For the Santa Barbara Real Estate area of East of State St for the first seven months of ’08 the numbers of sales has fallen dramatically and is down about 38%. This 38% drop in the numbers of sales is accompanies by a drop of about 9% in the median sales price and about a 7% drop in the average sales price. Things may be coming up somewhat on the East Side because the numbers of homes which have gone into escrow is down about 28% compared to ’07 which is bad but definitely not as bad as the 38% drop in the numbers of sales. The increase in the numbers of pending listings is not accompanied by a further drop in the median list price of homes going into escrow. The median list price remains at about 9% less than it was last year.
For the Santa Barbara Real Estatearea of East of State St for the first seven months of ’08 for the condominium market shows a decline of about 52% compared to ’07. This decline is despite an approximately 20% drop in the median sales price from last year and a 14% drop in the average sales price. It looks like things are going to continue on the East Side because the numbers of condos going into escrow is also about 51% down from last year and the median list price for these condos is also down 20% from last year.