Business

SLO County median home price hits $543,500 as sales increase

Housing is growing less affordable in San Luis Obispo, where the median price is now over $630,000.
Housing is growing less affordable in San Luis Obispo, where the median price is now over $630,000. jjohnston@thetribunenews.com

San Luis Obispo County home prices continued to increase steadily in May, while sales saw a marked increase over last year.

The county’s median home price — meaning that half of the homes sold for more and half sold for less — rose to $543,500, up 5.5 percent from May 2016, according to CoreLogic, an Irvine-based data company.

Home sales are subject to seasonal changes, so it’s frequently more accurate to compare prices year-over-year rather than month-over-month.

Median home prices varied widely in towns throughout San Luis Obispo County in May. Pismo Beach topped the list with a median price of $830,000, while Shandon had the least expensive median home price at $230,000. San Luis Obispo’s median home price was $630,000.

Countywide, total sales — which include resale single-family houses, new houses and condos — were 440 in May, up 8.4 percent from 406 a year ago.

About 80 percent of all homes sold in the county in May were resale single-family houses, with condos making up nearly 14 percent and new houses about 7 percent.

Resale houses sold for a median price of $565,000, up nearly 6 percent from May 2016. New houses sold for a median price of $445,000, down about 22 percent from the year-earlier period.

Median-priced condos sold for $400,000, up nearly 4 percent.

San Luis Obispo County's median home price rose to $530,000 in April 2017, up 3.9 percent from April 2016, according to CoreLogic. Here's a closer look at San Luis Obispo's housing market, by the numbers.

San Luis Obispo County's median home price was $543,000 in May 2017, CoreLogic says, but Paso Robles' median isn't as high. Here's a closer look at Paso Robles' housing market, by the numbers.

Lindsey Holden: 805-781-7939, @lindseyholden27

Submit news and notes items for Biz Buzz. Email: bizbuzz@thetribunenews.com; on Twitter @SLOBizBuzz; phone: 805-781-7902; fax: 805-781-7905; 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.

Related stories from San Luis Obispo Tribune

  Comments