Through ’08 for the Home Estate/PUD market on the East Side of Santa Barbara Real Estate the sales were down by about 100 from the previous year. This was a dramatic drop in the amount of activity but despite that drop the median sales price fell less than 5%. Even though it fell only that small amount the sales price to original list price ratio was about 85% which meant that the sellers wanted a whole lot more than they got. There was about a 15% decline in the numbers of houses to sell this year but that didn’t keep the median list price from rising by about $50,000 for the area. Currently there are about 100 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a medina list price of about $1.5 million and an average list price of about $2 million. But it may be a while before those sellers get their price because the average days on the market for the whole inventory is about 4 months and counting.
For the condo market on the East Side of Santa Barbara Real Estate in ’08 there have been about 40% fewer sales this year. This drop in activity is despite the fact that the median sold price went down way over $200,000 and the average sales price dropped about the same. The seller priced their homes without a whole lot less to give away because the sales price to original list price ratio was about 90%. The numbers of new properties fell by about 25 this year and the median list price for those new properties went down about $250,000. Currently there are just 37 condos available on the East Side of Santa Barbara with a median list price of $825,000 and an average list price of about $1.3 million. But those sellers have been waiting for a buyer an average of 116 days.
Posted by gandlwoods at January 8, 2009 06:33 AM