The San Luis Obispo County housing market showed strong increases year-over-year across all categories of homes sold in March, marking a good start to the spring home-buying season.
The total number of homes — including new homes, resale single-family homes and condos — increased by 23.3 percent in March, while the median price increased by 4.5 percent year over year, according to data company CoreLogic of Irvine. The total number of homes sold increased to 365 units, compared with 296 units sold in the same month of 2014. Figures are compared year over year because of the seasonal nature of home sales.
The overall median home price rose from $465,000 in March 2014 to $485,750 the same month in 2015. The median is the midpoint at which half of the houses sold for more and half for less.
Because of a change in ownership, data from CoreLogic on the overall California housing market was not available, though real estate data company Property Radar reports that single-family home and condominium sales were 31,989 units in March, up 8.8 percent from 29,617 units in the same month in 2014.
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Property Radar also reported the median price of a California home was $393,000 in March, up 4.9 percent from March 2014.
In San Luis Obispo County, the majority of the units sold were resale single-family homes, representing about 74.5 percent of total sales, according to CoreLogic.
Resale single-family home sales increased 22 percent to 272 units sold in March, while the median price rose by 5.6 percent to $493,000.
CoreLogic monitors sales of condos and new homes, as well as sub-county data on home sales in cities, though these are subject to large fluctuations because the numbers are so small.
The number of condos sold in the county increased by 43.8 percent in March to 46 units sold, compared with 32 the previous year. The median price increased by 22.6 percent to $383,000. Sales of new homes increased by 14.6 percent in March, with 47 units sold, compared with 41 the previous year. The median price increased by 7.3 percent to $598,250.
The largest number of homes sold in the county was in San Luis Obispo, where 70 units sold in March for a median price of $593,000. Paso Robles had the next highest number of units sold, with 50 units in that time period and a median price of $405,000.
The highest median price in the county was reported in Pismo Beach, where 10 units sold for a median price of $817,364.