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Santa Barbara Real Estate for the 1st half of '03
| The statistics for Real Estate sales in Santa Barbara are in for the first 2 quarters of ’03 so it’s a good time to see where we stand in comparison with last year. The total numbers of listings of single-family residences are up 14% so there’s more to sell. But, the total numbers of sales are down 18.8%. The dollar volume is down 6.4% which means that what has sold has sold for more. This is reflected in the rise of the median price of homes from $742,000 to $822,550 or 10.8% (The figure reported in the paper last month of a median price of $900,000 was for that month only, not the whole year.) The total number of listing for Condominiums and Planned Unit Developments is up slightly by 4.8%. But the number of sales is off dramatically at 25.5%. The sales dollar volume is also off at 20.1%. Even with the number of sales off, the median prices have continued to rise 12.3% to $449,000 for Condos and PUDs. With interest rates staying down and housing inventory historically low, there still doesn’t seem to be any time in the near future where prices will begin to moderate. |