Since 2020, the Morro Bay real estate market has seen declining closed median sales prices. The highest price appreciation was in 2021 with an approximately 19% increase over 2 020 closed median sales prices.
| Morro Bay : Closed Median Sales & Sales Price Trends | ||||||
|---|---|---|---|---|---|---|
| Year | Median Sale Price | Difference | % Difference | Sales | Difference | % Difference |
| 2020 | $705,000.00 | 145 | ||||
| 2021 | $839,000.00 | $134,000.00 | 19.0% | 171 | 26 | 26 |
| 2022 | $979,500.00 | $140,500.00 | 16.7% | 106 | -65 | -91 |
| 2023 | $1,000,000.00 | $20,500.00 | 2.1% | 74 | -32 | 33 |
It’s likely that we will close out the year with a low single-digit price increase. Notwithstanding inventory remains low, so prices may stagnate.