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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