Arroyo Grande, CA – August 15, 2016-- Home sales and prices slowed in California’s Central Coastal Region in July as markets recovered from four straight months of record growth. However, sales and prices in the Ventura region continued to rise, reaching peak levels and exceeding year-over-year levels by double-digit margins for the second month in a row.
Closed sales in the two-county Central Coastal Region fell 7.4 percent from June and 5.3 percent from July 2015 as the market adjusted to price increases. Prices ended the month 13.5 percent higher than they were a year ago and 1.5 percent higher than in June.
The region’s median price reached $459,500, a five-year high. Homes took slightly longer to sell, settling in a median of 78 days in July compared to 73 days in June.
“Home sales in San Luis Obispo and Santa Barbara Counties slowed down in June as the market to absorb four months of rising prices. Sellers are continuing to respond to price levels that are significantly higher than they were a year ago at this time. Inventories are higher than they have been since last October. With interest rates still at historic lows, conditions in the Coastal Counties are better for buyers than they have been all season,” said Amy Gallagher, corporate broker of record for CENTURY 21 Hometown Realty.
Sales in the five-county Ventura region rose 10.5 percent over July 2015 and 4.8 percent over June to reach a new five-year high. Median prices also reached a new five-year peak of a $479,000, 1.7 percent over the median price in June and 12.7 percent above prices in July 2015. Homes spent only 64 days on market, settling 4.5 percent faster than a year ago.
“In Ventura County, strong demand is still driving prices and sales to new peak levels. Inventories in the region are now nearly 20 percent higher than they were at this time last year, which may help to cool the market in the final weeks of summer,”she said.
San Luis Obispo County
July sales in San Luis Obispo County fell 4 percent from June and 9.1 percent from levels of a year ago. However, at $527,500 the median price in the county still ended the month 14.7 percent higher than a year ago. Homes are selling faster than they were in June, settling in 78 days. Total listings in the county fell 2.7 percent from a year ago.
In San Luis Obispo city, sales rose 16.4 percent over last year but were down 14.5 percent from June, ending five straight months of sales increases. The median sale price fell to $604,626, a drop of 1.7 percent from July 2015 but 5.1 percent above June’s median price.
Santa Maria saw sales fall 4 percent from a year ago but increased 5.2 percent from June. Median price reached $351,000, an 8 percent increase over 2015 and 4.2 percent over June. Homes sold in 73 days.
Local market data and listings for San Luis Obispo County communities are available at Arroyo Grande,Atascadero, Avila Beach, Cambria, Cayucos, Creston, Grover Beach, Los Osos, Morro Bay, Oceano, Paso de Robles, Pismo Beach, San Luis Obispo, Santa Margarita, San Miguel, San Simeon, Santa Ynez, Shandon, andTempleton.
Santa Barbara County
In July, sales in Santa Barbara County fell 3.6 percent from June, and 7.8 percent from July 2015. Prices remained 6.5 percent above levels July 2015 and 0.8 percent above June. Homes sold 7.7 percent faster in July than June, settling in 72 days.
Local market data and listings for Santa Barbara County communities are available at Ballard, Guadalupe,Lompoc, Los Alamos, Los Olivos, and Solvang.
July Home Sales, San Luis Obispo (red) and Santa Barbara (blue) Counties
Ventura County prices and sales both rose for the third straight month in July, reaching new five-year peaks. Sales rose 10.5 percent over levels of a year ago and 4.8 percent over June. The county’s median price reached $479,000, up 12.7 percent from 2015 and 0.6 percent from June. Properties sold at a record pace, spending 64 days on market, a decline of 4.5 percent from 2015 and 1.6 percent from June.
Ventura city prices reached a new five-year peak in June, reaching a median of $550,000, up 15.8 percent from 2015 and 5.3 percent from June. Sales also rose o.9 percent over July 2015 and 20.7 percent over June.
Local market data and listings in Ventura County communities are available at: Agoura Hills, Camarillo, Lake Sherwood, Moorpark, Newbury Park, Nipomo, Oak View, Ojai, Port Hueneme, Santa Maria, Santa Paula, Simi Valley, Thousand Oaks and Westlake Village.
CENTURY 21 Hometown Realty accessed data from the Central Coast Regional Multiple Listing Service and the Ventura County Regional Data Share to prepare its February market analysis
Ventura County Home Sales, July 2011 to June 2016
About Century 21 Hometown Realty
CENTURY 21 Hometown Realty is the leading real estate firm on the central coast. Since 1947, it has supported the needs of home buyers and home sellers throughout California’s Central Coast region with 19 branch locations in San Luis Obispo, Santa Barbara, and Ventura Counties. Our offices cover the California Coast from Paso Robles in the north to Camarillo to the south.
We offer specialty services including Luxury Real Estate, Agricultural and Ranch Real Estate, Vineyards, Ocean Front Real Estate, Commercial Real Estate, and Residential Real Estate. Our agents have a keen focus on these areas and multilingual and generational expertise. Visit our website at C21Home.com to see our California listings and our office locations.
Original blog post from Century 21 Hometown: