The San Luisa Obispo County’s Real Estate update includes data for all cities and surrounding areas of the Central Coast for the four quarters that made up the year of 2016 (January-December).
- 2,869 Total Home Sales (2016) vs. 2,852 (2015)
- $555,000 Median Home Price (2016) vs. $525,000 (2015)
- 98.05% Sales per List Price (2016) vs. 97.92% (2015)
- $342.15 Average Price per Square Foot (2016) vs. $325.80 (2015)
- 68 Cumulative Days on the Market (2016) vs. 73 (2015)
All five of the reported components of the real estate report for San Luis Obispo County improved in 2016 from the year prior, 2015.
Total home sales increased by a small 17 total homes. However, the total number of sales that were normal vs. the distressed sales (REOs and short sales) increased by 1%, meaning there were less foreclosures in the year of 2016 vs. 2015.
The median home price increased from $525,000 in 2015 to $555,000 in 2016 for an increase of over 5% or a total of $25,000.
The price per which a home is sold for vs. what it was listed for increased by .13% on a year on year basis. This increase means homebuyers are willing to pay more of the listing price of a home when compared to last year.
The average price per square foot increased by a total of $16.35 on a yearly basis.
The cumulative days a home for sale sits on the market for decreased by five days meaning homes are selling at a faster pace for the year of 2016 when compared to the year prior.