For the Goleta Real Estate South area of Santa Barbara Real Estate the Home Estate/PUD market there have been almost 13% more sales this year than occurred the previous year. But to achieve that spurt in activity the median sales price dropped from about $900,000 to about $725,000. Despite this substantial drop the sales price to original list price ratio was the highest for the area standing at 93%. This means that the sellers came in at very close to the exact right price and the homes went away. Even more impressive is the fact that the inventory was down slightly from last year with the median list price for those homes coming down by about $100,000. Currently there are just 36 Home Estate/PUDs available for purchase in the Goleta South area with a median list price of a whopping $1.2 million and an average list price of about $1.35 million. What this tells you is that all those houses that were for sales farther down the price scale are gone and what remains are properties that are looking for buyers with a lot more cash in their pockets.
For the Condo Market in the Goleta Real Estate South area of Santa Barbara Real Estate there have been about 15 fewer sales this year but the median sales price is actually above the price of last year. So fewer sales means higher prices, that sounds about right. At least part of the reason that there were fewer sales is the inventory declined by about 50 units this year and those 50 units were about $50,000 below the asking price of the previous. So how do we get a lower asking price and a higher selling price? Its the Goleta South miracle. Currently there are just 19 condos available in the area with a median list price of $539,000 and an average list of $528,095.