Business

Biz Buzz: Home sales slide in SLO County

San Luis Obispo County home sales continued their slide in September and October, declining year-over-year both months, according to Southern California-based real estate tracking firm DataQuick.

A total of 250 new and resale single-family houses and condominiums were sold in October countywide, versus 278 in the same month of 2009.

The median price in October was $362,500, down 1.8 percent from the same month of 2009, when it was $369,000.

Sales of existing, single-family homes fell 4.5 percent. In October, 213 detached homes were sold. Last year during that same month 223 homes were sold. The median for single-family detached homes was $366,000 in October, falling 6.7 percent from one year ago, when the price was $392,250.

A total of 29 condominiums were sold in October, a slight increase from last year’s 27 for the same month.

The county median condo price in October was $225,750, down 7.9 percent from the same month a year ago, when the cost of a resale condominium was $245,000.

Sales of new homes had the most significant drop. Eight new homes were sold in October. During the same month a year ago, 28 new homes were sold. That’s a year-over-year decline of 71.4 percent.

The median sales price of new homes grew 20.9 percent to $420,000 in October, from $347,500 in 2009, according to DataQuick.

In September, overall home sales fell 2 percent year-over-year, the tracking firm reported.

A total of 240 homes were sold in September countywide. For the same month a year before, 245 homes were sold.

The overall county median price in September was $360,100, down 5.2 percent from 2009, when it was $379,750.

Sales of existing, single-family homes held steady for the month, with 208 detached homes sold in September, up 3.5 percent from 2009, when 201 homes sold.

The median price for single-family detached homes was $370,000 in September, falling 5.4 percent from 2009, when the median was $391,000.

A total of 26 condominiums were sold in September. For that same month a year before, 30 sold. That’s a year-over-year decline of 13.3 percent.

The county median condo price in September was $259,500, down 5.6 percent from the same month a year ago, when the median price of a resale condo was $275,000.

Sales of new homes also had the sharpest drop in September, according to DataQuick figures.

Just six new homes sold in September. During the same month a year before, 14 sold. That’s a year-over-year decline of 57.1 percent.

Meanwhile, September’s median new-home price grew 25.6 percent year-over-year to $534,000 from $425,000 in 2009.

— Stacy Daniel

Local Cannon chief is now firm’s CEO

Michael Toke has been selected as the new chief executive officer of Cannon Power Group, a renewable-energy company based in San Diego. Toke had been at the company’s San Luis Obispo office since it opened in 2001, serving as general counsel and senior vice president.

Cannon Power Group develops, constructs, operates and maintains utility-scale wind and solar energy projects.

— Stacy Daniel

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