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Biz Buzz: Median home price rises as sales slip

DataQuick figures for February 2010
DataQuick figures for February 2010

Sales of homes in San Luis Obispo County declined in February while the median price picked up last month, according to the latest housing data from DataQuick, a Southern California-based real estate tracking firm.

A total of 170 homes were sold in the county — new and resale single-family homes and condominiums — in February, a 9 percent drop from the same month last year, when 187 were sold, DataQuick reported. It’s a nearly 11 percent decline from January, when 191 homes were sold.

While sales dropped, the median price in the county ticked up in February to $369,000, a 2.5 percent increase from the same month a year ago, when the median price was $360,000. The median price was up slightly from January, when it registered $366,750.

In February, sales of resale detached homes fell to 133 from 155 in February 2009, a drop of 14 percent, according to DataQuick. A total of 152 sales were recorded in January, a 12.5 percent decline from last month.

At the same time, the median price in this category climbed to $376,250, a 3.2 percent increase from the same month last year, when the median price was $364,500. February’s median price fell 3.5 percent from January, however, when the median stood at $390,000.

Sales of new homes were anemic, with only nine sold in February, a 30 percent drop from the 13 homes sold in the same month a year ago, and a 55 percent drop from the total of 20 new homes sold this January.

The median price of new homes declined in February to $438,000, a 15.4 percent drop from the $517,500 median recorded in February a year ago. However, the median price of new homes increased 24.2 percent from January, when it stood at $352,500.

A total of 28 resale condominiums were sold in February, a 47.4 percent increase from the same month in 2009, when 19 were sold. Nineteen resale condos were also sold in January.

Meanwhile, the median price of condominiums fell to $235,250, a 10.4 percent drop from the $262,500 recorded in February 2009. The median price for resale condos in January of this year was $227,000, a 3.6 percent drop from February.

— Julie Lynem

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