SLO County Golf, Wine & Real EstateGolf, Wine & Real Estate News and Events Blog
SLO Median Home Price reaches $620,000Wednesday, July 26, 2006According to the California Association of Realtors, the median price of an existing, single-family home in San Luis Obispo County reached a record high of $620,540 in June, an 8.7 percent increase compared with the same period a year ago. Sales, meanwhile, continued to slide with a 24.3 percent decrease from June 2005.The median home price for cities in San Luis Obispo County ranged from $449,000 in Atascadero to $757,000 in Arroyo Grande. While the median price is now well above the $600,000 mark, local real estate experts say the latest sales figures and slowing price appreciation are evidence that the market is cooling. Sellers across California are also waiting longer for buyers to bite. The median number of days to sell a single-family home in June was 46, up from 28 days in June 2005. Higher rates and higher prices have contributed greatly to current market conditions, as affordability constraints have pinched sales in many parts of the state. Moreover, there is a divergence in market psychology between buyers and sellers. Over the past two years, the market moved briskly, buyers and sellers alike knew this, and acted accordingly. By contrast, buyers now sense that the recent increase in inventories affords them both greater selection and leverage than before, while many sellers still expect to sell their home well above the sales price of the last transaction in their neighborhood, a difference in perceptions that adds friction to the market. Article: C.A.R. Reports Median Price of a Home in California at $575,800 in June Tags: San Luis Obispo Central Coast Real Estate |
|
