Central Coast Regional Home Prices Stabilize at 12 Percent; Closed Sales Slowed in February as Pending Sales Rose

Arroyo Grande, CA – March 14, 2015—Home sales in California’s Central Coast and Ventura Regions declined along seasonal patterns in February, typically the region’s slowest month for sales, but brisk pending sales promise a rebound in the coming months.  Prices throughout the regions stabilized at about 12 percent above price levels February 2015, according to the latest market analysis from CENTURY 21 Hometown Realty.

 In the Central Coastal Region, monthly sales fell 12 percent and were 5.3 percent below sales in February 2015.  Pending sales—homes under contract—rose 31.2 percent during the month, 5.1 percent more than a year ago.  Median sold prices rose 1.2 percent from January and reached $440,000, 12.1 percent higher than a year ago.

February sales in the four-county Ventura region declined 4.2 percent from January but are still 12.5 percent higher than they were a year ago. Ventura prices fell less than 1 percent in February but are l1.8 percent higher than they were in February 2015.

New listings of homes for sale increased in February at rates higher than a year ago. In the Central Coastal Region, new listings increased 8.6 percent over January and 13.8 percent over a year ago.  In the Ventura Region, new listings rose 8.67 percent, 13.8 percent more than a year ago.

“The coming sales season is shaping up to be a good sellers’ market.  New listings are building local inventories at faster rates than last year throughout the region, a good sign that buyers will have a wider choice of homes throughout the Central Coast.  These new homes on our local markets is will help to stabilize prices and increase sales in the coming months,” said Amy Gallegher, corporate broker of record for CENTURY 21 Hometown Realty.

San Luis Obispo County

February closed sales in Sam Luis Obispo County fell 10.4 percent and were 2.3 percent below last year’s level, but new contracts rose 31.2 percent during the month, a 5.1 percent increase over last year.  New listings rose 17.9 percent during the month as sellers listed their homes for the spring season.

Median sold prices for single family homes in San Luis Obispo County reached a five-year high of $485,000, up 5.4 percent from January and 9 percent higher than a year ago.  The average price for sold homes in the county is $404,950.

In San Luis Obispo city, the median sales price rose even higher than the county median, to $$555,106, up 3.4 percent from January and 2.6 percent from a year ago.  Sales increased 42.9% over January, on a small base 28 sales and new listings rose 32.6 percent during the month.

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.

 Year-over-Year Changes in Closed Sales, February 2016

 San Luis Obispo and Santa Barbara Counties

Sales in the Central Coastal counties declined in February, traditionally the slowest month of the year.

 Santa Barbara County

Sales fell 15.1 percent in Santa Barbara County in February and were 10.8 percent below levels of a year ago.  However, pending sales for the month indicate the market is reviving from the slowest month of the year for home sales.  Pending sales rose 35.3 percent over January and were 9.3 percent higher than February 2015.

Prices in the county achieved double-digit gains on a year over year basis for the second month in a row.  The county’s median sales price of $352,000 was 2.3 percent higher than January and 13.9 percent higher than a year ago.

Inventories in Santa Barbara County are growing faster than they were a year ago, setting the stage for a busier sales season the last year.  New listings rose 25.3 percent over January and 13.9 percent over levels of a year ago.  Active listings reached 110 for the month, slightly below the five-year average of 134 homes for sale in February.

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

Ventura County Median Sales Prices, 2014 to 2016

Despite a decline in sales in February, this year Ventura County prices have remained strong in the winter months.

Ventura County

February closed sales in Ventura County fell 2.8 percent for all housing types and were down 2.4 percent on the year.  Pending sales rose 19.4 percent over January as activity increased. Prices declined slightly by 2.3 percent during the month to a median price of $505,000 for all housing types.

New listings joined local inventories in the county at the rate of 17.7 percent in February, slightly lower than last year.  However, more than 1700 homes are listed in the county, higher than the five-year average of 165l.

In Ventura proper, February sales fell only 2 percent and pending sales rose 8,9 percent over January.  At $537,500, the city’s median price is virtually the same as last year.  The current inventory of active listings, at 179 homes, is slightly higher than the city’s five-year average.’

Thousand Oaks saw stronger sales and prices than elsewhere in the county.  Sales declined only 1.7 percent from January and are still 23.9 percent above last ear. Prices rose for the third straight month, reaching a median of $651,000.

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 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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