For the Santa Barbara area of Carpinteria Real Estate/Summerland Real Estate for the condo market through December 25th almost exactly the same numbers of properties have been for sales for both ’07 and ’08 but that’s where the similarity ends. The numbers of condos that went into escrow is down by 15% and the numbers of sold condos is down even further at 28%. The average sales price has declined by 18% from $580,000 last year to $470,000 this year but the biggest decline is the sold volume which has fallen more than 40%.
For Home Estates in Carpinteria Real Estate/Summerland Real Estate the total numbers of listings through December 25th is up by 17% with the new listings rising 10%. But all this increased activity has yielded only a 1% rise in the numbers of homes that went into escrow and were down 6% as far as homes that have completed the selling process. To achieve those numbers the average sales price fell by about 25% and overall volume fell off 30%.
For PUDs in the Carpinteria Real Estate/Summerland Real Estate the overall inventory is up 12% for ’08 and the numbers of new PUD listings is up 14% but that’s where the good news comes to a screeching halt. The PUDs that went into escrow are down by 33% and the numbers of sold PUDs is also down 33%. The overall sold volume has also fallen by about 33% but the average sales price is actually up by 1%.