For Santa Barbara Real Estate area East of State St area the Median Sales price through February 12th has been $945,000 on 12 sales. The sales are just 1 behind the ’08 figures but the median sales price has fallen about 25% from $1.25 million last year to $945,000 this year.
As far as the gap ratio or the median list price versus median sales price for ’08 it was only 5.7% apart but this year it stands at about 35%. Interestingly while the sales prices come down the properties that come on the market continue to go up.
On the condo side of the ledger for the East Side of Santa Barbara Real Estate the median sales price is actually up about 17% from where it was last year. But the numbers of sales is down by half. Again, all these numbers are rather small so trying guess whether this is a trend or an anomaly is difficult.
Now for the gap report, in ’08 the gap was 16.7% but this year there actually is no gap with the median sales price coming in at $850,000 and the median list price showing up at $799,000.