For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the condo market through the middle of August ’08 there are about 8% more properties that have been available compared to ’07 and there have been about 14% more new listings. This is due to a couple of large developments coming online during the year. Unfortunately with all that increased activity there have been 34% fewer escrows opened and 43% fewer closed sales. All this adds up to about a 50% decline in the overall sold volume. The average sales price has dipped only about 12% however and now stands at just over $500,000 for Carpinteria/Summerland.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate the total numbers of listings is also up by but by 12% instead of 11%. The numbers of new listings however is exactly where it was last year at this time with the numbers of homes going into escrow showing a 16% decline. Home Estate sales for Carpinteria/Summerland have been hit hard but not nearly as bad as the condo market. The numbers of sales is also not quite as far down as in ’07 showing a 25% drop but the overall fall of the Sold Volume is nearly the same with a 46% drop. The average sales price which is always a bit skewed because of the pricey beach properties never the less shows a 29% drop down to just over $2 million.
For PUDs in the Carpinteria Real Estate/Summerland Real Estate area the numbers are rather small but as far as the numbers of listings and new listings they are exactly where they were last year at this time. The numbers of properties that have gone into escrow have has fallen from 2 to the current 1as has the number of sales. This 50% drop in the numbers of sales shows up as a 50% drop in the overall sold volume. But the average sales price is within $7,500 of the number posted last year.