| REVIEW OF HOME SALES & MEDIAN HOME PRICES | |||||
| ON STICK-BUILT SINGLE-FAMILY HOMES IN NIPOMO | |||||
| (UNDER $1M) | |||||
| JANUARY-JUNE 2008 VS. JANUARY-JUNE 2007 | |||||
| NIPOMO | |||||
| SALES | AVG.DOM | HIGH | LOW | MEDIAN | |
| 2007 | 80 | 143 | $996,855.00 | $360,000.00 | $565,000.00 |
| 2008 | 85 | 133 | $900,000.00 | $246,000.00 | $499,900.00 |
| 2008/2007 | 5 | -10 | ($65,100.00) | ||
| % DIFFERENCE | 6% | -7% | -12% |
The above statistics showed that Nipomo, like Grover Beach and Pismo Beach saw a decline of 12% in the median home price. In the first half of 2008, the median home price was $499,900. That declined by $65,100 from $565,000 a year ago. At the same time, overall home sale prices also fell to $246,000 at the low end, and up to $900,000 at the high end.
Unlike many of her counter-parts in San Luis Obispo County, Nipomo enjoyed a slight increase in home sales, by 6%. 85 homes sold in the first half of 2008, 5 more homes than the first half of 2007. Similarly, home sellers during this time took a slightly shorter time to sell their homes. The average marketing time was 10 days shorter, or 133 days in January-June 2008 versus 133 days in 2007.
The above report was compiled based on the following:-
- "AVG. DOM" refers to the average number of days on the market, or the average marketing time needed to sell the home.
- The data is compiled from the Central Coast Multiple Listing Service as of August 22, 2008. The information is deemed accurate but not guaranteed.
- Only stick-built single-family residences under $1M are included in this report.
- Due to fewer $1M-plus sales, sales on similar properties selling more than $1M are excluded.
- Condominiums, planned development units, townhouses and mobile homes are not included in this report.
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