Real estate market continues to improve in SLO County

jhickey@thetribunenews.comApril 25, 2013 

TRIBUNE STAFF

The bottom of San Luis Obispo County’s real estate market appears to have come and gone, with March setting 11 straight months of gains in the year-over-year median home price.

The median price for all homes was $375,000 in March, 7.9 percent higher than March 2012, but still 33.6 percent lower than the peak March median of $565,000 in 2006.

The median is the midpoint of home prices, where half of the residences sold for more and half for less.

The median price paid for a home in California last month was $313,000, up 24.7 percent from $251,000 in March 2012, according to data released by the San Diego based firm Dataquick.

According to the firm, 332 homes were sold in March in SLO County, compared with 305 a year earlier.

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

More than 80 percent of the homes sold locally in March were resale single-family homes. Those sales grew 5.3 percent year over year to 277. The median price of resale homes grew 12.7 percent in that time to $400,000. DataQuick also tracks sales of condos and new homes, although data for those categories are subject to large swings, because the sales numbers are so small.

Condo sales rose 70.4 percent year over year to 46 units in March, and the median price rose 16.4 percent to $279,750.

Sales of new homes in March fell 40 percent year over year to 9 homes, compared with 15 sold in the same month in 2012. The median price for new homes in March, at $283,750, was 65.9 percent higher than the year before.

Indicators of market distress continue to decline. Foreclosure activity remains well below year-ago figures, and financing with multiple mortgages is low, while down-payment sizes are stable, DataQuick reported.

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