March 2016 Home Sales Report

Central Coast Regional Home Sales Rose in March
New Inventories Promise Greater Choice to Home Buyers

Arroyo Grande, CA – April 15, 2015—The spring home buying season in California’s Central Coast and Ventura Regions kicked off with a surge of home sales and rising prices in March that exceed last year’s levels. A wave of new listings of homes for sale throughout the region promises that sales will remain strong through the spring and summer months and provide greater choice for buyers, according to the latest market analysis from CENTURY 21 Hometown Realty.

In the Central Costal counties of San Luis Obispo and Santa Barbara, closed sales were 5.5 percent higher than they were a year ago and annualized prices were 3.3 percent higher. Homes sold nearly 10 percent faster in March than in March 2015, and active listings of homes for sale were 5 percent higher than they were in 2015.

In March, the four-county Ventura Region posted an 11.7 percent sales increase over a year ago. The median sales price for the region rose 12.1 percent over March 2105 and reached a new five-year high at $454,000, With an influx of 27,127 new listings in March, supplies of active listings are 22.8 percent higher than a year ago. Homes in the region are selling in 26 days, the shortest time on market in more than five years.

“We see very strong demand from buyers throughout Central Coast and inventories are keeping pace. In San Luis Obispo and Santa Barbara Counties, listings are more than 5 percent higher than a year ago. The Ventura region is on fire, setting records for prices and time on market. All signs point to 2016 being an extraordinary year for home sales,” said Amy Gallagher, corporate broker of record for CENTURY 21 Hometown Realty.

San Luis Obispo County
The median price for homes sold in San Luis Obispo County reached a five-year high of $495,000, up 6.6 percent from March 2015.  At $539,000, the median price for new listings in March also reached a new five-year high for the county, 7.8 percent higher than a year ago. Homes in the county sold faster as the spring buying season got underway.

Sellers are responding to higher prices. New listings increased 25 percent in March, and total active listings are 2.7 percent higher than they were a year ago. The median price for new listings is $539,000, 3.9 percent greater than in February.

In San Luis Obispo city, sales were down 13.5 percent from a year ago but rose 12.5 percent from February. The median sales price dropped 4.4 percent from a year ago, to $569,000.

In Santa Maria, sales shot up 22,6 percent over last year and 65 percent over February. Prices rose 11.7 percent over last year. At 217 homes, active listings are flat but lead 2015’s levels by 1.9 percent. Santa Maria received about 15 percent fewer new listings in March than it did a year ago.

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
Both March sales and sold dollar volume rose 24 percent over last year in Santa Barbara County. Sales were up 97 percent over March. The median sold price rose 8.9 percent over the previous year as the county’s median price reached $345,000.

Santa Barbara County is experiencing inventories smaller than last year.  Days on market were up 21 percent from last year to 81 days. Active listings trail last year’s level by 10 percent and new listings are down 8.1 percent from a year ago.

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

Total Monthly Home Sales April 2015 to March 2016
San Luis Obispo and Santa Barbara Counties

San Luis Obispo is red; Santa Barbara is blue.

Ventura County
Sales rose 51.5 percent in Ventura County over February but fell 5.6 percent below sales in March 2015. The median sold price in the county rose to $505,000, an increase of 9.3 percent from February and equal the median sales price a year ago. Homes are selling faster in Ventura County even though total listings increased slightly, by .7 percent. Home sales contracts are closing in 46 days, down 6.1 percent from a year ago. Median days to settles takes 66 days, the same as a year ago.

Ventura County Home Sales,
April 2015 to March 2016

Sales bounced back to December levels with the onset of spring.

Sales in Ventura City fell 8,1 percent from a year ago but were up 41.7 percent over February. Prices rose 15.1 percent over 2015 by fell 3.9 pedcn5 from March. Homes are selling faster in Ventura than last year at this time, 44 days until a contract is signed and 66 days to settle.

Local market data and listings in Ventura County communities are available at: Agoura Hills, Camarillo, Lake Sherwood, Moorpark, Newbury Park, Nipomo, Oak View, Ojai, Port Hueneme, Santa Maria, Santa Paula, Simi Valley, Thousand Oaks and Westlake Village.

CENTURY 21 Hometown Realty accessed data from the Central Coast Regional Multiple Listing Service and the Ventura County Regional Data Share to prepare its February market analysis.

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 buyers and home sellers 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.