Biz Buzz

Fewer homes sold while prices continue to rise in SLO County

kleslie@thetribunenews.comDecember 25, 2013 

For the second consecutive month, fewer homes sold in San Luis Obispo County compared to the same month a year ago, while the median price of homes sold continues to rise.

In November, the total number of homes sold in San Luis Obispo County — including new homes, resale single-family homes and condos — was 307, down 2.5 percent from the same month in 2012, according to DataQuick of San Diego.

Despite the decrease in sales, the overall median home price increased 20.2 percent to $437,500 in November — the highest median price for that month since 2007.

It also marked the 19th consecutive month in which the median home sales price has increased year over year.

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

October saw a similar pattern as November in sales and prices: home sales decreased by 6.1 percent while median home prices rose 20.7 percent compared to October 2012. In October 2013, 323 total units sold with a median sales price of $434,500.

That same year-over-year trend was reflected statewide. In November, sales fell by 10.8 percent to 37,481 total units sold with the median home price increasing 23.7 percent to $360,000.

In San Luis Obispo County, some 75.8 percent of the homes sold in November were resale single-family homes. Those single-family home sales fell 10.4 percent to 233. The median price of those resale single-family homes grew 21.7 percent to $457,500 — also hitting its highest point since November 2007.

DataQuick also tracks sales of condos and new homes, though data for those categories is subject to large swings because the sales numbers are so small.

Condo sales increased 2.8 percent year over year with 37 units sold in November, but the median price rose 29.9 percent to $297,500.

Sales of new homes in November increased by 94.7 percent year over year, with 37 being sold compared with 19 in the same month in 2012.

The median price of a new home increased by 9 percent from the same month last year to $463,750.

— Kaytlyn Leslie

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