Review of Home Sales & Prices in Los Osos, CA
JANUARY-DECEMBER 2008 VERSUS JANUARY-DECEMBER 2007
| LOS OSOS | | | | | |
| | SALES | AVG.DOM | HIGH | LOW | MEDIAN |
| 2007 | 124 | 125 | $2,100,000.00 | $225,000.00 | $471,000.00 |
| 2008 | 103 | 129 | $1,750,000.00 | $110,500.00 | $435,000.00 |
| 2008/2007 | -21 | 4 | ($350,000.00) | ($114,500.00) | ($36,000.00) |
| % DIFF. | -17% | 3% | | | -8% |
For January-December 2008, Los Osos saw a drop of 17% in sales of stick-built single-family homes when compared to the same period in 2007. The number of stick-built single-family homes sold fell from 124 in 2007 to 103 in 2008.
At the same time, sellers took more time - an additional four days based on an average marketing time of 129 days to sell their properties in 2008 compared to a year ago.
The median home price decreased by 8% from $471,000 in 2007 to $435,000 in 2008. The decrease is not surprising as we saw fewer sales of higher priced properties.
Out of the 103 stick-built single-family homes sold in 2008, almost 64% or 66 out of 103 homes are under $500,000. Only five of these sales were priced over $1 million.
The data obtained from the Central Coast Multiple Listing System reflects more sales in the lower price ranges due to short sales and foreclosures in this small coastal town.
Notes:
1. AVG. DOM = Average Days on Market
2. Data compiled from Central Coast MLS, deemed correct but not guaranteed.
3. Only stick-built single-family residences are included.
4.. Condos, PUDs, and mobile homes are not included in this study.