For the Santa Barbara Real Estate area East of State St area the Median Sales price through December 17 is $1.15 million with 167 sales and last year at this time the median sales price was $1.212 million with 215 sales. That means that the median sales price has fallen almost 5.1% and sales have dropped off about 22%. The people on the East Side have not cut the price of their homes this year as drastically as other sections of the town but the sales are off substantially.
As far as the gap ratio or the median list price versus median sales price for ’07 it was about 12% with a median list price of almost $1.4 million versus a median sales price of $1.212 million. But for ’08 the gap is almost 24% with a median list price of about $1.5 million and a median sold price of $1.15 million.
On the condo side of the ledger for the East Side of Santa Barbara Real Estate the median sales price has fallen from $827,500 last year with 84 sales and this year the median sales price is $605,000 for 53 sales. That means that the median sales price has fallen about 27% while sales have dropped almost 37%. By any measure that’s a tough year for East of State St Condos.
Now for the gap report, in ’07 the median list price was $759,000 with a median sales price of $827,500. This means that the gap was on the plus with the sales price almost 10% above the asking. Now when you look at ’08 the median list price is just under $800,000 while the median sold price is just over $600,000 for approximately a 25% gap. It’s interesting that while the sales price continues to fall the list prices continue to go up.