With the exception of home sales, a review of the home sales from 2005 to 2009 in Morro Bay reveals a slow down in median sale prices and decline in yield to sellers. The issues are compounded by the length of time needed to sell a home in Morro Bay today.
As shown in the graph below, median sale price decreased every year from 2005, dropping by 1% to $599,000 in 2006; and by 10% to $539,000 in 2007. By end 2009, the median price had dropped to $463,000. The decline could be attributed to increased sales of more lower-priced homes.
Sellers also received less money as the sale price-to-list price ratio fell from 97.27% in 2005, to 93.2% in 2009.
While prices did decline, the number of sales appeared to be improving. In 2005, the number of single-family homes sold totaled 170. The figure dropped each year to a low of 119 in 2008, and jumped by 12% to close at 133 sales in 2009.
A review of the 2010 sales will provide more indication of the market conditions in Morro Bay, so stay tuned for the next report.
The above data is based on sales of all single-family residences, including mobile homes, condos, stick-built single family homes, etc., in Morro Bay, CA for the period from 2005 to 2009. Data is culled from the Central Coast Multiple Listing Service, and deemed accurate at time of report but not guaranteed.
**DOM refers to Days on Market
**SP v. LP refers to Sale Price vs. List Price
If I can provide more information about Morro Bay real estate and surrounding areas, the housing market, or assist you, friends or family in a home search or sale, please phone or text me at (805) 234-4315 or email me at Sherry@SherrySim.com or visit www.SherrySim.com and www.ShortSalesAndREOs.com.
Serving Cayucos, Cambria, Morro Bay, Los Osos, San Luis Obispo, Pismo Beach, Avila Beach, Shell Beach, Arroyo Grande, Atascadero.
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