JANUARY-DECEMBER 2008 VERSUS JANUARY-DECEMBER 2007
| MORRO BAY |
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SALES |
AVG.DOM |
HIGH |
LOW |
MEDIAN |
| 2007 |
96 |
133 |
$1,600,000.00 |
$300,000.00 |
$572,500.00 |
| 2008 |
107 |
146 |
$1,800,000.00 |
$210,000.00 |
$520,000.00 |
| 2008/2007 |
11 |
13 |
$200,000.00 |
($90,000.00) |
($52,500.00) |
| % DIFF. |
11% |
10% |
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-9% |
Sales of stick-built single-family residences rose by 11% in 2008. This reflects the addition of 11 sales over the 96 sales in 2007. The double-digit increase in the 2008 home sales could be attributed to a higher number of short sales and foreclosures and sales of more lower-priced homes in Morro Bay.
Out of the 107 sales in 2008, more than half or 61% of the sales are priced below $550,000. A small 10% of these sales are above the $1-million range. The remaining 29% sales fall between the $550,000-$999,999 range.
For the same period reviewed, the median home sale prices declined by 9% from $572,500 in 2007 to $520,000 in 2008.
Additionally, sellers needed an average marketing time taken of 146 days to sell their homes in Morro Bay. This is 13 more days when compared to the same 12 months a year ago.
The above data is culled from the Central Coast Multiple Listing System. Price reductions still prevail. The median home sale price is expected to continue to decline, possibly within a single-digit drop, at least till end of this 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 included.
4. Condos, PUDs, and mobile homes are not included in this study.
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