For the Santa Barbara Real Estate area West of State St for the first eight months of ’08 for the Home Estate/PUD market the numbers of sales is down by about 32% very similar to what is happening on the East Side of town. And just like the East Side the median sales price is down about 10%. Also like the East side the numbers of properties going into escrow is starting to come up but it is still about 20% behind of the numbers posted last year. As between the numbers of properties going into escrow eases closer together compared to last year the gap for the median list price for both years’ remains about the same holding at about 10%. The numbers of new listings is down considerably from last year when it was 253 at this time. So far this year we’ve seen only 215 homes come on the market. And just like the median sales price the median list price for the 215 homes is down by about 10%. Right now there are 98 homes available for purchase on the West Side with a median list price of $1,049,000 which is only; you guessed it, about 10% above the median sales price.
For the West side of Santa Barbara Real Estate Condo market the sales figures aren’t nearly as bleak as they are on the East Side but they are still down by about 27%. The median sales price has fallen about 10% however and so far this year it stands at $583,500. Just like everywhere else the numbers of pending listings is starting to creep forward for right now it’s still about 16% behind the numbers for last year. Unfortunately while the pending sales numbers inch forward the median list price for those properties grows farther apart. Right now the median list price for condos on the West Side is down about 16% from the numbers posted last year. Unlike the East Side the numbers of condos coming on the market is almost exactly what they were last year with 126 in ’07 compared to 123 for ’08. But the median list price of those 123 condos is about 5% below what the ’07 new condos were listed for. There are currently 57 condos available for purchase on the West Side of Santa Barbara with a median list price of $875,000 which is about 34% above what the median sales price of the area is.
Posted by gandlwoods at September 15, 2008 07:39 AM