| REVIEW OF HOME SALES & MEDIAN HOME PRICES | |||||
| ON STICK-BUILT SINGLE-FAMILY HOMES IN PISMO BEACH | |||||
| (UNDER $1M) | |||||
| JANUARY-JUNE 2008 VS. JANUARY-JUNE 2007 | |||||
| PISMO BEACH | |||||
| SALES | AVG.DOM | HIGH | LOW | MEDIAN | |
| 2007 | 52 | 119 | $995,000.00 | $425,000.00 | $757,500.00 |
| 2008 | 39 | 161 | $975,000.00 | $381,500.00 | $665,000.00 |
| 2008/2007 | -13 | 42 | ($92,500.00) | ||
| % DIFFERENCE | -25% | 35% | -12% |
Buyers, who bought in Pismo Beach during the first six months in 2008, probably enjoyed the lower prices when comparing prices to the same period in 2007. The median home price during this period decreased by 12% from $757,000 to $665,000. Overall, home sale prices are lower.
During January-June 2008, home sales in Pismo Beach dropped by 25% from 52 home sales to 39. At the same time, the average number of days taken to sell these properties increased by 42 days, from 119 to 161 days.
The trend appears to reflect similar market conditions in the rest of San Luis Obispo County, that is, lower home sales and lower median home prices.
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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