Review of Home Sales/Prices in San Luis Obispo, CA
JANUARY-DECEMBER 2008 VERSUS JANUARY-DECEMBER 2007
| SAN LUIS OBISPO | | | | |
| | SALES | AVG.DOM | HIGH | LOW | MEDIAN |
| 2007 | 275 | 83 | $4,561,492.00 | $369,000.00 | $655,000.00 |
| 2008 | 209 | 93 | $3,200,000.00 | $280,000.00 | $625,000.00 |
| 2008/2007 | -66 | 10 | | | ($30,000.00) |
| % DIFFERENCE | -24% | 12% | | | -5% |
Like every other markets, the city of San Luis Obispo was not spared by the decline in home sales and prices on stick-built single family residences. Notwithstanding that the city of San Luis Obispo is a college town that tend to face higher turnover in ownership, home sales fell by a huge 24% in 2008. Compared to 2007 where there were 275 home sales, only 209 sold in 2008.
It's interesting to note too that there are fewer million-dollar purchases in San Luis Obispo during 2008. Of the 209 sales in 2008, only 24 or about 23% are sales on properties over $1 million. 14% of the 209 sales are between the $250,000 to $499,999. The bulk of the sales is in the $500,000-$999,999 price range.
In 2008, sellers needed additional 10 days to market their properties. The average marketing time lengthened from 83 days in 2007 to 93 days in 2008.
The median home price of stick-built single family homes in San Luis Obispo saw a 5% decrease in 2008.
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 included.
4. Condos, PUDs, and mobile homes are not included in this study.