Prices Remain Above 2015 Levels in San Luis Obispo, Santa Barbara and Ventura Counties
Arroyo Grande, CA – October 20, 2016— With the end of the summer home sales season, September home unit sales fell a modest 4.1 percent in California’s Central Coastal Counties and remained close to levels of a year ago. The total dollar volume of sales remained 6.5 percent above September 2015 totals. The market demand is steady, but home prices continue to escalate.
Prices in the region also fell 1.1 percent from August to September, but on a year over year basis; prices are still comfortably above levels of a year ago in all three counties in the region. New listings replenished supplies of homes for sale and kept prices balanced with demand as homes in the region now sell 7.5 times faster than they did in August. Homes priced right are selling quickly.
“The fourth quarter is shaping to be a balanced market for both buyers and sellers. Prices remain strong and are consolidating gains from earlier in the season. New listings and adequate inventories providing buyers a wide range of choices at moderate prices. With interest rates still at historic lows, conditions for buyers are favorable as we enter the fall season,” said Amy Gallagher, corporate broker of record for CENTURY 21 Hometown Realty.
San Luis Obispo County
Closed unit sales in San Luis Obispo County fell 2.5 percent in September and are just 0.8 percent higher than they were a year ago. However, total sold dollar volume exceeded $204.7 million during the month, 8 percent higher than in 2015.
The median price in the county rose 4.5 percent in September to reach $519,000 after falling in August. It ended the month 10 percent higher than a year ago. Homes are selling 5.1 percent faster than they were a month ago, at a median of 74 days from list to settle. Supplies of homes for sale 5 percent lower than they were a year ago and active listings ended September lower than they have been since April.
In the city of San Luis Obispo, unit sales fell 9.1 percent in September, dropping 26.5 percent below levels of a year ago. Prices rose 11.9 percent, and still trailed prices of September 2015 by 1.9 percent. Homes sold 16.1 percent faster in September than August, settling in 68 days. Gallagher says that they need listings. There are many more buyers than sellers in San Luis Obispo. The company has pent up demand.
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.
September Home Sales, Ventura (blue), San Luis Obispo (red) and Santa Barbara (purple) Counties
Santa Barbara County
Unit sales in Santa Barbara County fell 6.9 percent in September and ended the month 3.6 percent above sales in September 2015. Prices declined 6.3 percent and now are 4.1 percent higher than they were at this time last year. Homes are selling 9.6 percent faster, a median of 75 days. New listings of homes for sale are up ten percent, and inventories are virtually the same as last year, with 550 homes listed at the end of the month.
In the city of Santa Barbara, both sales and prices fell 3.3 percent in September. The median price reached $570,000 and homes were selling in 55 days by the end of the month. In Santa Maria, sales fell 8.3 percent and prices were down 0.3 percent from August.
September Home Prices, Ventura (blue), San Luis Obispo (red) and Santa Barbara (purple) Counties
Unit sales in Ventura County fell 18 percent in September and trail levels of a year ago by 10.7 percent. The county’s median sold price fell slightly, to $510,000, just one percent above a year ago. Inventories are only 2.9 percent lower than they were a year ago and new listings fell to the lowest level since January,
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.