The Condo market for the West of State St area of Santa Santa Barbara Real Estate the overall numbers of properties available is down by 8% for the year but the numbers of escrows is up by 53%. Unfortunately the numbers is sales has fallen this year by 8%. If even half of those escrows start to close the ’09 numbers will be ahead of ’08. The average sales price has slid down by 7% and currently stands at about $627,000.
For Home Estates in the Santa Barbara Real Estate area of West of State the total homes that have been on the market in ’09 are down by 44% but the numbers of escrows has risen by 18%. With that many more escrows open we are only 2 sales or 2% ahead of where we were last year at this time. What has fallen dramatically is the average sales price which is down by 27% currently standing at $854,004.
The PUD market for the Santa Barbara Real Estate area of West of State St there were 7 listings last year at this time and currently there have been 3. Of those 7, 6 went into escrow last year and so far none have started the buying process this year. With 6 entering escrow in ’08 only 2 had closed by this time and so far in ’09 none have completed the buying process. Last year the average sales price for a PUD was about $780,000.