For the Santa Barbara Real Estate area of West of State St for Single Family Homes
There were 13 sales in the month of October with a median sales price of $855,000. Last year at this time there were 12 sales with a median sales price of $903,000. To get that $855,000 median sales price however the sellers came down about 86% with a sales price to original list price ratio of 86.05%. The bad news for the West Side is that the last year in October there were 18 homes that went into escrow with a median list price of $1,025,000 and this year there were only 7 that starting the buying process with a median list price of $895,000. Currently on the West Side of Santa Barbara there are 96 Home Estate/PUDs available with a median list price of $1.099 million and an average list price of $1.324 million.
For the condo market the sales figures show us 5 sales in October ’08 compared to 4 for October ’07 for the West Side of Santa Barbara Real Estate. But last year the median sales price was $655,000 compared to this year when it’s $420,000. The sales price to original list price ratio has dipped down to 88% this year from almost 97% last year and the days on the market has gone up from 27 last year to 124 this year. It looks like that patter will continue because this year 7 condos went into escrow for the month with a median list price of $495,000 compared to last year when 6 went into escrow with a median list price of $469,000. Currently there are 53 condos available on the West Side with a median list price of $959,000 and an average list price of $1.175 million.