California’s median price is now $497,110, a 9.9% drop over last year.
The median price for the Santa Barbara area - $1,250,000 (the same as 2005), Montecito - $2,900,000, Hope Ranch - $3,350,000, Santa Barbara West - $1,040,000 and Goleta North - $942,000 are up over last year.
Down from last year's median price are Santa Barbara area condo's - $630,000, California - $497,110, National - $207,800, Santa Barbara East - $1,225,000, Carpinteria/Summerland - $1,095,000 and Goleta South - $899,000. Even though Goleta North median price is up over last year, in the last month or so we have seen some prices drop from $850,000 to $699,000 or as low as $630,000. This is brutal for sellers and great for buyers.
Over the next three months or so, sales will slow down as normal and also because of the down market, and will pick back up in the spring. I really think that right now there are a lot of great buying opportunities for buyers who have been waiting to get in the market befoe the next up swing. Don’t find yourself saying a couple years from now “I wished I got in when the prices where at there lowest” only a genie knows that. Over the long run, prices will always go up.
The next paragraph is a quote from the California Association of Realtors.
“We expect further weakness in sales over the next few months as the liquidity crisis plays out,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Both the state and national economies remain fundamentally sound at this time, despite recent developments in the housing market. While there have been mixed signals in recent months, economic growth is expected to continue into 2008.”
Have a great holiday, prosper and be well,
Michael Farris
Coldwell Banker
11/29/2007
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