For Santa Barbara Real’s Carpinteria Real Estate/Summerland Real Estate area the Median Sales price so far in ’09 is $585,000 on 3 sales. This is down about 30% from last year at this time and that was on 4 sales. These numbers are obviously early but a 30% drop year over year is significant.
The gap, which is the difference between the median sales and median list price, was 36.6% last year which was substantial but this year it’s a huge chasm standing at 63.3%. The median list price for the area is currently about $1.6 million with the median sales price not even at $600,000.
For the Carpinteria Real Estate/Summerland Real Estate condo market the current median sold price is $340,000 on 3 sales while last year with just 2 sales it stood at $372,000. This 8.7% difference is basically insignificant as is the difference in the numbers of sales.
For the gap both years are also very close together. In ’08 it was 37.8% and in ’09 we’re at 35.2%. It looks like for a while anyway Carpinteria/Summerland condos have found their level. We’ll have to see if that changes throughout the year.