For the East of State St area of Santa Barbara Real Estate
for the first 6 months for Home Estate/PUDs there have been 75 sales. At this time last year there have been 126. Despite this huge drop in the numbers of sales both the median list prices of those sales has been very constant. In ’08 the median sale has been $1.17 million and the average has been $1.3 million. In ’07 the median was $1.18 and the average was $1.35. As far as the pending listings are concerned it appears that the current trend will continue but it appears that the houses that are going into escrow are going in at a lower median list price. The ones that have entered escrow have a median list price of $1.2 million and last year that number was $1.29 million. Currently there are 149 homes available on the East Side of Santa Barbara with a median list price of $1.6 million and an average list price of $1.9 million.
For Condos on the East of State St area of Santa Barbara Real Estate
for the first six months there have been 25 sales compared to 57 last year. But unlike the Home Estate/PUD market both the median an average prices have come down. This year the median is just about $700,000 and last year it was about $820,000. The average price in ’08 has been about $830,000 while last year it was about $900,000. It looks like the trends for the East Side condo market will continue because throughout ’08 we’ve seen 28 condos go into escrow and last year at this time there had been 59. The difference in price for the pending listings this year compared to last is a decline of about $150,000 so the prices continue to erode. Currently on the East Side there are 45 condos available with a median list price of about $670,000 and an average list price of about $775,000.