Homes Sell Faster Despite Lower Sales in Central Coastal Counties
Arroyo Grande, CA – April 17, 2017—New listings picked up in California’s Central Coastal Region in March but not enough to fill the deficit of homes for sale as the spring home buying season opened.
Throughout the region, homes are selling 5 to 10 percent faster than they were a year ago, creating ideal conditions for sellers planning to list their homes this year, according to the latest Regional Market Report from CENTURY 21 Hometown Realty.
In San Luis Obispo and Santa Barbara Counties, sales fell more than 10 percent February and prices rose 4 percent as active listings of homes for sale fell 19 percent below levels of a year ago.
As March sales fell nearly 50 percent below the February and prices rose 6.1 percent in February and 0.4 percent over March 2016. Days on market declined to a median of 71 days across the two counties, 21.2 percent faster than a year ago.
March sales and prices were stronger in the Ventura region as demand kicked in with the launch of the spring season. Sales rose 47.5 percent in March and ended the month higher than they have been since September. The region’s Median sales price increased by 6.2 percent above a year ago. Active listings of homes for sale were 6 percent lower than a year ago.
“Supplies of homes for sale in San Luis Obispo and Santa Barbara Counties are trailing last year by double-digit figures as new listings fail to keep up with demand. Homes are selling faster than last year and prices are steady, creating great conditions for sellers to list their homes as the spring season heats up. Ventura County is booming as sales took off in March and prices are up 12.6 percent from 2016, ”said Amy Gallagher, corporate broker of record for CENTURY 21 Hometown Realty.
In February, CENTURY 21 Hometown Realty closed on 108 homes totaling $47,277,299.
San Luis Obispo County
With 21 percent fewer listing than last year, buyers had less to choose from, and sales in the county were down 57 percent from last year Total sold dollar volume fell to $71,703, 906, a 36 percent decline from February. The county’s median sold price was stable, ending the month at $493,500, a .3 percent decrease from February. Homes sold in only 70 days, 29.3 percent faster than in February and 4.1 percent faster than in 2016.
New listings in the county fell 59.5 percent compared to March 2016 and failed to make a debt in the county’s deficit. Active listings ended the month down 21 percent below March 2016 and lower than they were in January.
In the city of San Luis Obispo, low inventories caused sales to fall 48.8 percent from levels of a year ago and 11.9 percent from February. Total sold volume reached $14,567,956 for the month, down 11.9 percent from February. The city’s median sales price fell to $619,000, down 3.3 percent from January but 8.8 percent higher than a year ago. Homes sold in 101 days, 11 percent slower than in January. New listings were 70 percent lower than a year ago, the greatest year over year decline in five years. As a result, there were 50 percent fewer home for sale in the city than there were a year ago. Despite the drop in sales, homes sold in only 67 days, down 24.7 percent from February, and the lowest time on market since May 2016.
In Atascadero, sales fell 26.7 percent from a year ago and 18.5 percent from February sales. Total sold dollar volume dropped to $9,525,550, percent decline from February. The city’s median sold price reached $443,758, a 24.8 percent year over year decline and 37.2 percent higher than in February. Homes sold in 114 days, 11.6 percent faster than in February.
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 fall 18.4 percent from a year ago and 38.5 percent from February. Total sold volume reached $81,937,317 for the month. A decline of .6 percent from a year ago. Prices rose to a median price of $367,500, a 6.5 percent decrease over last year and 38,5 percent higher than 2016. New listings increased by 6 percent from February, but total inventories still ended the year 13.5 percent lower than they were a year ago. Homes took 102 days to sell in February, 11.3 percent faster than a year ago and 6.4 percent faster than in January.
In Santa Barbara city, total sales volume ended the month at $5,148,900, and the median sold price reached $1,704,90. Homes took 83 days to settle.
Sales in Santa Maria fell 20.3 percent from a year ago and 28.2 percent from February, for a told sold volume to $31,173,654. Prices also fell 5.7 percent year over year but rose 6.2 percent from February. Home sold in only 59 days, 27.2 percent faster than they did in February.
March Home Sales, Ventura County (blue), San Luis Obispo County (red) and Santa Barbara County (purple)
The spring sales season opened with a bang in Ventura County as March sales rose 40.6 percent from February and ended the month just 2 percent lower than a year ago. Total sold dollar volume reached $52,867,848, up 26.2 percent from February. Prices rose 12.8 percent higher than February 2016 and .9 percent higher than last month. In March, homes in the county settled in 65 days, 1.5 percent faster than a year ago. High demand cut the median waiting time for listings to get a contract to only 49 days, the shortest wait since June 2013. New listings were down 4 percent from a year ago, and total lists fell to 11 percent lower than in 2016.
In Ventura city, closed sales fell 2 percent from last March and rose 40.4 percent over last month. Total sold dollar volume reached $52,867,848 for the month. Prices fell rose 12 percent from last year and 0.9 percent over February, for a median price of $535,000. Homes settled in 65 days, 1.5 percent faster than a year ago.
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.
March Median 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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