Central Coastal Inventories Fell to Five-year Lows
Arroyo Grande, CA – March 14, 2017— February home sales rose slightly from January lows as new listings failed to keep pace with demand and inventories of homes for sale in California’s Central Coastal counties fell to five-year lows. Supplies in the Ventura region increased marginally from record lows in December as sellers took advantage of higher prices and shorter days on market.
Annualized sales rose only 2.2 percent in the Central Coastal counties, and prices fell 9.3 percent to a regional median of $399,000. Homes settled in a total of 90 days, 5.9 percent faster than in January. In the Ventura region, sales also increased modestly, 2.3 percent above February 2016, Prices rose 6 percent, to a median sale price of $461,000.
Inventories in both regions remained thin as the spring sales season nears. In the two-counter Central Coastal region, supplies dropped 15.7 percent from a year ago—a five-year low—and new listings fell 3.7 percent from January. Supplies in the Ventura region improved for the third straight month, but February new listings were still 16.34 percent lower than they were a year ago.
“Conditions for selling a home are ideal right now. Median prices across our region are 6 to 10 percent higher than they were a year ago, mortgages are still very affordable, homes are selling quickly, and demand is high. With the spring season just weeks away, owners who are thinking about listing their homes should take advantage of this opportunity,” said Amy Gallagher, corporate broker of record for CENTURY 21 Hometown Realty.
In February, CENTURY 21 Hometown Realty closed on 53 homes for a total sold dollar volume of $21,814,050.
San Luis Obispo County
Annualized sales in San Luis Obispo County rose only 2.6 percent in February. For a total sold dollar volume of $115.,564,708. 23.2 percent is fewer than in January. The county’s median sold price rose to $495,000, 2.1 percent higher than a year ago but 1.2 percent lower than January. Homes sold ten percent slower in February, at a median rate of 90 days, the slowest rate since January 2013.
New listings in the county fell 17.5 percent compared to February 2016, and active listings fell to the lowest monthly level in more than five years. Only 775 homes were listed for sale in the county during February.
In the city of San Luis Obispo, sales fell 47.5 percent from levels of a year ago and 37.6 percent fewer than last month. Total sold volume reached $13,016,060 for the month. The city’s median sales price rose to $640,000, an increase of 7.7 percent over January. Homes sold in 81 days, 9.5 percent slower than in January. New listings increased by 4.9 percent over last February.
In Atascadero, sales rose 22.7 percent over a year ago. Total sold dollar volume reached $15, 164,746, a 5.4 percent decline from January. The city’s median sold price reached $397,496, up 6 percent from 2016. Homes sold in 98 days, 3 percent faster than in January.
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 14 percent over 2016 and 6.9 percent over January, reaching a total sold dollar volume of $45,453,774 for the month. Prices rose to a median price of $338,250, a 3.9 percent decrease from last year and the first year over year price decline since December 2014. Homes took 79 days to sell in February, 23.3 percent faster than a year ago but 1.3 percent slower than in January. Total listings declined 14.9 percent from February 2016, and new listings trailed last year’s pace by 18.5 percent.
In Santa Maria, annualized closed sales fell to 16.1 percent from a year ago, and monthly sales fell 31.4 percent from January. Prices fell 10 percent from 2016, and 9.9 percent from January to a median price of $283,172. Listings fell 22.8 percent from a year ago, and new listings declined 20 percent.
February Home Sales, Ventura County (red), San Luis Obispo County (purple) and Santa Barbara County (blue)
January sales in Ventura County fell 6.4 percent over sales a year ago, the lowest level since February 2014, and reached a total sold dollar volume of $295,653,799 for the month. The county’s median price reached $537,000, 7.4 percent over January 2016 and 3.3 percent higher than January. In February, homes settled in a median of 72 days, 17.2 percent faster than a year ago and 4 percent slower than in January. Inventories of homes for sale in the county declined 11.4 percent from last February, and new listings fell 10.6 percent below levels of a year ago.
In Ventura city, closed sales fell 2.8 percent from last February, and total sold dollar volume reached $41,755,175 for the month. Prices fell rose 8.2 percent from last year and 10.4 percent over January, to reach a median of $530,000. Homes settled in 65 days, 23.4 percent faster than a year ago and 8.5 percent are longer than in January.
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.
February 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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