For the Santa Barbara Real Estate area East of State St area the Median Sales price through June 13 has seen only 67 sales in the Home Estate market compared to 108 last year. This dramatic drop in the numbers of units sold is not accompanied by a big drop in the median and average sales prices. The median sales price is down about $80,000 from last year and the average has fallen about $60,000. The sellers are waiting for the price and consequently the deals haven’t been consummated. The total inventory is down by only about 15 properties which magnify the downturn in sales.
The gap report for the home estate market is dramatic this year. The difference between what people want to pay is about $600,000 compared to what people want for their homes. Last year at this time the number was $300,000. We’ll have to see who blinks first on the East Side, the buyers or the sellers.
For Santa Barbara Real Estate area of East of State St area through June 13 for the condo market it would be difficult to imagine the news to be much worst. Only 23 sales have been completed compared to 53 at this time last year. The median and average sales numbers have dropped by about $100,000 compared to last year but the buyers have not come out to play.
The overall inventory is not dramatically higher this year with only about 8 more properties available but the interesting number is not the inventory but the median list price which is only down about $25,000 this year. As we saw earlier is a sale actually does get completed the seller has dropped their price by considerably more, but when the listing is first taken the sellers expectations remain high.
Finally, the gap report is very strange for the East Side. The difference between the median list price and median sales price this year is only $25,000 compared to last year when it was about $120,000. With the gap being smaller this year you would have thought the sales would have been more prevalent. But that is not the case.
Posted by gandlwoods at June 19, 2008 07:56 AM