For the Santa Barbara Real Estate area of Goleta Real Estate North for the first eight months of ’08 for the Home Estate/PUD market shows that sales have fallen just slightly behind the ’07 level. At this time last year 107 properties had closed escrow compared to 103 this year. The median sales price is inching closer together for the area. Earlier in the year the median sales price was 15 to 20% below the median last year but now that number is closer to 10%. The numbers of properties that have entered escrow remains about 8% above the ’07 figures but the median list price of those properties entering escrow is about 15% below the ’07 number. The new properties which have come on the market this year are almost exactly at the same level as they were last year. In ’08 we’ve seen 204 properties come on the market with an $899,000 median list price and in ’07 we saw 206 properties come on with a $989,000 median list price. Right now there are 70 Home Estate/PUDs available in the Goleta North area with a median list price of $949,000 which is about 10% above the median sales price for the area.
For the Goleta Real Estate North Condo market the story is quite different. The numbers of sales has gone from 32 last year to 23 this year for about a 28% drop. Also the median sales price has gone from $539,000 last year to $470,000 this year for about a 15% drop. The numbers of condos going into escrow has started to rise and currently stands at 28 compared to 33 in ’07 but the median list price for those properties in escrow has gone from $559,000 last year to $475,000 this year for also a 15% drop. The numbers of new condos coming on the market this year has fallen by 10 down to 54 with a median list price of $505,000 for about a 9% decline. Right now there are 23 condos available in the Goleta North area with a median list price of $505,000 which is about 7% above the median sales price.
Posted by gandlwoods at September 18, 2008 08:33 AM