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Central Coast Real Estate Update: 1st Quarter 2016

The San Luis Obispo County’s real estate report for the first quarter of 2016 shows strength and growth in some segments and while others decreased and showed some weakness.

  • 535 home sales (2016) vs. 546 home sales (2015)
  • 86 average cumulative days on market (2016)  vs. 77 cumulative days on market (2015)
  • $549,000 median home price (2016) vs. $500,000 median home price (2015)
  • 97.97% sales/list price (2016) vs. 97.68% sales/list price (2015)

Median Home Price

The San Luis Obispo County median home price for the first three months of the year of 2016 was up from the first quarter’s three months of 2015 where the median price was $500,000. This year the median home price in San Luis Obispo County is $549,000 for the first three months.

central-coast-cheapest-cities-q1-2016

Santa Margarita came in as the cheapest city on the Central Coast, but this data is partial as there was only one sale in the first three months of the year. This one sale makes up all the data in the first quarter for Santa Margarita, because it was an inexpensive sale the median home price for the city is very low. Santa Maria/ Orcutt came in as the second most affordable city on the Central Coast with a median home price of $370,000. Out of the cheapest cities Nipomo and Los Osos are the only two areas with a median home price above that of San Luis Obispo County.

most-expensive-cities-q1-2016

All of the cities on the Central Coast’s Most Expensive city graph are above the SLO County median home price of $549,000. The most expensive city on the Central Coast for the first quarter of 2016 was Cayucos with a median price of $1,310,000.

Cumulative Days on Market

fastest-moving-marekets-q1-2016

The fastest moving markets out of all cities on the Central Coast are all below the SLO County average of 86 cumulative days on the market. Santa Margarita, the least expensive city was also the fastest moving market with a total of only 23 cumulative days on the market. Again, though, this data for Santa Margarita may be biased as there was only one sale total in the first quarter of the year. The data from this one sale makes up the total data for the entire first quarter for the city.

slowest-moving-markets-q1-2016

All of the Central Coast cities with the slowest moving markets are above the San Luis Obispo County average of 86 cumulative days on the market. The slowest moving market on the Central Coast is the city of Santa Ynez with 236 cumulative days on the market. There does seem to be a correlation between median home price and cumulative days on the market. For the most part, the cities that are the least expensive have the fastest moving markets while the cities that are the most expensive have slower moving markets.

For Full Central Coast Real Estate Update Click Here

Written by Central Coast Lending - Go to Central Coast Lending's Website/Profile
805.543.LOAN info@centralcoastlending.com