For Santa Barbara Real Estate East of State St for Single Family Homes the slump continues. Last October there were 19 sales with a median sales price of $1.425 million and this year there were 11 sales with a median sales price of $1.1 million. The sales price to original list price ratio is almost exactly where it was last year. But at the least the days on the market have come down from 92 last year to 66 this year. There is some really good news on the East side of Santa Barbara where we see 23 homes went into escrow for ’08 with a median list price of $899,000 compared to last year when 13 went into escrow with a median list price of $825,000. Right now there are 127 Home Estate/PUDs available on the East Side of Santa Barbara with a median list price of $1.595 million and an average list price of about $2 million.
For the Condo Market on the East of State for side of town for Santa Barbara Real Estate there were 5 sales in October ’08 compared to 7 in October ’07. But in that 1 year the median sales price went from $1,175,000 to $445,000. The really interesting number however is that the sales price to original list price ratio remained high at 97%. There’s been a slight bump in the numbers of condos going into escrow. Last year there were 3 with a median list price of $1.175 million but this year there were 4 with a median list price of $619,000. Currently there are 42 condos available on the East Side of Santa Barbara with a median list price of $832,000 and an average list price of $1.245 million.