Leave a Message

Thank you for your message. We will be in touch with you shortly.

Central Coast Spring Market Report

Central Coast Spring Market Report
 
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.
 
Arroyo Grande
 
 
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.
 
Avila Beach
 
 
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.
 
Cal-Poly Area
 
 
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.
 
Grover Beach
 
 
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.
 
Nipomo
 
 
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.
 
Pismo Beach
 
 
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.
 
 
 

Recent Blog Posts

Stay up to date on the latest real estate trends.

Central Coast Summer Camps 2019

May 20, 2019

Summer is coming! If you’re looking for activities for your kids to enjoy this summer, check out my list of the best summer camps on the Central Coast below. Camp Na… Read more

Spring Events On The Central Coast

March 19, 2019

Spring is finally here and with the new season, comes lots of fun local events to enjoy! From wine festivals to local markets, make time to get out and enjoy the beaut… Read more

Top Ten Things to Do in Central Coast California

March 15, 2019

Whether you’re new in town or you’ve lived here all your life, Central California is full of fun things to see and do from taking a drive up Highway 1 to enjoying one … Read more

What Not to Do Before Buying a Home

February 27, 2019

Planning to buy a home on the Central Coast this year? While there’s a number of steps you shouldn’t forget to take, there are also many things you should avoid doing … Read more

Central Coast 2018 Fall/Winter Market Report

February 3, 2019

In the fall, experts reported that nationwide the housing market was beginning to shift to a buyer’s market. We can certainly see those effects already on the Central … Read more

What Not to Do Before Closing on a House

January 25, 2019

Congratulations! You’ve found your dream house and now you’re in escrow. Escrow can be a time of excitement and anticipation. But it’s important to remember that your … Read more

Let's Talk

You’ve got questions and we can’t wait to answer them.