Strong Demand Sets Records for Prices and Days on Market in San Luis Obispo County and Four-county Ventura Region
Arroyo Grande, CA – May 26, 2015—April home sales in Calfornia’s Central Coast and Ventura regions rose briskly for the second consecutive month, reaching new heights for the year. Strong demand set five-year price records in San Luis Obispo County and the Ventura Region, and homes sold faster than they have in years in several Coastal Counties and the entire Ventura Region, according to the latest market analysis from CENTURY 21 Hometown Realty.
In the Central Coastal Region, Sales in San Luis Obispo and Santa Barbara Counties rose 5.9 percent over March and were 8.6 percent higher than in April 2015. Median home prices rose 2 percent over March and were 4.9 percent higher than in April 2015. At 72 days, the median time to settle in the region was the fastest since last April. Strong sales and rising prices motivated sellers to list their homes, and inventories of homes for sale finished the month at the highest levels in six months.
In April, sales in the four-county Ventura Region rose 5.9 percent over March and 6.3 percent over sales in April 2015. The median sale price for homes in the region set a 5-year record, at $469,000, up 3.3 percent from March and 13.3 percent above the median sale price in April 2015. At a median of 63 days to settle, homes in the region sold at a slightly slower pace that in March.
“Strong demand this spring is driving up sales at a healthy pace and setting price records in some markets. Properties throughout the region are selling in six weeks or less, motivating sellers to list their homes. Healthy inventories throughout the Central Coast and Ventura regions provide buyers a wide choice in the months to come,” said Amy Gallagher, corporate broker of record for CENTURY 21 Hometown Realty.
In April, CENTURY 21 Hometown Realty closed on 153 homes worth $64,709,500, bringing its total year-to-date sales to 429 homes worth $174,930,039. The firm’s top selling agents in April were Eddie Stanfield, Tom McNeill, Tim Riley, Christa Lowry, Kelli Marrufo, Billie Jean Chadwick, Louise Dickenson, Michael Casaceli, Byron Grant and April Hugh.
San Luis Obispo County
In San Luis Obispo County, sales were on fire in April. Some 362 homes sold during April, 7.7 percent more than in March levels and 23.7 percent above total sales in April 2015. Though median prices rose only 0.4 percent during the month, they were 7.1 percent higher than a year ago and at $497,000, the county’s median price set a five-year record. Homes sold at a faster pace in the county than they have since October 2013, settling in a median time of only 71 days, 2.7 percent faster than March. Despite strong sales, active listings in the county increased 7 percent during April, the largest inventory level since last April, providing a wide choice for home buyers in May.
In San Luis Obispo city, prices hit their highest level since last October, reaching a median of $589,000. Sales were up 22.2 percent over March but trailed the record sales recorded last spring by 8.3 percent. Inventories of homes for sale closed the month at the highest level since January 2013.
Local market data and listings for San Luis Obispo County communities are available at Arroyo Grande, Atascadero, Avila Beach, Cambria, Cayucos, Creston, Grover Beach, Los Osos, Morro Bay, Oceano, Paso de Robles, Pismo Beach, San Luis Obispo, Santa Margarita, San Miguel, San Simeon, Santa Ynez, Shandon, and Templeton.
Total Monthly Home Sales
San Luis Obispo and Santa Barbara Counties
May 2015 through April 2016
San Luis Obispo is blue; Santa Barbara is red.
Santa Barbara County
Sales in Santa Barbara County also rose on a year over year basis, but at a slower pace than Sab Luis Obispo County. Sales were just 2.3 percent higher than they were a year ago but they fell 12.6 percent from March levels. At $349,900, the county’s median price was 9.7 percent over 2015 levels and 1.4 percent higher than March prices. Homes in Santa Barbara County settled in a median period of only 73 days, selling 9.9 percent faster than in March. Active listings of homes for sale in the county were 5 percent higher than they were in 2015 and 1.6 percent above March inventories.
Sales in Ventura County fell 1.8 percent from March and 17.5 percent from April 2015. However, at $530,000, the median sold price set a five-year record. Prices were up 8.4 percent over April 2015 and 5 percent over March. Homes sold 1.5 percent faster than in March, settling in 67 days on market. The county ended the month with the largest inventories of home for sale since last August.
Total Monthly Home Sales
Four-county Ventura Region
May 2015 through April 2016
In Ventura city, sales were down 12.5 percent from a year ago and 2 percent from March. However, sold prices rose 3.3 percent over a year ago, reaching a median price of $470,000. Homes settled in 82 days, 9.9 percent faster than a year ago and 8.9 percent faster than in March.
Local market data and listings in Ventura County communities are available at: Agoura Hills, Camarillo, Lake Sherwood, Moorpark, Newbury Park, Nipomo, Oak View, Ojai, Port Hueneme, Santa Maria, Santa Paula, Simi Valley, Thousand Oaks and Westlake Village.
About Century 21 Hometown Realty
CENTURY 21 Hometown Realty is the leading real estate firm on the central coast. Since 1947, it has supported the needs of home buyers and home sellers throughout California’s Central Coast region with 19 branch locations in San Luis Obispo, Santa Barbara, and Ventura Counties. Our offices cover the California Coast from Paso Robles in the north to Camarillo to the south.
We offer specialty services including Luxury Real Estate, Agricultural and Ranch Real Estate, Vineyards, Ocean Front Real Estate, Commercial Real Estate, and Residential Real Estate. Our agents have a keen focus on these areas and multilingual and generational expertise. Visit our website at C21Home.com to see our California listings and our office locations.