For Santa Barbara Real Estate’s Hope Ranch Real Estate area the Median Sales price for Home Estate/PUD market for ’08 has been $2,525,000 which is a drop of over $1 million from the previous year. The average sales price has fallen even further with a decline of about $1.5 million.
The most important element to remember about Hope Ranch is that we’re only talking about 11 sales for the year compared to 20 at this time last year. The second element to look at is last year at this time we only had 19 listings and this year there are 29 so at least part of Santa Barbara is following the basic economy norm that states when there is more of something the price goes down.
For all of those down numbers the gap between median list price and median sales price is actually quite modest. The current median list price for the entire inventory is $2,995,000 and when coupled with the median sales price of $2,525,000 we get a gap of 15%. While 15% is substantial it’s still much better than the huge gulfs we see between numbers of sales as well as average and median sales prices.
Again, when you’re dealing with so few sales the numbers tend to get skewed, but this is an interesting time for Hope Ranch.
For Santa Barbara Real Estate’s Hope Ranch Real Estate area for the period of Jan.1 through April 15 for Condos there was no activity.