County home sales and median price up in October

It's the ninth consecutive month in which more homes were sold in the county than in the same month of 2011

jhickey@thetribunenews.comNovember 18, 2012 

Both the total number of homes sold in San Luis Obispo County and the median price of a home rose this October compared with the same month last year.

Home sales overall grew 18 percent year over year to 328, according to the San Diego-based firm DataQuick, an independent real estate tracker. It marked the ninth consecutive month in which more homes were sold than in the same months of 2011.

In another upward trend, home prices have grown year over year for the past six consecutive months. Those same months of 2011 had seen prices fall year over year.

Monthly residential real estate figures are compared with those from same month from the prior year because of the highly seasonal nature of home sales.

In October, the median price for all homes in the county grew 11.5 percent from the same month in 2011, rising to $365,000. In October 2011, prices had fallen 9.7 percent from the previous year to $327,500. DataQuick recorded a peak median for county homes of $585,000 in June 2006.

The statewide median price paid for a home last month was $285,000, up 18.8 percent from $240,000 in October 2011. The median is the midpoint of home prices at which half of the residences sold for more and half for less. Just over 86 percent of the homes sold in October 2012 were resale single-family homes, although DataQuick also tracks sales of condos and new homes.

Resales of single-family homes grew 23 percent year over year to 283. The median price grew 5.6 percent to $380,000 from $360,000 in October 2011.

This October, sales of new homes fell 68.4 percent to six homes, compared with 19 sold the year before. The median price for new homes in October, at $306,500, was 2.2 percent higher than that of the year before.

Condo sales grew 34.5 percent year over year to 39 units in October, and the price grew 50 percent to $300,000. However, the new homes and condos percentages are subject to large swings because their sales numbers are so small.

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