For the East of State St Home Estate/PUDs for Santa Barbara Real Estate there have been 101 sales through August 21 ’08 compared to 150 last year. This dramatic decline in the numbers of units sold is not accompanied by a dramatic decline in the average sales price which is only $60,000 below where it was last year at this time. This median sales price has fallen slightly farther to about $100,000 below where it was last year so at this time the folks on the East Side are going to get their price or they’re not going to sell. The one number which has slid upward is the days on the market which stands at 93 this year up from 79 last year.
For Condominiums in the East of State St area of Santa Barbara Real Estate there have been 32 sales this year down from 67 last year. The average sales price has fallen about $100,000 this year and the median sales price has slid about $140,000. Right now the median sales price for an East Side condo is $662,000 which historically is an amazing bargain. We’ll have to see what it will take to get the buyers in the same frame of mind. The only thing which has remained constant on the East Side are the days on the market which today post a 111 mark and last year gave us 103.