CAMBRIA REVIEW OF SINGLE-FAMILY RESIDENCES : 1ST QUARTER 2007 VERSUS 1ST QUARTER 2006 | YEAR | SALES | HIGH | LOW | MEDIAN | CDOM | AVG. SP | SP/LP% | | 2006 | 23 | $5,000,000.00 | $510,000.00 | $890,000.00 | 132 | $1,254,913.00 | 95.70% | | 2007 | 31 | $1,300,000.00 | $400,000.00 | $637,000.00 | 143 | $696,258.00 | 96.68% | | | | | | | | | | 8 | | | ($253,000.00) | 11 | ($558,655.00) | 0.98% | | | | | | | | | | 34.78% | | | -28.4% | 8.33% | -44.52% | |
SUMMARY Like the other North coastal towns in San Luis Obispo county, the above review of the home sales in Cambria for the first quarter this year shows a similar situation - a decline in median sale prices. For the first quarter 2007, Cambria suffered an almost 28.5% decrease, with the median home price dropping to $637,000 from $890,000 when compared to the same period last year. Sales however, improved by 35% to 31 homes sold this first quarter. Similarly, the time taken to sell a single-family residence also increased. For the first quarter this year, an additional 11 days were needed to sell a single-family residence. The current average marketing time is about 5-6 months. So, what's selling in Cambria? As of April 17, 2007, 13 properties are pending sale. The highest number - eight of the homes pending sale is in the $750,000-850,000 range. This contrasts sharply with what's selling in Morro Bay and Los Osos, where more properties in the $400,000-600,000. Only 3 properties priced between $450,000-500,000 are pending sale in Cambria. The other two are priced over $1M. What's interesting is the higher-end properties are not selling as quickly. Like Cayucos and Morro Bay, a high percentage of these properties is priced over $1M. In Cambria, 92 properties, including two mobile homes are listed for sale. 37 properties or 40% of these are in the $1,000,000-plus price range. Another review will made at the end of second quarter 2007. |