Review of Past 5-Year Price Trends & Sales-San Luis Obispo, CA - Single-Family Residences (Excluding Condos)
REVIEW OF THE PAST 5-YEAR PRICE / SALE TRENDS
SAN LUIS OBISPO
YEAR | Sales | | Median | | Avg. CDOM | | High | Low | Avg. SP/LP |
| | | | | | | | | |
2003 | 363 | | $500,000 | | 49 | | $1,699,000 | $287,000 | 98% |
2004 | 337 | -7% | $599,450 | 20% | 45 | -8% | $3,610,000 | $380,000 | 99% |
2005 | 399 | 18% | $672,500 | 12% | 63 | 40% | $2,665,000 | $225,000 | 98% |
2006 | 309 | -23% | $693,750 | 3% | 83 | 32% | $6,050,000 | $392,000 | 97% |
2007 | 289 | -6% | $655,000 | -6% | 97 | 17% | $4,561,492 | $369,000 | 97% |
Compared to the towns/cities on the North Coast, single-family properties in San Luis Obispo appear to sell faster. In 2007, homes sold in less than 100 days, despite the increase of 17% in the average marketing time over 2006. The median sale price improved from $500,000 in 2003 to $655,000. The 6% decline in 2007 in the median home price versus 2006 prices did not erase any earlier gains, such as the 20% price increase in 2004/2003, or the 12% improvement in 2005 over 2004. Being the metropolitan center in San Luis Obispo county, the city of San Luis Obispo has a higher sales inventory and activity. The average selling price/list price ratios for the period reviewed showed that buyers paid close to asking prices, between 1-3%, compared to 3-6% on the North Coast.
**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.