For the Santa Barbara Real Estatearea of West of State St area the Median Sales price Home Estate/PUDs is currently $956,250 on 92 sales compared to last year when it was $1,038,750 on 136 sales. This drop of only 8% in the median sales price is offset by the 32% decline in the numbers of units sold. The West Side home sellers have continued to hold the line against dramatically falling prices and consequently have seen a significant decline in the numbers of units sold.
The gap between the median sales price of $956,500 and median list price of $1,149,000 this year stands at about 17%. This compares to last year when the median list price was $1,099,000 and the median sold price was $1,038,750 or about 6%. Properties continue to come on the market significantly higher than the price point at which homes are selling.
For the Santa Barbara Real Estate West Side condo market the median sales price has fallen to $583,500 with 39 sales compared to last year when it was $647,250 on 54 sales. This 22% decline in the median sales price compares to the 28% drop in the numbers of units sold. The condo sellers on the West Side have definitely been compromising what they would like to get for their properties but so far it has not stirred the buyers to action.
The gap report for the West Side shows us a $583,500 median sales price with a $799,000 median list price for a current gap of 27%. Last year at this time we had a $647,250 median sales price with a $679,500 median list price for about a 4.7% gap. This is a significant difference in what people have been willing to pay for a West Side condo and where those condos are currently priced.
Posted by gandlwoods at September 8, 2008 07:14 AM