San Luis Obispo Single-Family Home and Condo Sales, 4th Quarter 2009

Interesting Numbers

SLO stick-built homes sold for a bit less and took a bit more time to leave the market in the last quarter of 2009, but more sold than in the last quarter of 2008. The large inventory is being absorbed, and 2010 should see a small price increase, fewer days on the market, and more overall activity.

9/1 - 12/31 2008

     ¤ 62 homes sold
     ¤ average square footage: 1928
     ¤ high sales price: $3,200,000
     ¤ low sales price: $280,000
     ¤ average sales price: $704,575
     ¤ median sales price: $610,000 ($371.63 per s.f.)
     ¤ ratio of sales price to asking price: 92.57

9/1 - 12/31 2009

     ¤ 71 homes sold
     ¤ average square footage: 2109
     ¤ high sales price: $6,800,000
     ¤ low sales price: @295,000
     ¤ average sales price: $752,041
     ¤ median sales price: $599,000
     ¤ ratio of sales price to asking price: 96.04

Condominium Sales

The identical number of condos were sold in the last quarter of 2008 and 2009: 23. The average size was slightly bigger in 2009 (1,332 - 1,358). In 2008, the high, low, and median prices were $$629,000, $253,400, and $392,500. In 2009, the high, low, and median prices were $478,000, $176,000, and $315,000. The ratio of sales price to asking price was 97.96 in 2008, and 96.04 in 2009.

As you can see, condominium sales have stayed sluggish over the past year in terms of numbers sold, and the price has dropped a fair amount. This is definitely a good time to buy into a nice, well-maintained condo development!