For the Santa Barbara Real Estate area East of State St area the Median Sales price through July has been $1,137,5000 compared to last year’s number $1,187,500. This is a decline of only about 4%. The average sales price has been even closer showing up as a drop of about 3.5%. This contrasts markedly with the numbers of sales which has dropped by about 37%. This number is magnified when you look at the inventory which is up about 26% for the year. More properties on the market and fewer sales would normally give you lower prices but not on the East Side of Santa Barbara where just the opposite is occurring.
The gap report for the home estate market is dramatic this year. The difference between the median sales price and median list price is about 24%. This means that even though the prices have dropped about 4% on the East Side the sellers would like to see a 24% rise.
For Santa Barbara Real Estate area of East of State St area through July 17 for the Condo market shows a wider difference between ’07 and ’08. There has been a decline of about 17% in the median sales price and a drop of about 11% in average sales price.
The overall inventory is up by only 9 condos for the year but the median list price for those 9 fewer properties is about 9%. Despite this 9% drop in the median list price there have been 54% fewer sales in ’08.
Finally, the gap report is very strange for the East Side. The difference between the median list price and the median sold price is only about $3,000. It’s difficult to say what is going to kick start the condo market on the East Side of Santa Barbara but the obvious conclusion is that prices have to come down more than they have.
Posted by gandlwoods at July 25, 2008 08:44 AM