For Santa Barbara Real’s Carpinteria Real Estate/Summerland Real Estate for the Home Estate/PUD market the median sales price through June 12 of ’09 is $634,000 which is down from $990,562 for the same period in ’08. This is a 36% drop in price. The numbers of sales however are exactly where they were at this time last year with 20 reporting for both periods.
The difference between the median list price for ’09 of about $1.3 million and the median sales price of $634,000 is a rather cavernous -51%. The gap exist primarily because the houses that have been listed in the $600,000 range are now out of the inventory and sold and the homes that remain are the ones farther up on the price scale. Last year the gap for Home Estate was -23.7% with the $1.3 million median list price but the median sold price closer to $1 million.
For the Carpinteria Real Estate/Summerland Real Estate condo market the numbers of sales is actually above where it was last year with 17 compared to 14 last year. This is a 21.4% rise in the numbers of sales. The median sale price however has fallen by about 22% and currently resides right at $400,000 compared to $512,500 last year.
The gap between median list price and median sold price for ’09 is -30.4% with a median list price of $575,000 compared to the median sold price of $400,000. Whereas last year the gap was -18.3% with a median list price of $627,000 and a median sold price of $512,500.