A typical SLO County home costs more than $500,000 — and rising
Buyers shopping the San Luis Obispo County the real estate market during the late summer and early fall likely paid more than a half a million dollars for their homes — and that price keeps going up.
The county’s median home price — meaning half of buyers paid more for their houses and half paid less — hit $569,500 in August, up nearly 12 percent from the same time last year, according to Core Logic, an Irvine-based data company.
The median was also up slightly from July, when it was $565,000, although most real estate analysts compare data year-over-year to account for seasonal market changes.
Nearly 4 percent more buyers also purchased homes — 436 bought houses in August 2017 compared to 420 in August 2016.
About 79 percent of buyers purchased resale homes, 12 percent purchased condos and 9 percent purchased new homes.
Buyers spent the most on new homes — the median price was $641,000, down 1.5 percent from 2016. Resale homes were a bit cheaper, with buyers paying a median price of $581,750 — up 10.8 percent from last year.
Condos were the best deal for buyers, with a median price of $395,000 — up 1.3 percent from last year.
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.
This story was originally published October 19, 2017 at 9:43 AM with the headline "A typical SLO County home costs more than $500,000 — and rising."