The Central Coast housing market is heating up in time for summer!
1. Demand Outpaces Supply
Nationwide, homebuyers are fighting for limited available properties and it’s no different on the Central Coast. There are more buyers in our local market than homes to buy. Even though the number of closed sales has risen since last summer, inventory has fallen 69.7% over the same period – meaning there are still more buyers in the marketplace who can’t find a home to buy.
2. Home Prices Continue Their Upward Trend
Across the county, home prices are up more than 8%. And many of the cities on the Central Coast have also seen a year-over-year increase in home prices.
3. Mortgage Rates Are on the Rise
As of writing, mortgage rates for a 30-year fixed rate loan are hovering around 4.75%. For a jumbo loan, which many homebuyers in the Central Coast area will need, the rate for a 30-year fixed is about 4.6%. And the Fed may raise interest rates again before the end of the year!
So what does this mean if you’re thinking of selling your home? With low inventory conditions and rising home prices, you have a good chance of selling your home quickly and for a great price. If you need to buy a replacement property, you’ll be able to lock in a comparatively lower rate now than if you continued to wait to make a move.
If you’re considering selling your home this summer, I would love to talk to you about how we can best position your home to sell quickly and for the highest price possible – contact me to get started!
The data below is current as of June 4th, 2018. If you’re curious about what your home is worth in today’s market, click here to get your free home value estimate!
You can also create your own free market report here. I will send you periodic updates by email about new listings, escrows, and sales in your area.
San Luis Obispo County
In San Luis Obispo County, the median price for a detached single family home is $600,000 – a five-year high price! The median sales price for a condo is $424,000, down slightly year-over-year. For a townhome, prices are up 1.7% since last year. The median sales price is now $399,000.
The median sales price for a detached home in Arroyo Grande is $745,000, up 10.4% from last year. Condo sales prices are down from the start of last summer, averaging $375,000. Townhomes average $407,400.
In Avila Beach, the median price for a detached home is $1,100,000, down somewhat from last year at this time. Condo prices are up considerably from last year, averaging $1,029,000.
Detached homes in the Cal-Poly area sell for an average of $900,000. Condo prices are up 9.7%, selling for an average of $493,750.
Homes sell for an average of $547,000 in Grover Beach, up 14% from last May. Condo prices are also up significantly from last year, now selling for an average of $354,500. Townhomes sell for an average of $350,000.
In Nipomo, homes sell for an average of $624,000, up 7.2% from last summer. A condo sells for an average price of $367,500 and townhomes sell for an average of $310,000.
Detached homes in Pismo Beach sell for an average of $899,000. Condo prices are up more than 29% from last year, with properties now selling for an average of $665,000. Townhomes sell for an average of $750,000.
San Luis Obispo
Finally, homes in San Luis Obispo sell for an average price of $782,000, up 2.8% over last year. Condos sell for an average of $492,500, also up from last year, and townhomes sell for an average price of $497,000.