For Santa Barbara Real Estate’s Goleta Real Estate North for the Home Estate/PUD market the area Median Sales price for the period of Jan. 1 through August 28 has been $850,000 on 102 sales compared to last year when it was $950,000 on 105 sales. This 10.5% decline in the median sales price and only 3% decline in the numbers of sales have seen a slowing in the numbers of sales from earlier in the year when the pace was ahead of the previous year. The numbers are starting to change in the Goleta North area is starting to level off. Earlier in the year the decline in the median sales price was about 15-20% behind last year’s numbers and the sales were ahead of the last year’s numbers.
The gap report for the area with the $850,000 median sales price and $949,000 median list price give us a 10.4% difference this year. Last year with the $950,000 median sold price and the $999,000 median list price the gap was much higher at 15%. There was definitely much more upward pressure on prices last year but at least earlier in ’08 when the gap was even closer together the sales were moving forward more steadily.
For the Goleta Real Estate North condo market the median sales price is $470,000 on 23 sales compared to last year when it was $550,000 on 28 sales. This 14.5% decline in the median sales price and 18% decline in the numbers of units has steady throughout most of the year.
The gap report for the area with the current median sales of $470,000 and $505,000 median list price give us a gap of only about 7%. Whereas last year with there was a $550,000 median sales price and $549,000 media list price for a gap of minus 0.2%. As the gap widens the sales continue to decline in Goleta North.