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Home Sales Improved Slightly in Nipomo

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

 

 

NIPOMO

 

 

 

 

 

 

    SALES

   AVG.DOM

     HIGH

    LOW

   MEDIAN

2007

80

143

$996,855.00

$360,000.00

$565,000.00

2008

85

133

$900,000.00

$246,000.00

$499,900.00

2008/2007

5

-10

 

 

($65,100.00)

% DIFFERENCE

6%

-7%

 

 

-12%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The above statistics showed that Nipomo, like Grover Beach and Pismo Beach saw a decline of 12% in the median home price.  In the first half of 2008, the median home price was $499,900.  That declined by $65,100 from $565,000 a year ago.  At the same time, overall home sale prices also fell to $246,000 at the low end, and up to $900,000 at the high end.

 

Unlike many of her counter-parts in San Luis Obispo County, Nipomo enjoyed a slight increase in home sales, by 6%. 85 homes sold in the first half of 2008, 5 more homes than the first half of 2007.  Similarly, home sellers during this time took a slightly shorter time to sell their homes.  The average marketing time was 10 days shorter, or 133 days in January-June 2008 versus 133 days in 2007.

 

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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