Friday, May. 22, 2009
Biz Buzz: SLO County home prices hold steady a third month
Does the median price plateau indicate the housing market has bottomed out? One expert is doubtful
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closeFor the third month in a row, the median price of all homes in San Luis Obispo County remains unchanged.
The latest figures from DataQuick, a Southern California-based real estate information firm, show the April median price — the point at which half of homes sell for more and half for less — at $360,000.
The April median was more than 22 percent lower than that of the same month of 2008, when the median stood at $462,250.
The all-home median includes new and resale single-family detached homes and condominiums.
The April median price of new homes was $317,000, a 40 percent decline from the same month of 2008, when it stood at $528,750.
That’s also more than a 40 percent drop from March, when the median stood at $540,000.
The median price of resale detached homes in San Luis Obispo County fell to $367,500, about a 20 percent decline from the year-ago period, when it was $464,500.
The March 2009 median for homes in this category was $360,000.
Resale condos dropped to $274,500, a nearly 20 percent decline from April 2008, when the median was $342,000. The March median price was $266,500.
While there’s been no movement since February, at least one local real estate professional wasn’t ready to say the local housing market had reached the bottom — yet.
Fred Bruen of ReMax Parkside Real Estate in Paso Robles follows home prices and sales in his North County territory, with the bulk of properties in Atascadero, Paso Robles and Templeton. He tracks real estate listed on the Central Coast Regional Multiple Listing Service.
The median price of homes in escrow — which means they’re pending sales — was $310,000 as of Thursday. His survey on March 8 yielded a median price of $299,000.
“My numbers tell me that we’ve been bouncing along for about three or four months,’’ he said. “Is it the bottom? I don’t know.”
April also had declining home sales.
Sales of all homes in the county fell nearly 22 percent compared to the same month a year ago.
New-home sales saw the biggest decline in April, dropping 68 percent from the year-ago period.
Resale detached homes fell 13 percent, while resale condo sales had a slight increase of nearly 6 percent from April 2008.
— Julie Lynem
Culinary shop open after SUV accident
A Matter of Taste Gourmet Food and Culinary shop in Cambria reopened Friday after closing for repairs after it was hit by a wayward SUV on May 7.
A Ford Explorer careened off another car and into the store, possibly when driver Sandra Hartwell of Cambria hit the accelerator instead of the brake, according to the CHP. There were no injuries.
Damage to the building, fixtures and merchandise ended up exceeding the initial estimate of $10,000.
Proceeds from the day’s reopening festivities will be given to the new Foster Kids Camp Ocean Pines Project, a program designed to offer local foster children a positive camp experience and retreat.
— Bert Etling
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