September 17, 2008

Goleta South Real Estate for Santa Barbara Real Estate for the 1st, 8 Months of ’08

For the Santa Barbara Real Estate area of Goleta Real Estate South for the first 8 months of ’08 for the Home Estate/PUD market the numbers of sales is starting to fall behind the previous year’s pace. After being ahead most of the year as far as numbers of sales was concerned now ’08 is about 7% behind ’07. As the numbers of sales inches down the median sales price inches closer to what it was in ’07. After being about 15 to 20% down from where it was last year the median sales price is now down about 13%. The numbers of pending listings is still about 18% ahead of the figure set last year so we’ll have to see if they make it out of escrow to the finish line. While the median sales price gets closer together the median list price of homes that have been in escrow this year remains about 20% below where it was last year. The numbers of homes that have come on the market is about 8% below the 131 number posted last year and the median list price for those new properties is about 9% below where it was last year. Currently there are 47 Home Estate/PUDs available in the Goleta south area with a median list price of $1,180,000 which about 34% above what the median sold price for the area is.

For the Condo Market in Goleta Real Estate south the numbers are a lot rougher. Sales are down thus far in ’08 by about 23% but amazingly the median sales price is up by 10%. This rise is due primarily to a development around Kellogg St close to Hollister. Just like other areas the pending properties are inching forward and currently are about 14% below the numbers for last year but median list price for those condos in escrow is also inching closer to the ’07 number and now is about 6.4% above the figure for last year. The numbers of new properties coming on the market this year is down by about 30% which obviously could account for some of the decline in the numbers of sales but the median list price for the 30% fewer properties is down by about 8.4%. Right now there are just 29 condos available for purchase in the Goleta South area with a median list price of $525,000 which is 11.4% below what the median sold price for the area has been.

Posted by gandlwoods at September 17, 2008 09:11 AM