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Market Conditions Report - Los Osos, CA

By
Real Estate Agent with Sims & Company 01385503

LOS OSOS

REVIEW OF SINGLE-FAMILY RESIDENTIAL SALES: 1ST QUARTER 2007 VS. 2006

YEAR

SALES

HIGH

LOW

MEDIAN

CDOM

AVG SP

SP/LP%

2006

32

$2,000,000.00

$345,000.00

$501,500.00

97

$643,328.00

96.56%

2007

30

$1,360,000.00

$225,000.00

$497,500.00

134

$577,200.00

95.30%

 

-2

 

 

($4,000.00)

37

($66,128.00)

-1.26%

 

 

 

 

 

 

 

 

+/-

-6.25%

 

 

-0.80%

38.0%

-10.28%

 

 

SUMMARY

 

As of April 17, 2007, Los Osos offers 107 properties for sale, of which 86 are ‘stick-built' single-family homes.  The above review of the homes sales for first quarter of 2007 shows a slight price drop of 0.8% in the median sale price when compared to the same period last year.  The number of homes sold continues to decrease in Los Osos.  For the first quarter this year, 30 homes sold; just two down from the figure sold during the first quarter of 2006.

In addition, the time taken to sell a single-family residence has increased dramatically by about 38% to an additional 37 days.  For the first quarter this year, it took 134 days to sell a single-family residence. 

So, what's selling in Los Osos? As of April 17, 2007, 24 properties are pending sale. Six of these homes (mostly mobile homes) are priced between $90,000-350,000. The next group comprised eight properties in the $350,000-450,000 range. Two each are priced between $450,000-500,000 and $600,000-650,000.  Three other properties are over the $1M range, while the remaining pending sales are scattered in different price ranges.  Again, what's noticeably missing are homes priced between $750,000-999,000. For some reason, homes in the $750,000-999,000 are not moving.

What's the outlook for real estate in Los Osos?  Home prices will remain depressed, as they have been in Los Osos, due to the sewer moratorium that's in placed for many years.  In addition to the sewer moratorium, there's also a water moratorium in Los Osos. The sewer situation has worsened, since the Los Osos Community Services District's (LOCSD) declared bankruptcy last year. Some hope is in sight. Federal funding is currently being sought. For more information on the sewer moratorium in Los Osos, please visit the following websites:-

www.cowa.org/AB885.shtml - Assembly Bill AB885, January 1, 2004 - Septic System mandated by State of California

http://www.losososcsd.org/ - Los Osos Community Services District website; also call LOCSD at (805) 528-9370

www.waterboards.ca.gov/centralcoast - Regional Water Quality Control Board (805) 549-3147

Wallace & Associates (805) 544-4011 - this independent agency is appointed by the LOCSD to provide the assessments currently imposed on properties in Los Osos.

http://www.co.slo.ca.us/ - San Luis Obispo County site - (800) 8343-4636

http://www.swrcb.ca.gov/

- check this site for cease and desist orders or enforcement actions taken against properties in Los Osos.

Another review will be made at the end of the second quarter 2007.

 

 

Posted: April 18, 2007

Footnotes: CDOM - Cumulative Days on the Market

                   SP/LP% - % difference in selling price versus listed price.

 

The information is obtained from the local Multiple Listing System, and is deemed accurate though not guaranteed.  Median Prices fluctuate depending on the number of sales, and price sold.  The prices are based on single-family homes that sold during the two periods being compared, and does not discriminate between the number of rooms, baths, locations, or condition etc., of the properties.

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