Homes Continue to Sell at Near-record Pace

Arroyo Grande, CA – June 20. 2017─ Home sales rebounded in California’s Central Coastal Counties last month as inventories slowly improve across the three-county region.  As home sellers responded to rising spring prices, sellers gobbled up homes within two or three weeks in most markets, reversing the Apri sales slump.  A wave of new listings in San Luis Obispo and Ventura Counties help to improve sales and stabilize the three-year inventory drought that drove down sales in April.  Homes continued to sell quickly as rising prices failed to dampen demand in the three-county region.

Prices in San Luis Obispo and Ventura Counties appreciated at a healthy pace about 5.5 to 5.7 percent over last year, but prices in Santa Barabara County remained about 11 percent lower than they were a year ago.  Better conditions for buyers helped sales to improve in Santa Barbara County, but both prices and sales trail last year’s levels.

“Sellers are taking advantage of the best seller’s markets in many years.   New listings are giving buyers more choices, which results in more sales.  In most areas, prices are continuing to increase at a healthy pace, which is building equity for homeowners.  While the conditions for sellers remain excellent, buyers are finding more homes coming onto the market. As the summer begins, real estate markets across the region are stabilizing, and sales will continue to improve,” said Amy Gallagher, corporate broker of record for CENTURY 21 Hometown Realty.

In February, CENTURY 21 Hometown Realty closed on 143 homes totaling $66,777,242.

 San Luis Obispo County

May sales rebounded from April’s  30.3 percent decline, ending the month 17.3 percent greater than they were a year ago.  Sales were up 17.3 percent in May and 27 percent higher than in April.  Total sold dollar volume rose 19.2 percent to $225,214,754.

The county’s year-over-year deficit of homes for sale declined for the fourth straight month as inventories improved.  New listings in May were only 6 percent below 2016, an improvement over February when there was 21 percent fewer homes for sale than there were in February 2016.

Prices in San Luis Obispo County were stable in May.  The county’s median sale price fell only $500, to $528,500, which was 5.1 percent higher than a year ago.  Homes continued to sell at the torrid pace set ibn April; the median home in the county had a contract in 20 days, 20 percent faster than a year ago.

Sales in San Luis Obispo city fell 39.5 percent in May but sales and were 1.5  percent greater than they were a year ago.  Total sold volume rose 28.5 percent in April and ended the month at $39,924,650.  The city’s median price fell to $559,000, a 12 percent decline from April and 2.2 percent below a year ago. Active listings were 26 percent below a year ago, a serious fall off but an improvement over the 40 percent deficit in March.  Homes in San Luis Obispo sold in a median of only nine days.

In Atascadero, sales fell 5 percent from a year ago and 22 percent from April sales.   Total sold dollar volume dropped to $$19,746,800, up 10.7 percent from April.  The city’s median sold price reached $478,250, a 24.5 percent over sales a year ago and 9.9 percent higher than April.  Homes sold in only 20 days, 17,7 percent slower than in April.

Local market data and listings for San Luis Obispo County communities are available at  Arroyo Grande, Atascadero, Avila Beach, Cambria, Cayucos, Creston, Grover Beach, Los Osos, Morro Bay, Oceano, Paso de Robles, Pismo Beach, San Luis Obispo, Santa Margarita, San Miguel, San Simeon, Santa Ynez, Shandon, and Templeton.

Santa Barbara County

For the second straight month, sales in Santa Barbara County rose again in May, doubling the volume in April but they still trailed sales a year ago by 64.4 percent.  Total sold volume also declined, to a$34,047,774, a fall of 71.6 percent below Mary 2016.  The median price in the county fell slightly to $332,750, 14.78 percent below the median in April.  ,

Softer demand helped to increase the time that listings spent on market in the county from 20 days in April to 32 days in May.  Despite slower demand, the county’s supply of homes for sale did not improve, declining 4 percent from April.  A small decline in new listings also contributed to tighter inventories in May set a new five-year record for low inventories in the county.

In Santa Barbara city, total sales volume ended the month at $7,422,500, down 41 percent from April.  Total sales also fell, by 33.8 percent from April and ended the month 45.5 percent below a year ago.  The median sales price fell to $958,000 in May.

Sales in Santa Maria fell 22.6 percent from April and were 70.3  percent below closings a year ago., slightly better than April.  Prices rose 2.8 percent to reach a medianof $401,000 for the month.  Homes sold faster in Santa Maria in May, spending 19 days on market before they received a contract.

Local market data and listings for Santa Barbara County communities are available at  Ballard, Guadalupe, Lompoc, Los Alamos, Los Olivos, and Solvang.

May Home Sales

San Luis Obispo County in Blue, Santa Barbara County in red

May Home Prices

San Luis Obispo County in Blue, Santa Barbara County in Red