Avila Beach is considered, perhaps the most sought-after beach town in San Luis Obispo County, due to its location and very limited supply of homes. Traditionally, Avila Beach has held the highest median sale price in the county. A review of the home sales and sales prices from 2005-2009 showed that Avila Beach had not been immune to the housing crisis and financial breakdown.
The median home price rose by 10% in 2006, and had dropped year over year since 2006 to a low of $631,800 in 2009. This reflected a cummulative decrease of 32% over the four year period. The number of homes sold was irregular. The even years of 2006 and 2008 produced lower numbers, i.e. 16 and 18 home sales respectively, while the odd years fared better. 33 homes each were sold in 2005, and 2007. In 2009, 27 homes closed escrow.
Buyers appeared to be paying between 3% to 6% from 2005 to 2008, and that advantage increased to almost 10% in 2009, reflecting a stronger buyer's market in 2009. The trend is expected to continue throughout 2010 and the next 3-5 years.
Notes:
The above data is based on sales of all single-family residences, including mobile homes, condos, stick-built single family homes, etc., in Avila Beach, CA for the period from 2005 to 2009. Data is culled from the Central Coast Multiple Listing Service, and deemed accurate at time of report but not guaranteed.
**DOM refers to Days on Market
**SP v. LP refers to Sale Price vs. List Price
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If I can provide more information about Avila Beach real estate and surrounding areas, the housing market, or assist you, friends or family in a home search or sale, please phone or text me at (805) 234-4315 or email me at Sherry@SherrySim.com or visit www.SherrySim.comand www.ShortSalesAndREOs.com.
Serving Cayucos, Cambria, Morro Bay, Los Osos, San Luis Obispo, Pismo Beach, Avila Beach, Shell Beach, Arroyo Grande, Atascadero.
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