Looking at ’08 for Carpinteria Real Estate/Summerland Real Estate in the Home Estate/PUD market there were almost as many sales this year as there were last. The year ended only about four sales apart but the median sales price took a tumble of almost 20%. The sales price to original list price ratio also dropped down to the mid 80’s which meant that sellers had to take a lot less than they planned on taking. There were more new listings that came on the market however and interestingly enough the median list price for those new listings was just a little lower than the median list price for ’07. But as I said when the smoke finally cleared those sellers came to grip with economic reality. Currently there are just 63 Home Estate/PUDs on the market in Carpinteria/Summerland with a median list price of about $1.3 million and an average list price of almost $5 million and that’s a long way from the median sold price of just over $800,000.
For the condo market for the Carpinteria Real Estate/Summerland Real Estate area the story is a lot different there were less than 25% fewer sales this year and we ended ’08 with only about 40 sales for the whole area. The median sales price also dropped but only by about 15%. The inventory was about equal for both years as was the median list price for those new properties that came on the market. But the sales price to original list price ratio was 85% so askin’ was definitely not gittin’ in Carpinteria/Summerland. Currently there are just 26 condos available in the area with a median list price of about $600,000 and an average list price of almost $1 million.