SLO County home sales fall in March, while median price jumps

kleslie@thetribunenews.comApril 18, 2014 

After posting minimal growth in February, the total number of homes sold in San Luis Obispo County in March — including new homes, resale single-family homes and condos — declined 10.8 percent year over year.

A total of 296 homes were sold, compared with 332 in the same month in 2013, according to DataQuick of San Diego.

The overall median home price increased 24 percent to $465,000 in March — the highest median price for that month since 2008. It also marked the 23rd consecutive month in which the median home sales price has increased year over year.

The median is the midpoint at which 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.

California as a whole saw a similar decline in sales volume, coupled with higher median prices.

Statewide, the number of sales fell by 12.8 percent to 32,923 total units in March, compared with 37,764 in the year-earlier month. The median home price increased 20.1 percent to $376,000.

In San Luis Obispo County, 75.3 percent of the homes sold in March were resale single-family homes.

The number of single-family home sales was 223, down 19.5 percent year over year. The median price of those resale single-family homes grew 16.8 percent to $467,000 — hitting its highest point since March 2008.

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

Condo sales decreased 30.4 percent year over year, with 32 units sold in March. The median price rose 11.7 percent to $312,500.

The new homes sales category was the only one to post sales volume growth in March, with the number of new homes sold nearly quadrupling year over year to 41. The median price of a new home increased to $557,000, up 96.6 percent from the same month last year.

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