Where are prices headed in Cayucos? It's a million-dollar question for 2010 and the following years.
A study of the home sales for the past five years show that prices are still heading down ~ see chart below:-
The median sales price began at $880,000 in 2005, and declined by 3% to $832,600 in 2006. In 2007, that median sales price dropped by another 2% to $815,000, and again by 2% to $799,250 in 2008. The biggest decrease of 23% to $615,500 was registered in 2009. These decreases are better illustrated in the graph below.
Similarly, we are seeing a drop in the number of sales: from 57 in 2005, to the lowest level at 34 in 2009. Another challenge for sellers is that homes are taking longer to sell. Last year, it took an average of 202 days to sell a single-family home in Cayucos, compared to 151 days a year ago, and 95 days in 2005.
Not surprisingly, buyers are also paying lower prices, at about 8% less than list price in 2009, compared to 4.5% under the list price. This is almost a 50% savings for buyers!
What does this mean for buyers and sellers? There are some really good buys in Cayucos, and thus good opportunities for buyers looking to relocate, secure a vacation home or invest in Cayucos. Inventory in respective price ranges is limited. As such, sellers who need to sell will still be able to sell their properties quicker when the properties are priced competitively.
A review of 2010 homes sales and median sales prices may provide a better indication of where prices are heading, so stay tuned.
Notes:
The above data is based on sales of all single-family residences, including mobile homes, condos, stick-built single family homes, oceanfront homes, ranches, etc., in Cayucos 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 Cayucos 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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