The Condo market for the West of State St area of Santa Barbara Real Estatethe total inventory for ’08 is almost exactly what it was in ’07 at this time. The numbers of new listings is up by just 1% but the numbers of condos going into escrow is down by 13% with the numbers of sold condos slipping by 15%. The average sales price has also dipped by about 15% but the overall sold volume is down by 30%.
For Home Estates in the Santa Barbara Real Estatearea of West of State the total homes available is down by 12% for the year and the numbers of new listings is off by 15%. With this decline in the inventory you’d expect a fall in the numbers of listings going into escrow and you’d be right. But escrows are down a little farther at a 22% drop and sales are down even further at a 30% drop. This fall is despite a 12% drop in the average sales price giving us a 38% drop in the overall sold volume.
The PUD market for the Santa Barbara Real Estatearea of West of State St very little activity has occurred this year. The overall inventory is down by 66% with the numbers of listings down even further to a 70% drop. But interestingly enough despite the fall in the numbers of properties to sell the numbers of escrows is exactly the same as last year with the sales actually 1 ahead. This slight rise in activity gives us a wash in the overall sold volume but a 16% decline in the average sales price.