For Santa Barbara Real Estate’s Goleta Real Estate South area the Median Sales price for time period for Jan. 1 through July 17 for the Home Estate/PUD market there have been 48 sales compared to last year when there were 47. The median sales have dropped by over $100,000 however and the average sales price has declined by about $150,000. This translates to a 12% fall in the median and a 14% fall in the average.
The sales price to original list price ratio is about 94% currently compared to 96% in ’07. The only number that is up is the Days on the Market which has risen to 75 from 54 last year.
As far as the Gap is concerned for Goleta South it’s about $90,000 with the median list price showing up at $875,000 and the median sales price coming in at $782,500.
The Goleta Real Estate numbers for Condos as far as sales are concerned are a lot farther apart than the Home Estate numbers. Last year at this time there had been 46 sales and this year there have been 33 for a 28% drop. The median sales price on the other hand is above the ’07 number of $529,500. Currently the median sales price is $599,000 for almost a 12% rise. The average sales price is also up but by a more modest 2.5%.
The inventory for Goleta South is below where it was last year with currently 52 condos available compared to last year when there were 61 homes on the market. This would mean that the normal economic reaction of when there is fewer of something the price raises is in effect.
As far as the gap is concerned for condos it’s currently completely upside down. The median list price is $550,000 and the median sold price is $49,000 higher for a positive 9% on the gap scale.