I had the good fortune of seeing Leslie Appleton Young speak in Santa Barbara yesterday and it was refreshing hearing her speakhow she speaks without overwhelming you with economic data. I will be getting a copy of her presentation soon and post some of the useful information she shared. In the mean time I went to the California Association of Realtors website and poked around a little and found some statistics I found useful for December of 2007.
The first was the median home sales price for Santa Barbara, South and North County.
- Santa Barbara County
$492,860 (12/07) $673,080 (11/07) $607,140 (12/06)
- Santa Barbara South Coast
$925,000 (12/07) $1,080,000 (11/07) $1,250,000 (12/06)
- North Santa Barbara County
$323,810 (12/07) $354,760 (11/07) $431,710 (12/06)
The comparison of prices from either the previous month and or the previous year shows a pretty sizable drop. This isn't any huge surprise, although it is affecting those properties on the market that have been listed for a while and haven't adjusted their asking price. If they want to sell they are going to have to chase the market down at this point. The other point to bring up is that there were so few sales in Dec. that it is hard to get a real idea of a true trend.
Below are the exact percentage drops as compared to November and the previous December
- Santa Barbara County
$492,860 (dec 07 price) -26.8% (nov 07) -18.8% (dec 06)
- Santa Barbara South Coast
$925,000 (dec 07 price) -14.4% (nov 07) -26.0% (dec 06)
- North Santa Barbara County
$323,810 (dec 07 price) -8.7% (nov 07) -25.0% (dec 06)
Like I said, these are pretty significant differences, but the amount of sales in Dec 07 as a low going back at least 10 years makes it hard to make any significant predictions on where the market really is.
The January month end numbers have just arrived, so check back soon to see how they turned out. See You In Escrow!
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