Central Coastal Home Sales Soared in November Despite Shrinking Inventories

Regional Fall Sales Enjoy Late Season Boost

Arroyo Grande, CA – December 19, 2016— November home sales in Central Coastal and Ventura Regions rose 25 to 30 percent above 2015 levels as buyers took advantage of historically low interest rates before they shot up over 4 percent following the election.  Despite inventories of homes for sale at yearly lows, the combination of strong demand and short supplies kept prices at seasonal highs, consolidating gains from the region’s hot spring and summer sales season.

Prices well above last year’s levels failed to encourage sellers, and new listings in November reflected seasonal patterns, reaching the lowest level in the Central Coastal region since last December.  The time it took to sell homes in the region also reflected the slower pace of the fall sales season as the median days to settle rose for the third straight month.

“The rapid increase in rates resonated with Central Coastal home buyers, who responded with a late-year boost in home sales across the region.  Many of the homes that sold in November had been listed for three months or longer, awaiting buyers motivated by rising rates.  The November surge is helping 2017 to end as an exceptional year, with both sales and prices well above last year and far above annuals norms.  As we enter the holiday season, conditions are exceptionally good for sellers who find themselves in the market and for buyers looking for value before the year ends,” said Amy Gallagher, corporate broker of record for CENTURY 21 Hometown Realty.

In November, CENTURY 21 Hometown Realty closed on 82 homes totaling $34 Million bringing its total year-to-date sales to 1277 homes worth $535 Million

San Luis Obispo County

Sales in San Luis Obispo County soared to a sold dollar volume of $193,154,921, 40.9 percent above last November.  At 340 homes, sales were 16 percent higher than in October.  Strong sales depleted listings, which fell for the sixth straight month.  New listings fell for the fourth month even though November prices stayed a healthy 5 percent higher than they were a year ago.  The county’s median sold price rose 7.9 percent over October to $493,000. Homes took 92 days to settle, increasing for the third straight month.

November home prices set a five-year record in the city of San Luis Obispo, reaching a median price of $688,500.  Sales rose 67.7 percent over 2015 but fell 8.8 percent monthly.

Homes took longer to settle, rising to 118 days, 23.4 percent over November sales.  Higher end properties dominated November sales.  Some 52 homes sold for a total of $38,266,593, a 127.8 percent increase in sold dollar volume.  Inventories in San Luis Obispo are 7.9 percent lower than last year at this time and lower than they have been since December 2015.

In Atascadero, sales rose 6.4 percent above October’s level and were 60.2 percent higher than they were a year ago.  Total sold dollar volume reached $20,995,224, a $77.4 percent over last year.  At 96 days, homes were selling slower than they have been since February and inventories fell to the lowest since March. Median prices fell 11.4 percent to $416,500.

Sales in Paso Robles rose for the third straight month to 63 homes or .8 percent above last year.  The median price rose to $424,000, a 4.3 percent increase over last year.  Homes sold at a slower pace, a median of 79 days to settle.

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 fell for the fourth straight month in November, the slowest month since February.  Total sold volume fell 19.6 percent to $64,936,561.  Closed sales ended the month at 161 homes, 145.2 percent below a year ago.  However, prices remained 4.4 percent above last November and 2.9 percent higher than October.  Median sold price in the county reached $360,000.  Homes sold slightly faster in Santa Barbara County in November.  Inventories were low, 13.3 percent below a year ago and the lowest since March 2015.  New listings in November were down 9.4 percent from 2015.

In Santa Maria, sales plunged in November, down 24.1 percent from a year ago and 18.3 percent from last month.  Total sold dollar volume fell to $33,542,411.  Median sold price rose to  $358,500, 5.1 percent higher than in 2015.  Homes sold slightly faster than in October, settling in 76 days.

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

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

Ventura County

November sales in Ventura County were the lowest since February, with 628 closed sales totaling $389,718,655, yet sales still topped totals of a year ago by 14 percent. The median price in the county rose to $533,500, a 3.5 percent increase over 2015.  Homes sold 9.1 percent faster in November, settling in 70 days.  Active listings in Ventura County fell to the level of last March and closed the month with 2486 active listings, the same level as last year.  New listings were lowest since December 2015.

In Ventura city, prices rose for the third month in a row, to a median of $528,412, up 11.8 percent over last year.  Sales were 50.9 percent higher than last November and 1.9 percent over October.  Homes settled in 70 days, down 9.1 percent from a year ago.

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.

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

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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