CAYUCOS: REVIEW OF HOME SALES & MEDIAN SALE PRICES: 2005-2009
Where are prices headed in Cayucos? It's a million-dollar question for 2010 and the following years.
A study of the home sales for the past five years show that prices are still heading down ~ see chart below:-
The median sales price began at $880,000 in 2005, and declined by
3% to $832,600 in 2006. In 2007, that median sales price dropped by
another 2% to $815,000, and again by 2% to $799,250 in 2008. The
biggest decrease of 23% to $615,500 was registered in 2009. These
decreases are better illustrated in the graph below. 
Similarly,
we are seeing a drop in the number of sales: from 57 in 2005, to the
lowest level at 34 in 2009. Another challenge for sellers is that homes
are taking longer to sell. Last year, it took an average of 202 days
to sell a single-family home in Cayucos, compared to 151 days a year
ago, and 95 days in 2005.
Not
surprisingly, buyers are also paying lower prices, at about 8% less
than list price in 2009, compared to 4.5% under the list price. This is
almost a 50% savings for buyers! What
does this mean for buyers and sellers? There are some really good buys
in Cayucos, and thus good opportunities for buyers looking to relocate,
secure a vacation home or invest in Cayucos. Inventory in respective
price ranges is limited. As such, sellers who need to sell will still
be able to sell their properties quicker when the properties are priced
competitively. A review of 2010 homes sales and median sales prices may provide a better indication of where prices are heading, so stay tuned.
Notes:The
above data is based on sales of all single-family residences, including
mobile homes, condos, stick-built single family homes, oceanfront
homes, ranches, etc., in Cayucos for the period from 2005 to 2009. Data
is culled from the Central Coast Multiple Listing Service, and deemed
accurate at time of report but not guaranteed.**DOM refers to Days on Market
**SP v. LP refers to Sale Price vs. List Price
If I can provide more information
about Cayucos real estate and surrounding areas, the
housing market, or assist you, friends or family in a home search or
sale, please phone or text me at (805) 234-4315 or email me at
Sherry@SherrySim.com or visit www.SherrySim.com and www.ShortSalesAndREOs.com.
Serving Cayucos, Cambria, Morro Bay, Los
Osos, San Luis Obispo, Pismo Beach, Avila Beach, Shell Beach, Arroyo Grande,
Atascadero.
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Sim. All rights reserved.