For the East of State St area of Santa Barbara Real Estate for the first 5 months for Home Estate/PUDs for 08 there have been 58 sales compared to 100 in 07. The East Side of State St has seen the biggest decline in the numbers of sales compared to the previous year. The numbers of pending listings of those going into escrow has not fallen nearly as dramatically. For 08 weve seen 73 go into escrow compared to 112 in 07. Hopefully this means that those properties that went into escrow are still waiting to complete the sales process and not fallen out. While the numbers of sales has dropped off dramatically both the median and average sales prices have stayed rather stable. In 07 the median was $1,152,500 and the average was $1,314,471. For 08 the median went to $1,137,500 and the average rose to $1,264,116. The Days on the Market has risen slightly from 07 to the current 93, but the numbers of new listings coming on the market has fallen from 201 in 07 to the current 178.
For East of State St are for Santa Barbara Real Estate of for the first five months of 08 in the condo market weve had 18 sales compared to 47 in 07. The condos that went into escrow are not quite as dramatic with 52 going in for 07 but only 24 for 08. The median sales price has dropped by more than $100,000 and the average sales price has dropped about $75,000. The days on the market has remained stable with 112 for 07 compared to 110 for 08 but the numbers of new listings coming on the market has fallen from 72 last year compared to 57 this year. Its definitely a tough year so far from East of State St condos.