Are Home Sale Prices still Maintained in Avila Beach?
REVIEW OF HOME SALES & MEDIAN HOME PRICES |
ON STICK-BUILT SINGLE-FAMILY HOMES IN FIVE CITIES |
| | | (UNDER $1M) | | | |
JANUARY-JUNE 2008 VS. JANUARY-JUNE 2007 |
AVILA BEACH | | | | | |
| SALES | AVG.DOM | HIGH | LOW | MEDIAN |
2007 | 2 | 274 | $980,000.00 | $825,000.00 | $902,500.00 |
2008 | 4 | 229 | $930,000.00 | $650,000.00 | $740,000.00 |
2008/2007 | 2 | -45 | | | ($162,500.00) |
% DIFFERENCE | 100% | -16% | | | -18% |
Amongst the five cities in South San Luis Obispo County, Avila Beach saw the highest decrease in median home prices in the first half of 2008. When compared to the same period a year ago, the median home price in Avila Beach dropped by 18% from $902,500 to $740,000.
As noted above, the low end of the price range on stick-built single-family homes start at $825,000 in this area. Since the report covers only four sales in the first six months of 2008, versus two sales in the first half of 2007 on properties priced under $1M, the low number of sales may not be completely reflective of home prices in this seaside town where inventory is limited.
Another review will be made to include home sales over the $1M price range.
The above report was compiled based on the following:-
- “AVG. DOM” refers to the average number of days on the market, or the average marketing time needed to sell the home.
- The data is compiled from the Central Coast Multiple Listing Service as of August 22, 2008. The information is deemed accurate but not guaranteed.
- Only stick-built single-family residences under $1M are included in this report.
- Due to fewer $1M-plus sales, sales on similar properties selling more than $1M are excluded.
- Condominiums, planned development units, townhouses and mobile homes are not included in this report.