For the Santa Barbara Real Estate area of Carpinteria Real Estate/Summerland Real Estate for the first 8 months of ’08 compared to ’07 the numbers of sales has fallen from 50 to 37 this 26% drop is accompanied by an 18% decline in the median sales price to the current $869,000 for the Home Estate/PUD market. The pending numbers are starting to come up for the area and are currently only about 16% below what they were in ’07. Hopefully this will mean an increase in the numbers of sales but the decline in the median sales price for the pending properties is accelerating and for those properties currently in escrow the median list price is 23% below where it was last year and currently stands at $899,000. The really interesting number that jumps out at me is the numbers of new properties that have come on the market this year. At present there have been 107 new listings in Carpinteria/Summerland and last year at this time there were 105, but in both years the median list price was the same, $999,000. Right now there are 75 Home Estate/PUDs on the market in the area with a median list price of $1,250,000 which is 30% above the median sales price.
For the Condo market in Carpinteria Real Estate/Summerland Real Estate the numbers of sales is down dramatically by almost 52% and the median sales price has declined by about $80,000 from $555,000 in ’07 to the current $474,000 level. The condo sellers have come way down in their price which is illustrated by the 87% Sales Price to Original List Price ratio compared to the number last year which was 92%. The numbers of condos going into escrow is starting to rebound but it is still 34% below where it was last year at this time. But the gap of the median list price of condos going into escrow this year compared to last year continues to broaden. Currently that gap is over $100,000 with condos going into escrow showing up with a median list price of $484,500. Right now there are 79 condos available for purchase in Carpinteria/Summerland with a median list price of $675,000. This list price is about 30% above the current median sales price.