Business

SLO County’s median home price rises again as sales fall

New homes under construction at Trilogy at Monarch Dunes in Nipomo.
New homes under construction at Trilogy at Monarch Dunes in Nipomo. jjohnston@thetribunenews.com

The median home price in San Luis Obispo County rose to $510,000 in February, up 8 percent compared with the same month a year ago.

But total sales — including new homes, resale single-family homes and condos — were slow, with just 243 in February, down 9.3 percent from the 268 units sold in February 2016, according to the Irvine-based data company CoreLogic.

The median is the midpoint, meaning 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.

In San Luis Obispo County, 76 percent of all sales in February were resale single-family homes, according to CoreLogic. Resale single-family home sales increased marginally, up 1.1 percent to 185 units in February. The median price of these resale homes increased by 12.5 percent to $550,000.

CoreLogic also monitors sales of condos and new homes, though percentages on those are subject to large fluctuations because the number of sales is relatively small.

Thirty-eight condos were sold in the county, up 2.7 percent from February 2016. The median price for condos was $335,500, down 9.3 percent from last year.

Sales of new homes decreased by 58.3 percent in February, with 20 units sold, compared with 48 the previous year. The median price of new homes sold increased by 3.2 percent year over year to $571,000 from $553,000.

Submit news and notes items for Biz Buzz. Email: bizbuzz@thetribunenews.com; on Twitter @SLOBizBuzz; phone: 805-781-7902; fax: 781-7905; mail: Biz Buzz, The Tribune, P.O. Box 112, San Luis Obispo, CA 93406-0112.

Tell us your best business advice

What’s the best piece of business advice you’ve ever received? And how has it helped make you more successful in your business/professional life? Tell us in 100 words or fewer, and send it to bizbuzz@thetribunenews.com. We will publish them in future Biz Buzz columns.

  Comments