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REVIEW OF HOME SALES & MEDIAN HOME PRICES |
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ON STICK-BUILT SINGLE-FAMILY HOMES IN FIVE CITIES |
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(UNDER $1M) |
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JANUARY-JUNE 2008 VS. JANUARY-JUNE 2007 |
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ARROYO GRANDE |
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SALES |
AVG.DOM |
HIGH |
LOW |
MEDIAN |
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2007 |
136 |
126 |
$998,000.00 |
$261,131.00 |
$610,000.00 |
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2008 |
107 |
152 |
$975,000.00 |
$249,480.00 |
$513,500.00 |
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2008/2007 |
29 |
26 |
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($96,500.00) |
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% DIFFERENCE |
-21% |
21% |
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-16% |
A review of the home sales and prices in Arroyo Grande for the first six months of 2008 over the same period in 2007 shows that the median home price has declined by 16%, from $610,000 to $513,500. Except for Avila Beach, most of South San Luis Obispo County fell by 11-12%. As such, Arroyo Grande has suffered the second highest decrease at 16% in South San Luis Obispo County.
During this period in 2008, 107 stick-built single-family residences sold, with a drop of 21%, or 29 fewer sales from 2007.
Compounding the issue is that homes are also taking longer to sell. During the first half of 2008, homeowners in Arroyo Grande took an average of 152 days, versus 126 days to conclude their sales.
Another review is planned in fall to assess if home sales improved and where home prices are heading.
The above report was compiled based on the following:-
1."AVG. DOM" refers to the average number of days on the market, or the average marketing time needed to sell the home.
2. The data is compiled from the Central Coast Multiple Listing Service as of August 22, 2008. The information is deemed accurate but not guaranteed.
3. Only stick-built single-family residences under $1M are included in this report.
4. Due to fewer $1M-plus sales, sales on similar properties selling more than $1M are excluded.
5. Condominiums, planned development units, townhouses and mobile homes are not included in this report.
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