Market Update - Los Osos

REVIEW OF THE PAST 5-YEAR  PRICE / SALE TRENDS

LOS OSOS

The real estate market in Los Osos has long been plagued by the sewer moratorium and the more recent water moratorium.  These factors reflect the lower prices of the properties that are situated so close to the coast. Between 2003-2005, Los Osos single-family homeowners also enjoyed double-digit growth in the median home prices. Growth stalled in 2006, and single-family homeowners did not suffer any drop in home prices until last year.  Like the rest of San Luis Obispo County, home sales in Los Osos also saw declines, actually every year since 2004.  The lowest number of stick-built single-family homes sold in Los Osos was in 2006, at 155 properties.  That equates to a 27% drop over 2005 sales.  Similarly, the average number of days needed to sell a single-family property in Los Osos also increased over the 5-year period, almost doubling by 73 days in 2005, or 55% jump from 47 days a year earlier. In 2006, the average marketing time again almost doubled - sellers took an average of 108 days before realizing any sale proceeds.  The increase in average marketing time continued through 2007.  At the end of last year, not only did single-family home owners in Los Osos need an average of more than four months to sell their homes, they also suffered an average of 2-3%  loss in their asking prices.

**Avg. CDOM - average cumulative days on the market        ** +/- (%)   Difference in %

**Avg. SP/LP - average selling price vs. listed price                   ** Median - refers to median home prices

***Information collated from the Central Coast MLS, deemed correct but not guaranteed.