For the Santa Barbara Real Estate area East of State St area the Median Sales price through August 28 is $1,075,000 on 106 sales compared to last year when it was $1,206,000 on 158 sales. This 10% decline in the median sales price is overshadowed by the 33% fall in the numbers of sales. The median sales price has continued to inch downward but looking at the numbers from a year over year basis the sales are dramatically reduced from where they were last year.
Looking at the gap report for the East Side of Santa Barbara we see that currently it stands at a whopping 30% difference between what people would like to get for their properties and what they are currently selling for. Last year at this time the gap difference was about half standing at 15.4%. This huge difference is the reason that sales have fallen so far in the area. More and more properties are continuing to come on the market substantially higher than the prices the buyers are willing to pay.
On the condo side of the ledger for the East Side of Santa Barbara Real Estate the median sales price has dropped to $675,000 with 33 sales compared to last year when the median sales price was $802,500 on 68 sales. This 11% drop in the median sales price is dwarfed by the 51% drop in the numbers of units sold.
The interesting anomaly with the condos numbers is the gap report shows not much change from year to year. This year the median list price is $689,000 compared to the median sold price of $675,000 for a 2% gap. Last year median list price of $799,000 and median sold price of $802,500 gave us a 0.4% gap. It could be argued that this is a 500% rise in the gap but I’d take a 2% difference between the median list and median sold price any time.