Demand Remains Strong for Third Straight Month
Arroyo Grande, CA – June 17, 2015—May home prices rose to five-year peaks in the Central Coastal counties of San Luis Obispo and Santa Barbara while home sales soared nearly 15 percent and set a new record for the Ventura region, according to the latest market analysis from CENTURY 21 Hometown Realty.
For the third straight month, strong demand drove up sales and prices simultaneously in the Central Coastal region. Home sales rose at an annualized six percent over 2015 and 3.3 percent over April. Rising prices pushed the region’s median sales price to $428,000, up 12.5 percent over prices a year ago and less than one percent over April levels. Strong demand shortened the time homes spent on the market.
Farther south, May sales and prices both set new records in the three-county Ventura region. Sales rose 14.6 percent over 2015 and 6.8 percent above April levels. Prices for the region reached a median of $476,000, a new five-year high, up 14.7 percent from 2015 levels and 1.5 percent higher than the April median. Homes are selling much faster, settling in on 63 days.
“Low-interest rates and ample inventories are motivating buyers across Central Coastal and Ventura markets this season. Home prices are setting new records, and new listings are coming on the market priced higher than the previous month. Homes are selling even faster in May than they were in April, creating great opportunities for sellers. Demand has not faltered, and sales continue to be well above last year’s levels. With these market dynamics in place, home sales and prices could break even more records in June,” said Amy Gallagher, corporate broker of record for CENTURY 21 Hometown Realty.
Total Monthly Home Sales
San Luis Obispo and Santa Barbara Counties
June 2015 through May 2016
SLO County Prices Reach New High
Prices in San Luis Obispo County reached a new median of $499,500, up 10.4 percent from 2015 and .5 percent above April price levels. Annualized sales in the county rose 6.1 percent year over year but were down 3.9 percent from April. Houses are taking an average of 95 days to settle in the county, 12 percent faster than in April.
In San Luis Obispo city, closed sales in May soared by 83.8 percent over sales a year ago and 23.6 percent above last month. The median sold price reached $816,000, up 5 percent from 2015.
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 Sales Rebound from April
Sales rose 5.5 percent above 2015 levels and 17.7 percent last month’s level in Santa Barbara County. Median prices rose 10.4 percent on the year and finished the month .5 percent higher than April. Homes in the county sold an average of about 10 percent faster in May than April.
Median Home Prices
June 2011 through May 2016
Ventura Regional Sales Break Records
In the Ventura region, home sales are reaching new heights. Some 19,050 homes were sold in May for more than $12.7 billion, a new five-year record. Homes are spending a median period of only 21 days on the market before they are under contract, selling faster than any month since the housing boom.
Though the regional sales were strong in May, sales in Ventura County proper were soft. Sales fell 16.4 percent from 2015 and 8 percent from April levels. Prices rose modestly, up 5.1 percent over 2015 and 1.1 percent above April. The median sa.e price for the county reached $536,000 in May.
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.