For Santa Barbara Real’s Carpinteria Real Estate/Summerland Real Estate area the Median Sales price for ’08 through December 17 is $828,500 which is down about 18% from the previous year when it stood at over $1 million. Despite the decline in prices the numbers of sales has gone from 62 last year to 56 this year for about a 10% drop.
Even though sales are down and the median sales price is down the median list price continues to rise. Last year at this time the median list price went from about $1.3 million to about $1.345 million. This rise has lead to the different between the median sales and median list price widening. Last year the gap was 22% and this year the gap is almost 40%.
For the Carpinteria Real Estate/Summerland Real Estate condo market the current median sold price is $460,000 with 37 sales for the year. Last year at this time the median sales price was $549,500 with 54 sales. This means that the median sales price has declined 16.3% and the numbers of sales has gone down 31.5%. It’s definitely been a tough year in the condo market for Carpinteria/Summerland.
The difference between the median list price and the median sales price is widening by the minute in Carpinteria/Summerland. The gap report for the area condos is about 28% currently which is up from just 8.3% last year. At least part of this difference is because properties on the low end are selling while those farther up are staying on the market but some of that gap is because the median sales price continues to drop.