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KSBY has their 2nd part of their series on the local home market. (read article here) In it, they report the following median home price changes from the peak of 2006 to 2007.

Santa Maria Valley: -14.5%
San Luis Obispo: -11%
Cambria to Los Osos: -6.4%
Paso Robles, Templeton: -5.5%
Atascadero, Creston, Santa Margarita: -2%

Interesting…San Luis Obispo has had the lowest Months of Inventory over the past two years so having it the second largest price drop doesn’t add up. From the Median Home Price calculations I do on the SloWatch.com site, here are the median price percent changes from 1st half of 2006 to 2nd half of 2007. These calculations are specfic to single family homes (no condos, PUDs, mobiles):

Arroyo Grande homes: -27.4%
Atascadero homes: -9.9%
Cambria homes: -9.1%
Cayucos homes: +0.3%
Grover Beach homes: -10.0%
Los Osos homes: -14.4%
Morro Bay homes: -20.7%
Nipomo homes: -14.7%
Oceano homes: +2.9%
Paso Robles homes: -11.0%
Pismo Beach homes: -2.8%
San Luis Obispo homes: -6.5%
Santa Maria homes: -26.5%

I wouldn’t focus too much on the cities with a low number sales over the time period (Cayucos, Oceano). If you want to look more at the details on what homes sold in what price ranges over this time period, go to the www.SloWatch.com homepage and scroll down to city stats and choose “Sold Report” for a particular city. For example, Arroyo Grande had 27 homes over $1M sold in the first half of 2006 compared to 16 for second half of 2007. The highest priced home in 1H 2006 was almost $3 Million compared to a little over $2 Million in 2H 2007. This could explain some of the median price change in AG.

I’ll be doing the 1st Quarter 2008 median price calculations at the end of March.

http://www.slowatch.com/median_home_prices.htm

Written by Keith Byrd - Go to Keith's Website/Profile