there is that the new listings coming on the market in 08 have a dramatic increase in the median list price from $589,000 in 07 to the current $675,000 which is inverse proportion to the sales figures.