For Santa Barbara Real Estate’s Goleta Real Estate South area the Median Sales price for time period for Jan. 1 through August 28 for the Home Estate/PUD has been $782,500 on 54 sales compared to last year when the median sales price was $899,000 on 57 sales. This drop of 13% in the median sales price is starting to creep up but the numbers of sales compared to last year is starting to drop and is currently down about 5%. While the rest of the numbers of rather close together the days on the market is starting to lengthen out from the 55 days last year to the current 76.
The gap between the median list price of $899,900 and the median sales price of $782,500 is also starting to widen. This number currently stands at 13% and last year it was a minus 1.1%. Sales have remained about the same in the Goleta South area which has emboldened the sellers to ask more for their properties. As the gap continues to grow the sales start to drop.
For the condo market in Goleta Real Estate South the median sales price is actually above the number posted last year at this time. Currently the median sales price is $585,000 on 43 sales but last year it was $530,000 on 53 sales. The median sales price is up over 10% but the numbers of sales has fallen back by about 20%. As the prices push upward the numbers of sales starts to fall.
The gap for the Goleta South condo market was actually larger last year due to the increase in the sales prices. This year the median sales price of $585,000 and the median list price of $569,000 yield a gap of just about 3%. Last year the median sales price of $530,000 and the median list price of $594,990 gave us a gap of 11%. Up until this time the numbers of units sold was right about where it was last year at this time but as the prices rise the numbers of units continues to fall back.