For the Santa Barbara Real Estate area of West of State St area the Median Sales price for Home Estate/PUDs for the period of Jan. 1 to July 17 has been almost $1 million. This is a decline of less than 3%. The average has also fallen less than 5%. This stands in marked contrast to the fall in the numbers of units which has gone down from 110 Home Estates to 80 a decline of 27%
The overall inventory is almost exactly where it was last year but the median list price has fallen slightly to $1,029,000 from $1,095,000 a drop of 6%. But the days on the market has risen by almost a month to 91 days.
The gap report shows not much of a gap at all. The median list price of $1,029,000 and the median sales price of $999,500 give us only about a $30,000 or a gap of less than 3%.
For the Santa Barbara Real Estate area of West of State St area for the same period in the Condo market sales have dropped from 44 last year to just 26 this year. This drop of over 40% is dramatic but the median sales price has fallen just over 12% and the average sales price has declined only 1.2%.
The sellers are definitely in a dealing mood because the Sales Price to Original List Price ratio is just below 90% and the Days on the Market has fallen to just 76. The biggest number we see other than the numbers of sales is the gap between median list price and median sales price. The median list price is $799,000 and the median sales price is $560,000 for a 30% spread.
Posted by gandlwoods at July 26, 2008 07:43 AM