For Santa Barbara Real’s Carpinteria Real Estate/Summerland Real Estate area the Median Sales price for ’08 through June 13 has been $946,125 for the 21 Home Estate/PUDs that have closed escrow. This Compares the Median Sales Price for ’07 which was $1,615,000 for the 27 Homes that closed escrow. The inventory for the period for both years is almost exactly the same but the Median List Price is exactly reversed for the two years. In ’07 the Median List Price for the Inventory was $999,000 and in ’08 it’s been $1,350,000.
This disparity between the Median List and Median Sold Prices really is very odd for the two years. This Year sellers want about $400,000 more than the buyers are willing to pay. Last year the sellers wanted about $600,000 less than what the buyers paid.
For Santa Barbara Real Estate’s Carpinteria Real Estate/Summerland Real Estate area for the condo market the picture is somewhat similar. This year we’ve had 14 sales of condos compared to 20 in ’07. But this year the median sales price was about $100,000 lower than the previous year. One of the issues is that there are now about 98 condos for sale compared to 77 last year at this time. So when there is more of something the price drops. But the interesting dichotomy is that this year the median list price for the inventory is $85,000 higher than last year.
What this all means for the gap report is that the gap between the buyers and sellers this year is about $135,000 and last year the gap was about $45,000. The problem at this point is higher priced condos keep coming on the market and the buyers are looking at the lower priced alternatives.