Arroyo Grande, CA – September 18, 2017─ Despite a continued shortage of homes for sale, home sales in San Luis Obispo and Santa Barbara Counties recovered in August after falling 6 percent in July.  August sales  rose 13.5 percent over July in the two-county region and ended the month 2 percent higher than they were a year ago and total sold volume of h comes in the region rose nearly 20 percent over July.

Sales rose despite low inventories, which were lower than they have been all summer and were 15 percent lower than they were a year ago.  Listings in the two counties were 15 percent lower than they were in August 2016.

Prices in the region leveled from July, falling less than 1 percent, but were 6.8 percent above prices a year ago.  Low inventories and rising prices continued to limit choices for many buyers and discouraged demand slightly.  Homes spent two days longer to sell in August than July, as median days on market rose from 17 to 19 days.  August was the fifth straight month in which listings in the region spent fewer than 20 days on market before receiving a contract. Some 70 percent of homes sold above their current value during the month.

“As the summer season comes to an end, demand for homes in the Central Coastal Region remains extraordinarily strong and more than two out of three homes are selling above their current value.  Throughout the summer, prices have been rising at rates of 6 to 7 percent and as much as 17.5 percent in the city of San Luis Obispo. As our super-heated market enters the fall season, sellers can take advantage of the extraordinary price appreciation to date this year.  This is still a very strong market to list a home,” said Amy Gallagher, corporate broker of record for CENTURY 21 Hometown Realty.

In August, CENTURY 21 Hometown Realty closed on 105 homes totaling $48,275,299.

 San Luis Obispo County

August home sales in San Luis Obispo County  rose 12.7 percent in August and ended the month 3 percent above last year’s total for the month   Total dollar sold volume for the county soared, reaching  $234, 549, 588, which was 13.7 percent above July and 15.2 percent above a year ago.  Prices slipped 1 percent from July, to a median sales price of $550,000, the second highest price over the past five years.  Demand remains very strong in the county.

Supplies of homes for sale in the county were 15 percent lower than they were a year ago.  New listings were 9 percent lower than the five-year average for August as fewer homeowners listed their homes for sale.  Inventories of active listings trailed year over year total by double digits for the third month in a row as demand overpowered the supplies of new listings throughout the summer.  However, homes sold much slower in August than July, as time on market rose from 18 to 31 days, which was still nearly 21 percent faster than a year ago.

In San Luis Obispo, tight inventories drove down sales and demand. August sales fell 37.3 percent from July and were 11.3 percent lower than they were a year ago.  Total sold dollar volume fell to $31,517,516 50, down 30.3 percent from July.  Prices rose 2.5 percent from June  and were 17.5 percent  higher than a year ago, reaching a median sold price of $625,000.    Active listings were 35.7 percent below the five-year average for August and new listings were down 13.3 percent from the five-year average.  Homes sold in 21 days, 31.1 percent lower than in May.

In Atascadero, real estate sales had an outstanding month.  Sales were up 44 percent over July and ended the month 21.4 percent higher than they were a year ago.  Prices also rose, by 19.6 percent over July and 26.4 percent over August 2016, to reach a new median sales price of $550,000.  Homes flew off the shelves, selling in only nine days.

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

Sales in Santa Barbara County did not recover, but fell 7 another percent in August after declining 44.4 percent in July.  August sales were 68.5 percent below levels of a year ago.  The drop in sales reflected dramatically depleted inventories, leaving buyers with fewer choices.  Active listings in the county were 48 percent lower than they were a year ago and new listings were 68 percent lower.

The lack of supply drove prices up 6.3 percent from July and 13 percent over a year ago to reach median price for the county of $419,950.  More than nine out of ten sales in the county, 91.5 percent, were priced above current value. Rising prices helped to drive total dollar sold volume for the county up 58.2 percent over July, to $49,038,400.  At 34 days, the median time on market for sales in the county did not change from July,

Strong demand slightly decreased the median time on market for Santa Barabara County sales, from 31 to 28 days, the fastest time since March.

In Santa Barbara city, a few very expensive sales drove the total dollar sales volume to $19,112,700, up 151.1 percent  from July, though there were only 8 total sales in the city.   The pricey sales drove the median price for the city to $1,450,000, up 56.2 percent from July.  Active listings trailed levels of a year ago by 20 percent.

The city of Santa Maria saw sales rise 11.1 percent over July, but sales still trailed levels of a year ago by 64.3 percent.  The city’s median sold price fell to $355,000, down 5.3 percent from July. Homes sold much faster in Santa Maria in August, for a median time on market of 22 days, down 21.4 percent from July.

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

  August Home Sales, San Luis Obispo County (blue) and Santa Barbara County (red)

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 and Santa Barbara. Our offices cover the California Coast from Paso Robles in the north to Ventura County in 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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High Prices Make Homes Unaffordable and Fail to Attract Sellers in San Luis Obispo and Santa Barbara Counties

Arroyo Grande, CA – August 18, 2017,─ The drought of homes for sale in San Luis Obispo and Santa Barbara Counties last month drove up prices to record levels, making homes less affordable and limiting choices for buyers.  Sales responded by falling significantly below levels of a year ago for the second straight month.

Despite lower sales, inventories of active listings in both counties remained depressed, significantly lower than in 2016 and about 50 percent smaller than inventories in July 2014, the year the inventory drought began.  A fourth straight month of extraordinarily low numbers of new listings kept inventories from increasing.

Facing prices rising over 6 percent a year and slim listings, buyers were further hampered by the speed with which homes are selling in the two-county region.  Homes in San Luis Obispo County spent a median of only 18 days on market before receiving contracts from buyers, the second straight month that the county has set a five-year time on market.  Homes in Santa Barbara County sold in a median of 34 days,

“Conditions could not be more ideal for Central Coastal home sellers than they are today. Over the past three years, prices in the region have risen about 30 percent, or ten percent a year.   Prices are at or near all-time highs and homes are selling in two or three weeks.   With the end of the summer season in sight, owners who are thinking of taking advantage of this extraordinary market should act now before prices taper off in the months to come,” said Amy Gallagher, corporate broker of record for CENTURY 21 Hometown Realty.

In June, CENTURY 21 Hometown Realty closed on 108 homes totaling $48,772,795

 San Luis Obispo County

July home sales in San Luis Obispo County fell 12.4 percent from July 2016, and 9.8 percent from June, the lowest number of closed sales since April. Total sold dollar volume for the month was $205,923,399.   Listings spent a median of only 18 days on market before receiving a contact, setting a five-year record for the second month in a row.

Supplies of homes for sale in the country were 14 percent lower than they were a year ago and 29.8 percent lower than the five year average for the county.  New listings plunged to 18 percent below July 2016 as fewer homeowners listed their homes for sale.  Despite the drop in demand, inventories of active listings could not keep up with sales and fell 1 percent from June.

Prices in San Luis Obispo County rose 7 percent from June and ended the month up 6.7 percent higher than they were a year ago.   The county’s median sold price of $555,500 set a five-year record for the count, breaking the record set two months ago. Prices may have reached a peak, at least temporarily, as the median price for new listings in the county fell 9 percent from June.  For the fourth straight month, sellers realized 99 percent of their list prices at closing.

Strong demand and tight supplies resulted in a new five-year record for time on market for the third time in the past four months.  The median time for listings to receive a contract fell to 18 days from 19 days in June and 20 days in May and April, the previous records.   A year ago, in July 2016, the median time on market was 34 days.

In the city of San Luis Obispo, sales rose 50 percent in July from June and were 15.4 percent lower than a year ago.  Total sold dollar volume in the city for July was $45,242,775. 43.2 percent higher than in June.  Prices rose 1 percent from May to a median sold price of $610,000, 6.6 percent higher than a year ago.  Active listings were 30 percent below levels of a year ago, and new listings were down 41 percent from June and were 38 percent lower than in June 2016.  Homes sold in 34 days, 19.1 percent slower than in May.

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

Sales in Santa Barbara County plunged 44.4 percent from June and were 68 percent lower than a year ago as buyers struggled to find affordable homes for sale.   Sales were 65 percent below the five-year average for the county, the fourth straight month that sales fell short of the five-year average.  The total sold dollar volume of June sales rose slightly from May to $30,090,723, 6.4 percent below June.

At $395,000, the median price for homes sold in July rose 4.1percent from June and 10.6 percent higher than July 2016. Prices will likely continue to rise next month as the median price of new listings in the county rose to $433,000 in July.

Supplies of homes for sale in the county declined even more in July, falling 5 percent from June, and ended the month 45 percent lower than a year ago.  For the second month in a row, a very low level of new listings kept inventories on the rocks.  New listings were 68 percent lower than they were a year ago.

Soft demand increased time on market for Santa Barbara County homes.  Homes sold in 34 days, slower than 14 days in June and 30.8 percent slower than a year ago and the longest time on market since March.

In Santa Barbara city, total sales volume ended the month at $7,612,000, down 45.5 percent from June and sales were up 50 percent from June, The median sales price rose to $928,500 in July.

Sales in Santa Maria rose 50 percent in July and prices were up 6.6 percent from June, reaching a median of $375,000 for the month.  Total sold dollar volume fell to $16,349,900, up 49 percent from June.  Homes sold faster in Santa Maria in May, spending only 28 days 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.

  July Home Prices, San LuisObispo County (blue) and Santa Barbara County (red)

June Prices Remained Strong, but Sales Declined in San Luis Obispo

and Santa Barbara Counties

Arroyo Grande, CA – June 18, 2017─ Homes flew off the shelves in San Luis Obispo and Santa Barbara Counties last month as demand remained strong despite rising prices and chronically low inventories of homes for sale that are so serious they depressed sales in California’s Central Coastal Region, according to the June Central Coastal Market Report from Century 21 Hometown Realty.

Homes in San Luis Obispo County spent a median of only 19 days on market before receiving contracts from buyers while Santa Barbara homes sold even faster, at 14 days on market.  Both counties set five-year records for time on market.

Supplies of homes for sale in both counties remained far below last year’s levels and helped to keep prices near peak levels.  Despite strong prices in both counties and record-fast time on market, new listings in s new listings were lower than in June 2016 and could not keep up with demand.  Lack of choices and rising prices combined to frustrate buyers and June sales fell significantly below May’s pace in both counties.

“The sellers’ market in the Central Coastal is stronger now than it was two or three months ago when prices were hitting all-time peaks.  Now homes are selling so quickly that qualified buyers can’t find homes to buy.  Not only are prices near all-time highs, in May and June, but new listings are also priced significantly that the current media sales prices in both San Luis Obispo and Santa Barbara counties. Sellers have been getting nearly 100 percent of their listing prices.

“However, the unexpected decline in June sales could signal a fall-off of demand in the balance of the summer. Owners who are thinking of taking advantage of these extraordinary market conditions should act now or risk less favorable conditions in the fall and winter months,” said Amy Gallagher, corporate broker of record for CENTURY 21 Hometown Realty.

San Luis Obispo County

June home sales in San Luis Obispo County fell 11.1 percent from June 2016, and 5.8 percent from May, resulting in a total sold dollar volume of $221,356,814 for the month.   Listings spent a median of only 19 days on market before receiving a contract,  a five-year record.

Supplies of homes for sale have increased steadily, from 1057 in February to 1255 in June, but they are still 11.5 percent below last June and 38 percent lower than June 2014, the first year of the three-year inventory drought that has plagued real estate markets nationwide. New listings in June were 9.4 percent lower than last June and 11.4 percent fewer than the number of new listings in May.

Prices in San Luis Obispo County fell slightly from the previous month were still significantly higher than a year ago.  The county’s median sold price of $519,000 was 8.1 percent higher than a year ago and 1.8 percent lower than in May when the county’s median sales price broke a five-year price ceiling.  Prices may continue to escalate, as the median price for new listings in the county reached $608,000 in June.

Strong demand and tight supplies resulted in a five-year record for time on market.  The median time for listings to receive contracts fell to 19 days.  A year ago, in June 2016, the median time on market was 25 days.

In the city of San Luis Obispo,  sales fell 25.4 percent from May and were 33.3 percent lower than a year ago.  Total sold dollar volume for June was $31,594,450.  Prices rose 8 percent from May to a median sold price of $603,750 11.9 percent higher than a year ago.  Active listings were 16 percent below levels of a year ago, and new listings were 9 percent higher than in June 2016. Home sold in 16 days, which was higher than the median of 9 days in May.

In Atascadero, sales fell 6.7 percent from a year ago and 10.5 percent from May.   Total sold dollar volume dropped to $$18,691,599.  The city’s median sold price reached $429,000,250, a 5.4 percent over sales a year ago and 10.3 percent higher than May.  Homes sold in only 16 days, 20 percent faster than in May.

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

Sales in Santa Barbara County declined nine percent from May and helped to push year-over-year sales down 11.8 percent in May.  June marked the third straight month that sales in the county were far below the five-year average for the month.  However, the total sold dollar volume of June sales rose slightly from May to $33,.093,319

1At $379,500, the median price for homes sold in June fell 9.6 percent from May but was still 4.3 percent higher than last June and well above the county’s average five-year median price of $325,405.  Prices will likely continue to rise next month.  At a median of $477,777, new listings in June are 10.4 percent more expensive than in May.

June Home Sales

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

June Home Prices

San Luis Obispo County is red, Santa Barbara County is blue

 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