REVIEW OF HOME SALES & MEDIAN HOME PRICES
ON STICK-BUILT SINGLE-FAMILY HOMES IN CITY OF SAN LUIS OBISPO
(UNDER $1M)
JANUARY-JUNE 2008 VS. JANUARY-JUNE 2007
|
SAN LUIS OBISPO |
|
|
|
|
|
|
|
SALES |
AVG.DOM |
HIGH |
LOW |
MEDIAN |
|
2007 |
142 |
112 |
$945,000.00 |
$425,000.00 |
$638,500.00 |
|
2008 |
89 |
97 |
$940,000.00 |
$357,500.00 |
$625,000.00 |
|
2008/2007 |
-53 |
-15 |
|
|
($13,500.00) |
|
% DIFFERENCE |
-37% |
-13% |
|
|
-2% |
Like the rest of the County, the city of San Luis Obispo also saw a huge decline in the number of stick-built single-family home sales in the first half of 2008, when compared with the same period last year. Home sales fell by 37% from 142 in 2007 to 89 in 2008.
The steep decline is offset by the lower decrease of 2% in home sale prices during January-June 2008, versus the same period in 2007. During the period mentioned, the median home price of stick-built single family homes in the city dropped from $638,500 to $625,000.
Another positive during the first six months of 2008 was the shortened marketing time. Compared to the first six months in 2007, sellers took an average of 97 days or 15 shorter days than the average of 112 days to sell their homes.
The slight decrease in median home prices is reflective of the confidence in the local residential real estate in the city of San Luis Obispo. Sales are expected to be slow, at least till end of the year.
| Notes: | |||||
| 1. AVG. DOM = Average Days on Market | |||||
| 2. Data compiled from Central Coast MLS, 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. | |||||
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