| REVIEW OF HOME SALES & MEDIAN HOME PRICES |
| ON STICK-BUILT SINGLE-FAMILY HOMES IN NORTH COUNTY |
| |
|
|
(UNDER $1M) |
|
|
| JANUARY-JUNE 2008 VS. JANUARY-JUNE 2007 |
| PASO ROBLES |
|
|
|
|
|
| |
SALES |
AVG.DOM |
HIGH |
LOW |
MEDIAN |
| 2007 |
228 |
117 |
$208,000.00 |
$940,000.00 |
$472,500.00 |
| 2008 |
230 |
111 |
$156,000.00 |
$780,000.00 |
$383,750.00 |
| 2008/2007 |
2 |
-6 |
|
|
($88,750.00) |
| % DIFFERENCE |
1% |
-5% |
|
|
-19% |
Reports from escrow companies and county records indicate that the highest number of foreclosures in San Luis Obispo County is occuring in Paso Robles. Could it be due to this factor that we are seeing a 1% increase in the home sales of stick-built single-family residences in the first half of 2008, when compared with the sales in 2007? It may be possible.
Additionally, it was interesting to note that unlike most areas in the County, the average marketing time of these properties shortened by six days from 117 days in the first six months of 2007 to 111 days during the same period a year ago.
Yet like most of San Luis Obispo County, median home sale prices in Paso Robles also declined by 19% to $383,750 at end of June 2008. The median sale price was $472,500 in June of 2007.
The consensus is that prices will continue to fall, at least till end of 2008, and most likely into 2009.
Please note the following factors used when compiling the statistics for this review:-
| Notes: |
|
|
|
|
|
|
| 1. AVG. DOM = Average Days on Market |
|
|
|
|
| 2. Data compiled from Central Coast MLS as of 08/21/08, deemed correct but not guaranteed. |
|
| 3. Only stick-built single-family residences under $1M included. Similar homes costing more than $1M are excluded. |
| 4. Condos, PUDs, and mobile homes are not included in this study. |
|
|
;)
;)
;)
