REVIEW OF THE PAST 5-YEAR  PRICE / SALE TRENDS 

 

MORRO BAY

 

YEAR

 Sales

+/- (%)

Median

+/- (%)

Avg. CDOM

+/- (%)

High

Low

Avg. SP/LP

 

 

 

 

 

 

 

 

 

 

2003

160

 

$439,000

 

60

 

$1,600,000

$226,000

98%

2004

193

21%

$550,000

25%

78

30%

$2,650,000

$290,000

97%

2005

130

-33%

$645,000

17%

65

-17%

$2,300,000

$337,500

97%

2006

112

-14%

$615,750

-5%

106

63%

$2,000,000

$330,000

95%

2007

101

-10%

$570,000

-7%

132

25%

$1,600,000

$300,000

96%

 

The above statistics reveal that homeowners of single-family residences in Morro Bay saw a huge jump in median price appreciation by 25% in 2004 when compared to 2003.  The median home price appreciation fell by 8% a year later, and continued to decline each year.  In 2006, the median home price dropped by 5% in 2006 and a further 7% last year.  Year over year sales also declined from 2004.  The highest drop in the number of single-family home sales was the 33% drop in 2005 when compared to the previous year.  Last year, Morro Bay suffered a 10% drop in home sales.  Buyers were paying about 96% of the listed prices in 2007; just 1% higher than 2006, and 1% lower than 2005 and 2004.  The average marketing time to sell a single-family home has more than doubled, i.e. by 63% in 2006.  The 106 days needed in 2006 have increased to 132 in 2007, whereby the average time is lengthened by another 25%.

 

 

**Avg. CDOM - average cumulative days on the market        ** +/- (%)   Difference in %

**Avg. SP/LP - average selling price vs. listed price                   ** Median - refers to median home prices

***Information collated from the Central Coast MLS, deemed correct but not guaranteed

 
This post has been included in California Real Estate News San Luis Obispo County, CA Real Estate News Morro Bay, CA Real Estate News
Post is included in group: Market Reports
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Sherry Peckhoon Sim, Broker/Owner Covering the Beautiful Central Coast CA

Sherry Sim

Cayucos, CA

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