For the Santa Barbara Real Estate an area of Carpinteria Real Estate/Summerland Real Estate for Home Estates and PUDs for the 30 day period from August 18 to September comparing 08 to 07 the current year is pulling ahead 60% as far as sales are concerned and interestingly enough by 2% as far as median sales price is concerned. Even the Days on the Market have started to shift in favor of 08 by a wide margin. In 07 for these 30 days it took 134 days to get an accepted offer and in 08 that number is 54. But before we go popping the champagne corks the numbers of Home Estate/PUD listings that went into escrow for this period is exactly the same as it was last year but the median list price for those properties entering escrow is less than half of where it was last year. Im not quite prepared to say were at the bottom of the price declines but there does seem to be some stiffening of prices and the increase in activity is certainly welcome. Right now there are 73 Home Estate/PUDs available for purchase in Carpinteria/Summerland with a median list price of $1,275,000 but average days on the market of 154.
For condos the sales figures are not as robust but there are exactly where they were last year at this time. The big difference is in the median sales price of those condos which has gone from $639,000 in 07 to $428,500 in 08. This 33% drop in the price is significant and is accompanied by an 89.29% Sales Price to Original List Price ratio. It looks like the condo market will continue in this vein for a while because last year at this time there were 12 properties pending and this year there are 11. Again the big difference is in the median list price for those condos entering escrow. Last year that number was $509,000 and this year its $460,000. This approximately 10% drop in the median list price is not as dramatic as the decline in the median sales price which shows more of a leveling off for the remainder of 07 and into 08. Right now there are 76 Condos available in the Carpinteria Real Estate/Summerland Real Estate area with a median list price of $675,000 an average list price of $776,982 and average days on the market of 151.
Posted by gandlwoods at September 26, 2008 09:19 AM