Median home price still on the rise in SLO County

jhickey@thetribunenews.comJune 18, 2013 

May marked the 13th consecutive month in which San Luis Obispo County’s median sales price for a home has risen year over year.

At $421,500 in May, the median sale price was 12.4 percent higher than in May 2012 — but still 23.4 percent lower than the peak May median of $550,500 in 2006, according to figures released by DataQuick of San Diego.

The median is the midpoint where half of the residences sold for more and half for less; figures are compared year over year because of the highly seasonal nature of home sales.

The median price paid for a home in California last month was $340,000. The state home price median peaked in March/April/May 2007 at $484,000, with a post-peak trough of $221,000 in April 2009, according to Dataquick.

In San Luis Obispo County, 394 homes were sold in May, compared with 361 a year earlier. More than 82 percent of the homes sold locally in May were resale single-family homes. Those sales grew 4.8 percent year-over-year to 325, and their median price grew 13.1 percent to $435,500.

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 25.7 percent year-over-year to 44 units in May, and the median price fell 2.2 percent to $290,000.

Sales of new homes in April rose 56.3 percent year-over-year to 25 homes, compared with 16 new homes sold in the same month in 2012. The median price for new homes in May, at $447,500, was 45.5 percent higher than that of the year before.

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