Sales Rise Over Four Straight Months
Arroyo Grande, CA – July 14, 2015— June home sales and prices reached record levels in California’s Ventura and Central Coastal Regions as demand continued to respond to low interest rates and fresh inventories of homes for sale. Through the first half of 2016, sales in both regions exceed 2015 levels by double-digit margins.
Homes throughout both regions continue to sell at near-record rates of eight to ten weeks, and inventories of homes for sale are keeping pace as sellers respond to ideal market conditions.
Home sales in the two-county Central Coastal Region rose 13.1 percent above June 2015 and 11.1 percent over sales in May. The region’s median sales price reached $453,000 for the first time in more than five years, 6.6 percent higher than sales a year ago at this time. Homes for sale spent a median of only 73 days on market, slightly slower than May.
Prices and sales in the four-county Ventura Region set a new five-year high for the fourth month in a row. Median prices in the region soared 12.7 percent over June 2015 and sales increased 10.5 percent. Home sold 4.5 percent faster in June than May, settling in just and median of just 64 days.
“Regional real estate markets made history during the first half of the year, setting five-year records for both sales and prices. Record low interest rates and healthy supplies of new homes for sale are creating extraordinary opportunities for buyers. Houses are selling at record prices in record time, creating the best conditions sellers have seen in years,” said Amy Gallagher, corporate broker of record for CENTURY 21 Hometown Realty.
San Luis Obispo County
Sales in San Luis Obispo County rose 14.5 percent over June 2015 and 22.5 percent above May, setting a new five-year record for the county. The June median price was 2.3 percent on an annual basis and fell 2.7 percent from May’s record high. Sales settled in 72 days, a 2.7 percent faster than a year ago and inventories reached a seasonal high.
In San Luis Obispo city, sales set a new five-year record, increasing every month since January. However, homes sold at a slower pace, settling in 72 days compared to 58 in May. The median sales price dropped 3.2 percent from a year ago, to $552,000.
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.
Santa Barbara County
In June, both sales and prices dipped from May levels but remained significantly higher than a year ago. Sales were 37.3 percent above June 2015 and the county’s median price, $354,000, was 8.9 percent above 2015. Homes in Santa Barabara County sold at about the same pace as those in San Luis Obispo County, a median of 78 days on market.
June Home Prices, San Luis Obispo (red) and Santa Barbara (blue) Counties
Ventura County prices rose to their highest median level in five years, $559,000 and homes sold faster in the county than they have since June 2014, a median of 63 days. Prices were 8.1 percent higher than they were a year ago and 4.3 percent higher than May. Sales fell 5.9 percent below levels of a year ago but rose 7.6 percent from May
Sales in Thousand Oaks rose 45.2 percent over May and 7 percent above 2015. The median price reached $702,500, 9.8 percent above June 2015 and 3.4 percent above sales in May. Homes are moving fast, spending a median of only 58 days to settle.
entura city prices reached a new peak in June, reaching a median of $550,000, up 15.8 percent from 2015 and 5.3 percent from May. Sales also rose 20.7 percent over May and 0.9 percent over June 2015.
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.
CENTURY 21 Hometown Realty accessed data from the Central Coast Regional Multiple Listing Service and the Ventura County Regional Data Share to prepare its February market analysis.
Ventura County Home Prices, July 2011 to June 201
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.