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Astonishing Short Marketing Time in Oceano!

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

 

 

OCEANO

 

 

 

 

 

 

    SALES

    AVG.DOM

     HIGH

     LOW

    MEDIAN

2007

19

131

$790,000.00

$269,900.00

$429,000.00

2008

14

66

$810,000.00

$185,000.00

$378,400.00

2008/2007

-5

-65

 

 

($50,600.00)

% DIFFERENCE

-26%

-50%

 

 

-12%

 

 

 

 

 

 

 

 

Like Pismo Beach and Nipomo, the median home price in Oceano dropped by 12% from $429,000 to $378,400 in the first half of 2008, when compared to the same period last year.  Home prices fell from $269,900 to $185,000 at the low end.  At the high end, however, homes sold higher at $810,000; $30,000 more than the same period a year ago. 

 

During the same six months in 2008, 14 single-family homes sold.  The decline at 26%, is 5 fewer homes when compared to the same period in 2007.  What’s interesting is that the average number of days to sell a home during this period was shortened by half, or 50% from 131 to 66 days!

 

As noted on the shorter marketing time in Grover Beach, will the shorter marketing time continue in fall of 2008?  Another review at the end of third quarter 2008 will be made to see what happens.

 

The above report was compiled based on the following:-

 

  1. “AVG. DOM” refers to the average number of days on the market, or the average marketing time needed to sell the home.
  2. The data is compiled from the Central Coast Multiple Listing Service as of August 22, 2008.  The information is deemed accurate but not guaranteed.
  3. Only stick-built single-family residences under $1M are included in this report.
  4. Due to fewer $1M-plus sales, sales on similar properties selling more than $1M are excluded.
  5. Condominiums, planned development units, townhouses and mobile homes are not included in this report.

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