For Santa Barbara Real Estate’s Hope Ranch Real Estate area the Median Sales price for Home Estate/PUD market through August 28 gives us a $2,687,500 median sales price on 12 sales compared to last year when the median sales price was $3,350,000 on 21 sales. This 20% drop in the median sales price and 43% drop in the numbers of sales is rather large. The only really good number for the area is the days on the market which has fallen from 122 in ’07 to the current 50. Other than that a rough year in Hope Ranch looks like it’s going to continue in that fashion.
Looking at the gap report for Hope Ranch this year the median list price of $3 million is actually pretty close to the $2.687 median sales price and yields a 10.4% gap. But last year at this time the median list price was only $2,895,000 and the median sales price was $3,350,000 for a minus 15.7% gap. Yes, once again we see an area where the median list price is substantially below the median sales price.
For Santa Barbara Real Estate’s Hope Ranch Real Estate area for the period of Jan.1 through April 15 for Condos there was no activity.