For the Santa Barbara Real Estate area West of State St for the first seven months of ’08 for the Home Estate/PUD market the numbers of sales isn’t quite as bad as it is on the East Side but it is still down about 32%. The median sales price has declined only about 6% and the average sales price is down about 7.5%. Things look like they could be getting on the West Side however because the numbers of properties that have gone into escrow for ’08 is down about 18% which while not good it’s definitely better than the 32% fewer sales. Part of the increase is due to the fact that the median list price of those homes which have gone into escrow is now down about 9.4%.
For the Santa Barbara Real Estate area West of State St for the first seven months of ’08 for the condo market sales are down about 25% which while bad looks much better than what’s been happening on the East Side. The median sales price has declined about 10% this year and the average sales price is down only about 3%. Looking at the numbers of condos which have gone into escrow this year it is also down about 25% compared to ’07 which tells us that the drought will continue on the West Side for the foreseeable future and further enforcing that though we see the median list price of homes that went into escrow continues at about 10% less than the numbers from last year.