For the Santa Barbara Real Estate area of West of State St area the Median Sales price for Home Estate/PUDs for the period of Jan. 1 to June 13 there have been 65 sales compared to 81 at this time last year. While the numbers of sales is down for the West Side things are definitely a whole lot better than they are on the East Side. Both the median and average sales price is very close to the numbers posted for last year. The median price is down only about $15,000 and the average is off about $35,000.
The overall inventory is also very close together with only 3 listings separating both years. The median list price for the year is actually wider than the sales figures. The asking price this year is about $100,000 lower than the dollar amount desired last year.
This all makes the gap report an interesting contrast. For ’08 the median sales price is actually only $1,000 above the median asking price. For ’07 the median list price was $75,000 below the median sales price. Everything except the numbers of sales on the West Side is almost a carbon copy of last year.
For the Santa Barbara Real Estate area of West of State St area for the same period in the Condo market sales have dropped from 37 last year to just 22 this year. Just like with Home Estates the sales are down but nowhere near as bad as what’s happening on the East Side.
The difference between the condo market and the home estate market is the median and average sales prices have dropped. The median is down about $100,000 but the average is only off by $36,000.
Finally, the biggest difference is in the gap report. This year the gulf between askin’ and gittin’ is $150,000 on the West Side compared to last year when it was only about $35,000? Part of that difference is the number of high end condos which have been on the market but part of it isn’t.
Posted by gandlwoods at June 20, 2008 09:27 AM