Home prices, sales continue rebound in San Luis Obispo County

Home prices and sales in San Luis Obispo County grew year over year this November—continuing what is now a seven-month trend of rising home values.

Last month, the median price for all homes in the county grew 4.4 percent from the same month in 2011, rising to $370,500, according to figures released by real-estate tracker DataQuick. In November 2011, prices had fallen 2.7 percent from the previous year to $355,000. The firm recorded a peak median for county homes of $585,000 in June 2006.

The statewide median price paid for a home last month was $291,000, up 2.1 percent from $285,000 in October and up 19.3 percent from $244,000 in November 2011. The median is the midpoint of home prices, where half of the residences sold for more and half for less.

In San Luis Obispo County, home sales overall grew 7.3 percent year-over-year to 266 in November. It marked the tenth consecutive month in which more homes were sold than for the same month of 2011.

Eighty-five percent of the homes sold in the county in November were resale single-family homes, although DataQuick also tracks sales of condos and new homes.

Resales of single-family homes grew 7.6 percent year over year to 226. The median price grew 2.3 percent year over year to $373,500. The price, however, dropped month-to-month—from $380,000 in October 2012.

A decline in sales from October to November is normal for the season, DataQuick reported. Monthly residential real estate figures are compared with the same month from the previous year because of the highly seasonal nature of home sales.

Sales of new homes in November grew 55.6 percent year over year to 14 homes, compared with nine sold in the same month in 2011. The median price for new homes in November, at $456,500, was 23.7 percent higher than the year before.

Condo sales fell 10.3 percent year over year to 26 units in November, and the price fell 10.2 percent to $229,000. However, the new homes and condos percentages are subject to large swings because their sales numbers are so small.

Statewide, foreclosure activity remained high by historical standards, but has been trending downward and is well below peak levels, DataQuick reported. Financing with multiple mortgages is low, down payment sizes are stable, and cash and non-owner-occupied buying remains at a high.