For Santa Barbara Real Estate’s Goleta Real Estate North area the Median Sales price for the period of Jan. 1 through June 13 there have been 64 Home Estate sales compared to 65 last year. But while the numbers of sales are very close the both the median and average sales prices have dropped significantly. The median sales price is down almost $200,000 and the average is off by about $325,000.
These numbers really stand out when you look at the median list price for ’08 which stands at $950,000 compared to ’07 when it was just under 1 million. Comparing the list prices which are rather close together shows how much the sellers have come down in their price.
Again defying standard logic we see that the inventory is down by about 10 houses this which should mean that prices will rise. But when there is more of something in Goleta the prices fall.
Currently the gap reports see that the difference is $150,000 between buyers and sellers. Last year there was only a $10,000 difference between those two numbers.
For Santa Barbara Real Estate’s Goleta North area for the condo market in ’08 has seen only 7 sales compared to the ’07 number of 15. Accompanying the drop in the numbers of sales we also see a decline in the Median Sales price down to $470,000 for the year so far. This compared to the figure of $550,000 for the same time period in ’07.
Over on the condo side of the ledger for Goleta Real Estate North we see that the numbers are going in the opposite direction. There are more listings this year, 30 vs. 25 for last year but the sales are down from 22 last year to 14 this year.
Both the median and average sales prices have not taken a huge tumble however when compared to the rest of the area. The median has dropped by about $50,000 and the average has fallen only about $30,000.
Looking at the gap report we see that this year the difference between askin’ and gittin’ is only $1,000 compared to last year when it was $51,000. Currently it looks like the sellers on the North side of Goleta are determined to hold their price and consequently sales have fallen off dramatically.