For the East of State St area of Santa Barbara Real Estatefor the first 6 months for Home Estate/PUDs there have been 73 sales which is about 10% behind where we were in ’08. In contrast the numbers of pending sales is over 20% ahead of where we were last year. The difference is the median sales price for those 73 properties is about 25% below where it was last year and the median list price for the over 100 pending sales is also about 25% down from the ’08 level. The inventory on the other hand is about at the same level it was last year with 146 Home Estate/PUDs currently available in the East of State St area with a median list price of about $1.4 million.
For Condos on the East of State St area of Santa Barbara Real Estatefor the first six months there have been 27 sales compared to 26 last year but there have been 35 escrows this year compared to 28 last year. This 25% rise in the numbers of escrows should spur sales forward for the next few months. But decline the median sales price from about $700,000 to about $500,000 for ’09 should also continue because the median list price for pending properties was $699,000 last year compared to $539,000 this year. The inventory is about at the same place it was last year with 46 properties currently available for purchase with a median list price of $649,000.