For the Santa Barbara Real Estate area of Hope Ranch Real Estate
for the first 6 months of ’08 for the Home Estate/PUD market there have been 9 sales down from the ’07 number of 17. The median sales price has also dropped dramatically by about $1 million. In ’08 the median has been about $2.5 million and in ’07 that number was about $3.35 million. The average sales price shows an even wider gap with ’07 showing up at about $4.75 million and ’08 giving us about $3.25 million. The pending numbers tell us that the difference will remain about the same for a while anyway. Through ’08 10 homes have entered escrow and through ’07 for the same time period that number was 21. What has been reversing is the median list price for pending properties in ’08. Through the first 6 months the median list price of homes in escrow is up to about $4.4 million and last year at this time the number was about $3.5 million. Right now there are 22 homes available for purchase in Hope Ranch with a median list price of about $3.5 million and an average list price of about $5.3 million.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first five months of ’07 and ’08 in the Condo market there was and was been no activity.