Home Sales & Home Sale Prices Still Falling in Grover 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 |
GROVER BEACH | | | | | | SALES | AVG.DOM | HIGH | LOW | MEDIAN | 2007 | 56 | 142 | $800,000.00 | $230,000.00 | $487,500.00 | 2008 | 38 | 110 | $740,000.00 | $230,000.00 | $434,375.00 | 2008/2007 | 18 | -32 | | | ($53,125.00) | % DIFFERENCE | -32% | -23% | | | -11% |
| | | | | |
During January to June of 2008, the median home price on stick-built single-family homes in Grover Beach fell by 11%, from $487,500 to $434,375 when compared to the same six months in 2007. Lower-priced homes, particularly those at the low end, seems to remain unchanged at $230,000, while higher-priced homes sold lower at $740,000, versus $800,000, when compared to the same period last year.
The total number of homes sold under $1M also dropped by a huge 32%, from 56 single-family homes to 38. Conversely, and perhaps to sellers’ delight, homes sold during this period, took shorter time, at an average of 110 days versus 142 days – exactly 32 fewer days (a whole month shorter!!) to sell their homes.
It will be interesting to see if the shorter marketing time frame is continuing into fall of 2008.
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.