The Condo market for the West of State St area of Santa Barbara Real Estate has seen a slight fall in the inventory which is down just 4% and the new listings which have come on the market stand exactly where they were at this time. The numbers of condos under contract however has fallen by 22% as has the numbers of sold properties. This 22% in sold condos is illustrated by a 25% drop in the overall volume but amazingly only a 3% drop in the average sales price.
For Home Estates in the Santa Barbara Real Estate area of West of State the inventory is about 9% down from where it was last year at this time and the numbers of new listings has fallen by about 13%. But just like with condos the numbers of home estates entering escrow is down by about 23%. Unfortunately unlike the condo market the sales of home estates on the West Side have dropped by 35% over the ’07 numbers. An even larger gap is opened up on with the sold volume which has declined by 41% but again just like elsewhere in downtown Santa Barbara the average sales price is only off 9%.
The PUD market for the Santa Barbara Real Estate area of West of State St there has been a good deal of activity but the inventory this year has fallen by 11 properties down to a total of 7 and the new listings have fallen by 9 down to a total of 4. The good news is that the numbers of escrows are up by 2 for a total of 6 and the numbers of sold PUDs on the West Side up 4 for a total of 6. This big push in the numbers of sold properties gives us a bump in the sold volume which is up 127% but the average sales price has declined by 24%.