SLO County Golf, Wine & Real EstateGolf, Wine & Real Estate News and Events Blog
Steady Sales of Million Dollar SLO HomesMonday, August 14, 2006According to an article in The Tribune, the recent slowdown in the local housing market has brought some price reductions to homes in the $1 million-plus range, but local real estate experts say higher-end properties are still fetching huge sums from equity-rich baby boomers.Nearly 200 single-family homes in the million-dollar plus range have sold so far this year - 12 percent of all local sales - compared to 165 during the same period last year. The median selling price year-to-date: $1,325,000, up 2.3 percent over the year-earlier period. The average time it takes to sell these homes also hasn't changed much - 131 days this time in 2005 compared to 111 days so far this year - meaning that they're selling just as quickly. Buyers driving the upper end of the market are from Southern California, the Central Valley, and to a lesser extent the Bay Area, Astle said, and they have significant disposable income. The changing demographics of the county - from a community that centered on families to one that has a greater concentration of wealthy retirees - will likely fuel the higher-end market for years to come. Article: For million-dollar homes, realty sales remain solid The Tribune, Julie Lynem Tags: San Luis Obispo Central Coast Real Estate |
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