For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first eight months of ’08 we see the numbers of sales is down by almost half and the median sales price even though it stands at $2,687,500 is still about 27% below the figure for ’07. The gap from last year’s average sales price of $4,982,391 is even larger when compared to this year’s $3,133,256 which is about a 37% decline. Unfortunately unlike the other areas the numbers of properties going into escrow is not coming up in Hope Ranch. It remains about 50% behind the ’07 figure. The only ray or sunshine is that the properties that have gone into escrow this year are getting closer pricewise to the ’07 figure but they’re still about 19% behind last year. New properties coming on the market have kept pace with the preceding year however with 34 coming on this year compared to 35 last year. But the median list price for those properties has declined somewhat from $3,295,000 last year to the current $3,000,000. Right now there are 19 homes available for purchase in Hope Ranch with a median list price of $3,395,000 which is about 20% above what the median sales price has been so far this year.
For the Santa Barbara Real Estate area of Hope Ranch Real Estate for the first seven months of ’08 has seen no activity.