REVIEW OF THE PAST 5-YEAR PRICE / SALE TRENDS
SAN LUIS OBISPO
|
YEAR |
Sales |
|
Median |
|
Avg. CDOM |
|
High |
Low |
Avg. SP/LP |
|
|
|
|
|
|
|
|
|
|
|
|
2003 |
363 |
|
$500,000 |
|
49 |
|
$1,699,000 |
$287,000 |
98% |
|
2004 |
337 |
-7% |
$599,450 |
20% |
45 |
-8% |
$3,610,000 |
$380,000 |
99% |
|
2005 |
399 |
18% |
$672,500 |
12% |
63 |
40% |
$2,665,000 |
$225,000 |
98% |
|
2006 |
309 |
-23% |
$693,750 |
3% |
83 |
32% |
$6,050,000 |
$392,000 |
97% |
|
2007 |
289 |
-6% |
$655,000 |
-6% |
97 |
17% |
$4,561,492 |
$369,000 |
97% |
Compared to the towns/cities on the North Coast, single-family properties in San Luis Obispo appear to sell faster. In 2007, homes sold in less than 100 days, despite the increase of 17% in the average marketing time over 2006. The median sale price improved from $500,000 in 2003 to $655,000. The 6% decline in 2007 in the median home price versus 2006 prices did not erase any earlier gains, such as the 20% price increase in 2004/2003, or the 12% improvement in 2005 over 2004. Being the metropolitan center in San Luis Obispo county, the city of San Luis Obispo has a higher sales inventory and activity. The average selling price/list price ratios for the period reviewed showed that buyers paid close to asking prices, between 1-3%, compared to 3-6% on the North Coast.
**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.
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