Prices Soared to New Regional Record
Arroyo Grande, CA – January 23, 2017— December home prices ended the year by setting a Central Coastal regional record even though sales quieted down after rising 25 to 30 percent Central Coastal and Ventura Regions in February. In the Central Coastal counties the year closed with median prices 9.8 percent higher than they were in December 2915 and 3.3 percent higher in the Ventura region.
A new record median price of $460,000 was an unexpected Christmas present for homeowners, but failed to motivate sellers to list during the holidays. The lower than average inventories that resulted kept prices high as soaring interest rates, which increased 60 basis points following the election, put a damper on sales volumes. Homes sold nearly ten percent faster in the Central Coast and 4 percent faster in the Ventura region than then did a year ago.
“Despite rising rates, prices reached record levels as the year ended, consolidating gains from the strong spring and summer markets. With inventories about 4 percent lower than they were at the end of 2015 and houses selling in less than 90 days, 2017 may be one of the best years in recent history for sellers. Sellers who are ready to list when the spring season opens will benefit from last year’s 10 percent appreciation,” said Amy Gallagher, corporate broker of record for CENTURY 21 Hometown Realty.
In December, CENTURY 21 Hometown Realty closed on 81 homes totaling $34,706,492 Million bringing its total year-to-date sales to 1359 homes worth $570,383,126 Million.
San Luis Obispo County
The median price in San Luis Obispo County rose to the third highest of the year—and the past five years, $519,450. December ended with sales down 3.9 percent from a year ago (322 sales) and total sold volume is falling to $189,092,556. Homes settled in 90 days, 2.2 percent faster than November. Active listings were down 14 percent from a year ago.
After setting a five-year record in November, prices in the city of San Luis Obispo fell 12.7 percent to a median of $583,628. Sales rose 14.3 percent over 2015, reaching a total sold volume of $38,836,317. Homes settled in a median of 98 days, 17 percent faster than in November. Only 66 homes remained in the for-sale inventory at the end of the month, down from a five-year average of 91,
In Atascadero, December sales rose 14.3 percent higher than last year, reaching a total sold volume of $38,836,317. The median price in the market rose to $583,628, up 5.2 percent for 2015 but 12,7 percent lower than November. Homes took 96 days to settle, 11.8 percent longer than last year.
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
Santa Barbara County saw sales fall for the fifth straight month in December. Sales fell 8.1 percent from last year, to 160 units worth $67,454,632. Prices rose to $361,900, approaching the county’s five-year record of $368,000 set in May. Homes sold 24.5 percent faster in Santa Barbara County than they did a year ago, a median of 71 days. Active listings fell to 413, 16 percent lower than at the end of 2015.
In Santa Barbara City, only four homes were sold in December, for a median price of $1,092,500. Homes sold in 68 days and the year ended with only 13 homes listed.
In Santa Maria, sales fell for the second straight month, falling 7.1 percent. Total sold dollar volume dropped to $32,742,502. Prices rose 5 percent over 2015 to a median of $360,000. Inventories fell 25.8 percent from 2015. Homes sold faster in December than they did a year ago, settling in a median of 76 days.
December Home Sales, Ventura County (blue), San Luis Obispo County (red) and Santa Barbara County (purple)
December sales in Ventura County rose for the fifth straight year, outpacing November sales by 11.6 percent, for a total sold dollar volume of $422,290,686. Prices in the county hit a five-year high, reaching a median of $520,000. Homes settled in only 73 days, 5.2 percent than a year ago. Inventories of hoes for sale ended the month at oaky 1799 homes, down 11.1 percent from the five-year average.
In Ventura city, sales soared 15 percent over last December, for a total sold dollar volume of $52,309,850. Prices fell 7.1 percent from November, to a median of $490,000. Homes settled in 70 days, down 9.1 percent from a year ago.
In Thousand Oaks, sales fell 21.1 percent from a year ago. Median sold price rose 9.4 percent to $650,000,
Local market data and listings in Ventura County communities are available at: Agoura Hills, Camarillo, Lake Sherwood, Moorpark, Newbury Park, Nipomo, Oak View, Ojai, Port Hueneme, Santa Maria, Santa Paula, Simi Valley, Thousand Oaks and Westlake Village.
CENTURY 21 Hometown Realty accessed data from the Central Coast Regional Multiple Listing Service and the Ventura County Regional Data Share to prepare its February market analysis.
December Home Prices, Ventura County (blue), San Luis Obispo County (red) and Santa Barbara County (purple)
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, Santa Barbara, and Ventura Counties. Our offices cover the California Coast from Paso Robles in the north to Camarillo to 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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