For the Santa Barbara Real Estate area of West of State St for Single Family Homes
There were 10 sales for the period in ’08 and 28 for ’07. To add insult to injury the median sales price for ’08 is $868,000 compared to last year when it was $1,054,625. We could be at a tipping point however because last year for this time period there were 11 Home Estate/PUDs that entered escrow and this year there have been 18. But to get those 18 escrows open the median list price has dropped by about 20% down to $724,000 from $895,000. The numbers of new properties coming on the market for the time period is almost exactly the same but the median list price for those properties is up by over $200,000. Currently there are 110 Home Estate/PUDs available on the West Side of Santa Barbara with a median list price of $1,082,000 and an average list price of $1,382,599.
For Condominiums in the West of State St area of Santa Barbara Real Estate there were 14 that closed escrow in ’08 compared to only 7 in ’07. The median list price for this year is down but not by as big a margin as other areas have posted. For ’08 were at $612,500 and ’07 posted a $690,000 mark. The pending listings during ’07 showed up at 13 properties whereas in ’08 that number is 12. The median list price for those properties shows a rather wide range however. In ’08 the number is $495,000 whereas in ’07 it was $689,000. The new listings coming on the market has slowed markedly from 22 last year to 16 this year and the median list price has fallen even farther from $875,000 last year to $499,000 this year. Currently there are 65 condos available on the West Side of Santa Barbara with a median list price of $815,000 and an average list price of $1,014,523.