For Santa Barbara Real Estate’s Goleta Real Estate South area the Median Sales price through December 17 has been $732,000 with 77 sales whereas last year the median sales price was $894,000 with 70 sales. So for Goleta South it’s a matter of good news, bad news. The median sales price has dropped by about 20% but the sales are up by about 10%.
Now for the gap report for Goleta south. Last year the median list price was $875,000 and you put that together with a median sales price of $894,000 and you get a positive gap of 2.2%. Yup, the median sales price was actually above the median list price. Now you look at ’08 and you have a median list price of $925,000 with a median sales price of $732,000 and that gives you a gap of about 21%. That almost 25% flip is significant.
For the condo market in Goleta Real Estate South the median sales price of $565,000 combined with the 57 sales for the year to December 17 compared to last year’s numbers of a $532,000 median list price with 71 sales gives us a plus 6.2% for the median sales and a minus almost 20% for the sales. The difference is primarily due to one development which came on line this year so don’t start popping champagne corks just yet.
The gap report for ’07 is about 11.2% when you look at the $599,000 median list price compared to the $532,000 median sales price. But in ’08 that gap was erased and replaced with a plus 2.7% rise. Yes, that one development pushed the median sold price above the median list price for the entire area.