Arroyo Grande, CA – September 18, 2017─ Despite a continued shortage of homes for sale, home sales in San Luis Obispo and Santa Barbara Counties recovered in August after falling 6 percent in July. August sales rose 13.5 percent over July in the two-county region and ended the month 2 percent higher than they were a year ago and total sold volume of h comes in the region rose nearly 20 percent over July.
Sales rose despite low inventories, which were lower than they have been all summer and were 15 percent lower than they were a year ago. Listings in the two counties were 15 percent lower than they were in August 2016.
Prices in the region leveled from July, falling less than 1 percent, but were 6.8 percent above prices a year ago. Low inventories and rising prices continued to limit choices for many buyers and discouraged demand slightly. Homes spent two days longer to sell in August than July, as median days on market rose from 17 to 19 days. August was the fifth straight month in which listings in the region spent fewer than 20 days on market before receiving a contract. Some 70 percent of homes sold above their current value during the month.
“As the summer season comes to an end, demand for homes in the Central Coastal Region remains extraordinarily strong and more than two out of three homes are selling above their current value. Throughout the summer, prices have been rising at rates of 6 to 7 percent and as much as 17.5 percent in the city of San Luis Obispo. As our super-heated market enters the fall season, sellers can take advantage of the extraordinary price appreciation to date this year. This is still a very strong market to list a home,” said Amy Gallagher, corporate broker of record for CENTURY 21 Hometown Realty.
In August, CENTURY 21 Hometown Realty closed on 105 homes totaling $48,275,299.
San Luis Obispo County
August home sales in San Luis Obispo County rose 12.7 percent in August and ended the month 3 percent above last year’s total for the month Total dollar sold volume for the county soared, reaching $234, 549, 588, which was 13.7 percent above July and 15.2 percent above a year ago. Prices slipped 1 percent from July, to a median sales price of $550,000, the second highest price over the past five years. Demand remains very strong in the county.
Supplies of homes for sale in the county were 15 percent lower than they were a year ago. New listings were 9 percent lower than the five-year average for August as fewer homeowners listed their homes for sale. Inventories of active listings trailed year over year total by double digits for the third month in a row as demand overpowered the supplies of new listings throughout the summer. However, homes sold much slower in August than July, as time on market rose from 18 to 31 days, which was still nearly 21 percent faster than a year ago.
In San Luis Obispo, tight inventories drove down sales and demand. August sales fell 37.3 percent from July and were 11.3 percent lower than they were a year ago. Total sold dollar volume fell to $31,517,516 50, down 30.3 percent from July. Prices rose 2.5 percent from June and were 17.5 percent higher than a year ago, reaching a median sold price of $625,000. Active listings were 35.7 percent below the five-year average for August and new listings were down 13.3 percent from the five-year average. Homes sold in 21 days, 31.1 percent lower than in May.
In Atascadero, real estate sales had an outstanding month. Sales were up 44 percent over July and ended the month 21.4 percent higher than they were a year ago. Prices also rose, by 19.6 percent over July and 26.4 percent over August 2016, to reach a new median sales price of $550,000. Homes flew off the shelves, selling in only nine days.
Local market data and listings for San Luis Obispo County communities are available at Arroyo Grande, Atascadero, Avila Beach, Cambria, Cayucos, Creston, Grover Beach, Los Osos, Morro Bay, Oceano, Paso de Robles, Pismo Beach, San Luis Obispo, Santa Margarita, San Miguel, San Simeon, Santa Ynez, Shandon, and Templeton.
Santa Barbara County
Sales in Santa Barbara County did not recover, but fell 7 another percent in August after declining 44.4 percent in July. August sales were 68.5 percent below levels of a year ago. The drop in sales reflected dramatically depleted inventories, leaving buyers with fewer choices. Active listings in the county were 48 percent lower than they were a year ago and new listings were 68 percent lower.
The lack of supply drove prices up 6.3 percent from July and 13 percent over a year ago to reach median price for the county of $419,950. More than nine out of ten sales in the county, 91.5 percent, were priced above current value. Rising prices helped to drive total dollar sold volume for the county up 58.2 percent over July, to $49,038,400. At 34 days, the median time on market for sales in the county did not change from July,
Strong demand slightly decreased the median time on market for Santa Barabara County sales, from 31 to 28 days, the fastest time since March.
In Santa Barbara city, a few very expensive sales drove the total dollar sales volume to $19,112,700, up 151.1 percent from July, though there were only 8 total sales in the city. The pricey sales drove the median price for the city to $1,450,000, up 56.2 percent from July. Active listings trailed levels of a year ago by 20 percent.
The city of Santa Maria saw sales rise 11.1 percent over July, but sales still trailed levels of a year ago by 64.3 percent. The city’s median sold price fell to $355,000, down 5.3 percent from July. Homes sold much faster in Santa Maria in August, for a median time on market of 22 days, down 21.4 percent from July.
August Home Sales, San Luis Obispo County (blue) and Santa Barbara County (red)
About Century 21 Hometown Realty
CENTURY 21 Hometown Realty is the leading real estate firm on the central coast. Since 1947, it has supported the needs of home sellers and buyers throughout California’s Central Coast region with 19 branch locations in San Luis Obispo and Santa Barbara. Our offices cover the California Coast from Paso Robles in the north to Ventura County in the south.
We offer specialty services including Luxury Real Estate, Agricultural and Ranch Real Estate, Vineyards, Ocean Front Real Estate, Commercial Real Estate, and Residential Real Estate. Our agents have a keen focus on these areas and multilingual and generational expertise. Visit our website at C21Home.com to see our California listings and our office locations.
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