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Central Coast Real Estate Update: Fourth Quarter (January-December) 2015

The Central Coast & San Luis Obispo County housing market continues to improve in the year of 2015. Increasing from last year, 2014, in just about every aspect including: total number of sales, average of price per square foot, median home price, and average of selling price per a list price.

• 2,750 home sales (2015) vs. 2,445 (2014)
• $525,000 median home price (2015) vs. $479,000 (2014)
• $325.80 average price per a square foot (2015) vs. $302.84 (2014
• 73 cumulative days on the market (2015) vs. 76 (2014)
• 97.92% list price/home price (2015) vs. 97.71% (2014)

Home Sales on the Central Coast improved in the year 2015 when compared to last year 2014. Santa Maria/Orcutt area led the way in sales with 816 in 2015 compared to 741 in 2014. The total number of sales on the Central Coast reached the highest overall level in 10 years, since 2006, showing that the housing market has finally made a recovery since the crash in 2009, when levels hit an all-time low.

All cities reported an increase in median price within the year of 2015. The SLO county average of all the cities included in the report was an increase of 9.6% from the previous year of 2014. Though, all cities showed an increase in price, the report shows slowed growth when compared the previous few years.

The average price per a square foot increased in the year of 2015 in most cities within the report with the SLO County average change of positive $22.96.

The cumulative days on the market from 2014 to 2015 decreased by 3 days on the Central Coast and surrounding areas. The average of cumulative days on the market for all of SLO County reached a 10-year low at a total of 73 days on the market. The fastest moving markets in 2015 were Santa Maria/Orcutt and Oceano which averaged 50 days on the market, while Santa Ynez represents the slowest moving market by far at an average of 203 days on the market

The most expensive cities on the central coast are listed above. They also happen to be some of the slowest moving markets on the central coast all above the SLO county average of 73 days with the exception of Pismo Beach which averaged 70 days on the market. The majority of the least expensive cities are some of the fastest moving markets below the SLO county average of 73, with the exception of Santa Margarita and Paso Robles which averaged 115 and 80 days respectively.

 

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