From January-May 2009 the Median Sales Price for Santa Barbara is $846,100. This is down 32% from the height of of the median sales price of $1,250,000, back in 2007.
Currently there are 626 homes/PUDs on the market. The inventory is at its highest level and the Buyers at the lowest level.
Basic economics of supply and demand: High Inventory with few Buyers=Buyer's Market
Where are Buyer's searching for properties open to view?
According to Realtor Magazine-online
January 3, 2009
More than 90% of potential home buyers plan to attend open houses as they look for a home to buy, according to a survey conducted by Trulia.com
62% use online sites to find open houses
53% use information provided to them by real estate professionals
36% use neighborhood signs
31% use information in the newspaper or other printed source
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