For Santa Barbara Real Estate East of State St for Single Family Homes the tide has started to change. Last year for this time period there were 16 sales and this year there were 21. The median sales price has started to decline rather rapidly and is down from the ’07 figure of $1,285,000 to the current $1,090,000. This is amplified by the fall in the Sales Price to Original List Price Ratio down to 88.86%. The pending numbers indicate that this surge or activity will continue because last year for this time period there were 14 open escrows and this year that number is 17. Interestingly while there is a surge in escrows the median list price for those properties entering escrow is almost exactly where it was last year when it was $1,245,000. This year that number is $1,295,000. Currently active on the East Side of State St for the Santa Barbara Real Estate area there are 144 Home Estate/PUDs available with a median list price of $1,595,000 and an average list price of $1,854,958 and an average days on the market of 116.
For the Condo Market on the East of State for side of town for Santa Barbara Real Estate the news continues down. Last year at this period there were 6 sales for the period and this year there have been 4. The median sales price continues down but not by much. This year the median sales price is $572,500 and last year it was $589,500. The unfortunate news is that for this period last year there were 7 condos that entered escrow and this year there were only 3. Even more dramatic is the median list price for those properties entering escrow. Last year that list price was $1,159,000 and this year that price is $480,000. Right now there are 34 condos available on the East Side of Santa Barbara with a median list price of $685,000 and average list price of $816,994 and average days on the market of 108.