For the Santa Barbara Real Estate area of East of State St for the first 2 months of ’09 the numbers of sales is almost exactly where it was last year but the median sales price has fallen from $1,222,500 last year to $920,000. Unfortunately this dramatic drop hasn’t yet spurred a huge spurt in activity. The numbers of pended listings are ahead of last year however with 24 going into escrow but the median list price for those 24 is $1,050,000 compared to last year when 22 escrows were opened with a median list price of $1.25 million. The numbers of new listings is slightly ahead of where it was last year with 76 properties coming on the market with a median list price of $1.4 million compared to ’08 when there were 22 new listings with a median list price of $1.25 million. Currently there were 128 Home Estate/PUDs available for purchase on the East Side of Santa Barbara with a median list price of $1.425 million.
For Santa Barbara Real Estate area of East of State St for the first two months of ’09 in the condo market there have been 5 sales with a median sales price of $625,000. This compares to last year when there were 7 sales with a median sales price of just under $700,000. The numbers of escrows opened is also 2 behind from last year but the median list price for those 2 fewer escrows about $100,000 below where it was last year. The new listings however are 2 ahead of where they were last year with a median list price of $725,500 compared to ’08 when it was just under $700,000. Currently there are 48 condos available on the East Side of Santa Barbara with a median list price of $749,000.