Are Homes Moving In Morro Bay?
SOLD!
| REVIEW OF HOME SALES & MEDIAN HOME PRICES |
| ON STICK-BUILT SINGLE-FAMILY HOMES IN NORTH COAST-SLO COUNTY |
| | | | (UNDER $1M) | | | |
| JANUARY-JUNE 2008 VS. JANUARY-JUNE 2007 |
| MORRO BAY | | | | | |
| | SALES | AVG.DOM | HIGH | LOW | MEDIAN |
| 2007 | 62 | 137 | $300,000.00 | $955,000.00 | $567,500.00 |
| 2008 | 47 | 155 | $210,000.00 | $990,000.00 | $520,000.00 |
| 2008/2007 | -15 | 18 | | | ($47,500.00) |
| % DIFFERENCE | -24% | 13% | | | -8% |
Compared to the same period in 2007, the number of stick-built single family properties sold in the first half of 2008 decreased by 24%, or only 47 homes. At the same time, those properties took an additional 18 days to sell, versus 137 in the first half of 2007.
The median sale price also dropped by 13% from $567,600 to $520,000 in the same period.
The trend is reflective of home sales and sale prices in many parts of San Luis Obispo County. Based on the above data, homeowners in Morro Bay wishing to sell are looking at longer marketing time and lower net proceeds.
Notes:-
1. The data is compiled from Central Coast Multiple Listing Service (MLS), deemed correct but not guaranteed.
2. "AVG. DOM" refers to Average Days on Market, or average marketing time on the market.
3. Only stick-built single-family residences under $1M included. Similar homes priced more than $1M are excluded.
4. Condos, PUDs, and mobile homes are not included in this study.