SUMMARY
Real estate sales in Cayucos are stalling, like the rest of the county. The number of properties for sale has increased to 53 (as of April 17, 2007), including condos and mobile homes. For example, there are currently three mobile homes for sale: a number that has not been seen for the past five years.
Let’s review the home sales for the first quarter of 2007. Compared to the same period last year, the median home prices showed a huge decline by over 28%. Conversely, the number of sales in this year’s quarter improved by two, a 40% jump over first quarter 2006.
The time taken to sell a single-family residence has also been lengthened. In the first quarter, the average marketing time increased slightly by 10% or an additional 11 days. This means it will take at least between four to five months to sell a single-family home in Cayucos.
So, what’s selling in Cayucos? As of April 17, 2007, only 5 properties, comprising 3 single-family residences, one condo and a ranch are pending sale. One is priced between the $650,000-699,000. Two are in the $750,000-799,000 price range, and the remaining two homes are priced over $1,000,000. Like Morro Bay, homes in the $800,000-999,000 appear not to be selling. Three of these properties, that is, all the three single-family homes went pending recently in April. There was no pending sale between mid-February, and during March 2007.
Will home sale prices decline further in Cayucos? It’s difficult to say. Home prices in Cayucos remained strong in 2006. We saw a 3.5% increase in price appreciation in 2006 versus 2005. Due to the limited number of properties for sale, and the range of properties varying from small fixer-uppers, to traditional homes, to oceanfront properties and onto ranches with acreage, the study of median home prices in each quarter only provides a guide, and not a complete picture of where home prices are headed in Cayucos. Another review will be made at the end of the second quarter, which should provide a clearer picture as we anticipate more buying activity between spring and summer, |