For the West of State St area of Santa Barbara Real Estate for the first 5 months of ’08 for Home Estate/PUDs we’ve had 58 sales compared to 76 in ’07. The West Side has definitely not been hit as hard as the East Side but it’s still been pretty tough over the there. The pending listings in ’07 at this time were at 89 compared to the ’08 number of 72 which is also better than what we’ve seen on the East side but the days on the market has stretched out almost 3 weeks from 71 in ’07 compared to 90 for ’08. But while the days on the market have gotten bigger the numbers of new listings has gotten smaller. This year on the West Side of Santa Barbara 135 new listings have come on the market compared to 152 for ’07. The good news for buyers is that the new properties coming on are having a median list price about $100,000 cheaper than last year.
For the West of State are of Santa Barbara Real Estate for the first five months of ’08 for the condo market we’ve seen 20 sales compared to 35 for ’07. The condo market has been tough on the West Side for ’08 and it appears it will stay that way for a while. The numbers of pending properties fell to 22 this year from the ’07 number of 41. We’ve also soon a major drop of about $130,000 for the Median Sales Price this year but due to some high dollar value sales the Average Sales Price has fallen only about $40,000. Interestingly enough while the sales have dropped off so have the days on the market in ’08. They’ve gone from 96 in ’07 to 72 in ’08. The only number that has remained stable is the numbers of new listings coming on the market. This year we’ve seen 82 new listings appear compared to 78 last year.
Posted by gandlwoods at June 13, 2008 08:31 AM