Central Coastal Home Prices Consolidate Gains as Sales Fall to Seasonal Levels

October Sales Decline in San Luis Obispo and Ventura Counties as

Santa Barbara County Enjoys Late Season Expansion

 Arroyo Grande, CA – November 16, 2016— October home sales fell across Central Costal housing markets by 6.5 percent and are slightly below levels of a year ago, but prices remain above 2015 levels as they consolidate gains realized in the spring and summer months.

Sales and prices declined in San Luis Obispo, and Ventura Counties declined on a monthly basis Santa Barbara County enjoyed a strong October with both sales and prices ending the month about 10 percent higher than they were a year ago.

Across the three-county region, homes took slightly longer to sell than they did in September as demand slows with the fall season.  Inventories of active listings fell in October as sellers listed fewer new homes for sale but remain close to 2015 levels.

“With some exceptions, demand is slowing as we enter the fourth quarter.  Prices are still Higher than they were last year in most markets as the pace of new listings slows down. Conditions are good for sellers who want to sell before the end of the year.  With interest rates still historically low and inventories about the same as last year, buyers will find better opportunities this fall than they did during the strong sellers; markets early this year and even a year ago,” said Amy Gallagher, corporate broker of record for CENTURY 21 Hometown Realty.

In October, CENTURY 231 Hometown Realty closed on 108 homes totaling $41,805,451, bringing its total year-to-date sales to 1194 homes worth $500,628,230.

San Luis Obispo County

Closed unit home sales in San Luis Obispo County fell to 315 homes October, a 10.8 percent decline from September.  Sales in the county were 9 percent lower in October than a year ago. Total sold dollar volume fell 18.7 percent, to $166.478,414.  At $489,000, the median sold price for homes in the county fell to the lowest level since June but ended the month 2.2 percent higher than in 2015.

Home are in the county are selling at a median rate of 86 days, five days slower than they were in September and inventories of homes for sale are 8 percent higher than they were a year ago.

In the city of San Luis Obispo, sales rose to 57 homes, a 1.8 percent monthly increase and 14 percent above sales a year ago.  At $565,500, the median sales price fell 2 percent from 2015 and 5.6 percent from September.  Homes sold in a median time on market of 93 days, nearly 37 percent slower than September and the slowest rate since February.

Sales rose briskly in Atascadero in October.  Some 47 homes closed during the month, 27 percent more than in September and the highest monthly total since February 2015.  The market’s median price rose 3.3 percent to $470,000.  Strong demand dropped the media days on market to 77 days, 8.3 percent faster than a year ago.  Inventories of active listings reached 115 homes, the highest since August 2014.

In Paso Robles, sales fell 22.5 percent in October, to 55 units. The market’s median price fell slightly from February to $416,000, still 2.7 percent higher than a year ago. Demand was strong during the month and homes sold in a median of 77days, down from 97 days in August.

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.

 October Home Sales, Ventura County (purple), San Luis Obispo County (red) and Santa Barbara County (blue)

Santa Barbara County

Home sales in Santa Barbara County rose 1.9 percent in October, to a total 193 closed sales, 11 percent more than a year ago.  Total sold dollar volume rose to $80,739,079, nearly 20 percent above sales in October 2015. The county’s median sold price increased to $350,000, 1.7 percent higher than September and 9.4 percent above a year ago.

Demand lowered inventories in the county by 7 percent, to 514 homes by the end of the month.  New listings also declined, to 190 homes, 11 percent lower than a year ago.  The uptick in sales and decline in inventories put pressure on buyers and the median days on market fell to 76 days, 1.3 percent faster than a year ago.

In Santa Maria, sales rose 0.8 percent to 120 closings, 30.4 percent above the level of a year ago.  Though the median price fell 2 percent to $341,000, prices were still 7 percent higher than in October 2015.  Days on market fell 3.8 percent, to 76 days.  The month ended with 220 active listings, a 7 percent increase over last year.  Some 112 new listings also outpaced last year by 8 percent.

 October Home Prices, Ventura County (purple), San Luis Obispo County (red) and Santa Barbara County (blue)

Ventura County

Sales rose slightly in Ventura County in October, rising 1.4 percent to 728 homes, 7.9 percent higher than last year.  Total sold dollar volume rose 7.9 percent to $458,555,660 during the month, trailing last year’s level by 5.4 percent.

Prices rose 3.9 percent during the month, to a median of $530,000, 5 percent above a year ago.  Homes sold slightly faster in October, spending a median of 72 days on market, 2.7 percent less than in September.

Ventura County closed the month with 2486 active listings, the same level as last year.  New listings were down 8 percent from 2015, at 834 during the month.

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

About Century 21 Hometown Realty

CENTURY 21 Hometown Realty is the leading real estate firm on the central coast. Since 1947, it has supported the needs of home sellers and buyers throughout California’s Central Coast region with 19 branch locations in San Luis Obispo, Santa Barbara, and Ventura Counties. Our offices cover the California Coast from Paso Robles in the north to Camarillo to the south.

We offer specialty services including Luxury Real Estate, Agricultural and Ranch Real Estate, Vineyards, Ocean Front Real Estate, Commercial Real Estate, and Residential Real Estate.  Our agents have a keen focus on these areas and multilingual and generational expertise. Visit our website at C21Home.com  to see our California listings and our office locations.

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