Inventories Trail 2016 Despite New Listings
Arroyo Grande, CA – February 16, 2017— January home sales in the Central Coastal and Ventura regions opened the new year on a strong note as sales topped last January’s totals. As demand picked up in what is traditionally the slowest month of the year for sales, new listings struggled to replenish depleted inventories of homes for sale.
Annualized sales rose 12.5 percent in the Central Coastal counties and 5.2 percent in the Ventura region during January, traditionally the slowest month of the year for home sales.
Healthy sales helped prices in the Central Coastal counties rise 2.3 percent over last January but 3.3 percent below December. In the Ventura region, January prices fell 1.3 percent from 2016.
January inventories in the Central Coastal counties registered the fifth straight month of yearly over year declines. Inventories increased 1.5 percent from December’s three-year low, but total inventories in the region still ended the month 6.6 percent below 2016 levels. In the Ventura region, inventories of homes for sale were 6.6 percent lower in January than they were a year ago.
“Strong demand launched the new year with sales significantly higher than last year. To sustain the momentum in the months to come, our markets need to restock their supplies of homes for sale. Throughout our region, conditions are ideal for sellers to take advantage of the healthy demand and strong appreciation in home values. The spring season is just around the corner and homeowners who are thinking of selling their homes this year should be getting them ready now,” said Amy Gallagher, corporate broker of record for CENTURY 21 Hometown Realty.
In January, CENTURY 21 Hometown Realty closed on 77 homes totaling $35,060,700.
San Luis Obispo County
Annualized sales in San Luis Obispo County soared 15 percent in January and the total sold dollar volume rose even more, to $14,068,645, 12.5 percent, an increase of 12.5 percent over January 2016. Prices also rose 8.9 percent over levels of a year ago, to a median price of $594,295, the highest since last September.
Though new listings in the county increased 32 percent over December, the supply of homes for sale in the county fell to the lowest level in more than five years. Inventories ended the month 27.4 percent below levels of a year ago and 20.4 percent below December. In January, homes sold 31.5 percent faster in the county than in December as strong demand and historically low supplies cut the median days on market from 98 days to 74 days.
In the city of San Luis Obispo, sales rose 3.6 percent over January 2016 and total sold dollar volume rose 14.7 percent, to $176,978,145 for the month. Prices were 10.7 percent higher than a year ago, reaching a median of $594,295. Unlike the county as a whole, inventories of homes for sale in the city of San Luis Obispo ended the month higher than they were in 2016 by 28.3 percent. Home sold in 74 days, 24.5 percent faster than they did in December.
In Atascadero, January closed sales were 26.9 percent higher than they were a year ago, totaling $16,025,000, a 29.3 percent increase in total sold dollar volume. The city’s median sold price reached $475,000, up 5 percent from 2016. Homes sold in 101 days, 13.5 percent slower than a year ago, and 27.9 percent slower than in December.
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 closed sales rise 4 percent over 2016 in January, reaching a total sold dollar volume of $56,233,051 for the month. Prices rose to a median of $359,000, a 4.1 percent increase over last year. Total listings rose 5.3 percent from December, but still trailed supplies of homes for sale a year ago by 14.9 percent. New listings were slightly higher than they were a year ago, an increase of 2.6 percent over January 2016. Homes took 78 days to sell in January, 17.9 percent faster than a year ago but 9.9 percent slower than in December.
In Santa Maria, closed sales rose 10.5 percent from 2016 and total sold dollar volume rose 35.8 percent from a year ago to $7,469,785. Homes sold in a median of 94 days, 62.1 percent longer than in December.
January Home Sales, Ventura County (blue), San Luis Obispo County (red) and Santa Barbara County (purple)
January sales in Ventura County rose 5.2 percent over sales a year ago, reaching a total sold dollar volume of $314,891,720 for the month. The county’s median price reached $520,000, 1.3 percent over January 20126. In January, homes settled in a median of 75 days, 10.7 percent faster than a year ago but 2.7 percent slower than in December. Inventories of homes for sale in the county were 4.7 percent higher than December but ended the month 8 percent below levels of a year ago. Total new listings added during the month trailed January 2016 by 5.8 percent.
In Ventura city, closed sales rose 4.6 percent over last January and total sold dollar volume reached $34,164,800 for the month. Prices fell 2 percent from December, to a median of $480,000, the same level as January 2016. Homes settled in 71 days, 15.5 percent faster than a year ago but 12.7 percent longer than in December.
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 January market analysis.
January 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.