For Santa Barbara Real’s Carpinteria Real Estate/ Summerland Real Estate area the Median Sales price for ’08 through July 17 has been solid for the most of the year lodged at $946,125. This is a drop of about 25% from the ’07 number. There is also a drop of about 24% in the numbers of sales from ’07. The average sales price has declined about 31% but this can be deceptive because basically what it means is that the big properties at the beach haven’t been selling as often during ’08.
This disparity between the Median List and Median Sold Prices really about $120,000 this year compared to last year when it was about $75,000. The Sales Price to Original List Price is almost exactly where it was last year at this time and the Days on the Market have dropped this year by almost a month.
For Santa Barbara Real Estate’s Carpinteria Real Estate/ Summerland Real Estate area for the condo market the picture is a lot rougher as to the numbers of sales which is down about 40%. But the median sales price is down about $80,000 which is only a drop of approximately 14% and the average sales price down only 12%. In contrast to Home Estates the Days on the Market have rise from last year to 122 days up from 96 days.
What this all means for the gap report is that the gap between the buyers and sellers this year is about 25% or in real numbers about $70,000. The inventory has grown in the Carpinteria/Summerland area but not by an extraordinary number.