For the Santa Barbara Real Estate area of East of State St for the first eight months of 08 for the Home Estate/PUD market the numbers of sales continues to substantially behind the 07 figures and now down by 33%. Even though the numbers of sales is down by a third the median sales price is off by only 11%. The numbers of properties entering escrow is starting to inch forward for the East of State St area but it still lags by about 25% from last year. As the pending properties inch forward the gap of the median list price for those properties also inches forward. Last year the median list price of properties entering escrow was $1,295,000 and this year it is $1,125,000 for a 13% difference. Sellers on the East Side have come way down from what they would have like to have gotten for the home which is illustrated by the Sales Price to Original List Price ratio of 85%. Right now there are 144 Home Estate/PUDs on the market on the East Side of Santa Barbara with a median list price of $1,595,000 which is 32% above the median sales price for the area. These 2 numbers have got to get a lot closer together before the sales start to rise on the East side.
For the Condo market on the East Side of Santa Barbara Real Estate the picture is rather bleak this year. Sales are down by about 52% and the median sales price is down by about 16%. Only 34 condos have closed escrow all year on the East Side of town and there doesnt appear to be much relief. The numbers of properties going into escrow is starting to rise slightly but it is still about 44% behind where it was last year at this time. For the sellers the gap continues to widen for the median list price of properties that went into escrow last year as opposed to this year. Right now the median list price is about 24% below where it was last year and continues to drop. The inventory of properties also continues to drop on the East Side where currently there are just 37 condos available with a median list price of $655,000. This median list price is only about 1% above the current median sales price for the area so hopefully the sales will start to follow.
Posted by gandlwoods at September 14, 2008 07:17 AM