Review of Past 5-Year Home Prices / Sales Trends - Morro Bay, CA - Single-Family Homes only (excluding Condos)
REVIEW OF THE PAST 5-YEAR PRICE / SALE TRENDS
MORRO BAY
YEAR | Sales | +/- (%) | Median | +/- (%) | Avg. CDOM | +/- (%) | High | Low | Avg. SP/LP |
| | | | | | | | | |
2003 | 160 | | $439,000 | | 60 | | $1,600,000 | $226,000 | 98% |
2004 | 193 | 21% | $550,000 | 25% | 78 | 30% | $2,650,000 | $290,000 | 97% |
2005 | 130 | -33% | $645,000 | 17% | 65 | -17% | $2,300,000 | $337,500 | 97% |
2006 | 112 | -14% | $615,750 | -5% | 106 | 63% | $2,000,000 | $330,000 | 95% |
2007 | 101 | -10% | $570,000 | -7% | 132 | 25% | $1,600,000 | $300,000 | 96% |
The above statistics reveal that homeowners of single-family residences in Morro Bay saw a huge jump in median price appreciation by 25% in 2004 when compared to 2003. The median home price appreciation fell by 8% a year later, and continued to decline each year. In 2006, the median home price dropped by 5% in 2006 and a further 7% last year. Year over year sales also declined from 2004. The highest drop in the number of single-family home sales was the 33% drop in 2005 when compared to the previous year. Last year, Morro Bay suffered a 10% drop in home sales. Buyers were paying about 96% of the listed prices in 2007; just 1% higher than 2006, and 1% lower than 2005 and 2004. The average marketing time to sell a single-family home has more than doubled, i.e. by 63% in 2006. The 106 days needed in 2006 have increased to 132 in 2007, whereby the average time is lengthened by another 25%.
**Avg. CDOM - average cumulative days on the market ** +/- (%) Difference in %
**Avg. SP/LP - average selling price vs. listed price ** Median - refers to median home prices
***Information collated from the Central Coast MLS, deemed correct but not guaranteed