The Condo market for the West of State St area of Santa Barbara Real Estate there have been exactly the same number of condos available this year as last with the numbers of new listings rising by only 3%. Unfortunately the numbers of condos going into escrow has dropped by 15% with the numbers of sold listings declining by 18%. Going down even further is the overall sold volume which is off by 29% despite the only 13% decline of the average sales price.
For Home Estates in the Santa Barbara Real Estate area of West of State the total number of properties available is off by 12% with the numbers of new listings declining by 16%. This fall in the inventory is naturally accompanied by a 21% drop in the number of homes that went into escrow and a 28% drop in the numbers of sold properties. This 28% drop is amplified by the 35% drop in the overall sold volume which would lead naturally to a 12% drop in the average sales price.
The PUD market for the Santa Barbara Real Estate area of West of State St there has been 8 available this year compared to 20 last year with 16 new listings last year compared to 6 this year. The amazing part of the decline in inventory is that the numbers of PUDs that went into escrow is up by 1 for a 20% surge and the numbers of sales is up by 2 for a 50% rise. This activity means that the overall sold volume is up by 21% even though the average sales price has fallen by 18%.