For Santa Barbara Real Estate’s Goleta Real Estate North for the Home Estate/PUD market the area Median Sales price for the period of Jan. 1 through July 17 has been $850,000 compared to last year when it was $970,000. This is about a 12% decline and the average sales price has drifted down from $1,215,658 in ’07 to the current average of $978,133. This is a fall in the average sales price of about 20%.
Despite this rather dramatic fall in the average sales price the numbers of sales hasn’t fallen off nearly as much. Last year there were 87 sales to this point and this year there have been 80 for an 8% fall. Other than those differences basically the market is the same this year in Goleta North as last year. The Days on the market is at 74 for ’08 compared to 70 for ’07 and the sales price to original list price ratio is at 92% for ’08 compared to 94% for ’07.
The gap report however does show a significant different in prices. The median sales price of $850,000 is about $100,000 the median list price of $950,000 for a 10.5% gap.
For Santa Barbara Real Estate’s Goleta Real Estate North area for the condo market in ’08 has seen only 18 sales compared to 24 for the same time last year. This drop of about 25% is about double what we’ve seen as far as a fall in the median sales price. Currently the median sales price for Goleta North stands at $485,000 and last year it was $550,000 for about an 11% decline.
The average sales price is much closer together with the current number standing at $508,022 compared to last year when it was $544,599. This is a 6.7% drop in the average sales price from ’07.
As far as the gap report is concerned there really is no gap. The median list price is now $499,000 and the median sales price is $485,000 only $14,000 apart or just 2.8%.
For Goleta North the laws of economics are a little bit asker. We have fewer listings this year 35 compared to last year when we had 44 but the prices are down as well as the numbers of sales.