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2017 1st Quarter Central Coast Real Estate Report

The San Luis Obispo County’s Real Estate update includes data for all cities and surrounding areas that make up the Central Coast of California. This data is for the first quarter, January through March, of 2017.

  • 667 Total Home Sales (2017) vs. 686 (2016)
  • $663,100 Median Home Price (2017) vs. $603,108 (2016)
  • 97% Sales per List Price (2017) vs. 98.55% (2016)
  • $462.00 Average Price per Square Foot (2017) vs. $365.51 (2016)
  • 103 Cumulative Days on the Market (2017) vs. 99 (2016)

Of all the five reported components of the real estate report for San Luis Obispo County and the surrounding areas that make up the Central Coast two of the five factors reported improved in the first quarter of 2017 from the year prior, 2016. Median home price and average price per a square foot all improved in the year. Cumulative days on market, total number of sales, and sales vs. list price worsened with the cumulative days on market increasing and the sale price per a list price decreased both negatives in the report.

The median home price increased from $603,108 in 2016 to $663,100 in 2017 for an increase of almost 10% or $59,992. The price per a square foot increased as well from $365.51 to $462.00, almost a $100 increase. This increase in price per a square foot is consistent with the increase in median home price both factors increased.

The cumulative days a home for sale sits on the market increased by 4 days from the first three months of 2016 to the first three months of 2017. This small increase is an indication that houses are sitting after being listed for slightly longer in 2017 than in 2016. This is a negative because it means inventory isn’t moving as fast this year.

Total home sales decreased by a minimal amount of 19 total sales in the first quarter of 2017 vs. the first quarter of the year prior 2016.

The last factor tracked in the real estate report is sales price vs. the list price of a home. It decreased from a home being sold for 98.55% of its list price to 97% of the price a home is listed for. This is the other negative in the report for the Central Coast as a whole; homes are being sold for less than what the seller is asking for this year when compared to last.

Sollvang made a huge jump in 2017 to the most expensive city on the Central Coast with a median home price of $1,715,000, last year at this time the median home price was only $755,000; that is almost a 130% increase! This data however, may be an inaccurate representation of the city’s median home price since there was only one sale in the city in the first quarter, therefore all the statistics for the city are relying on just one home sale.

Written by Central Coast Lending - Go to Central Coast Lending's Website/Profile