Market Update- Morro Bay, CA

REVIEW OF THE PAST 5-YEAR PRICE / SALE TRENDS

MORRO BAY

The above statistics reveal that homeowners of single-family residences in Morro Bay saw a huge jump in median price appreciation by 25% in 2004 when compared to 2003. The median home price appreciation fell by 8% a year later, and continued to decline each year. In 2006, the median home price dropped by 5% in 2006 and a further 7% last year. Year over year sales also declined from 2004. The highest drop in the number of single-family home sales was the 33% drop in 2005 when compared to the previous year. Last year, Morro Bay suffered a 10% drop in home sales. Buyers were paying about 96% of the listed prices in 2007; just 1% higher than 2006, and 1% lower than 2005 and 2004. The average marketing time to sell a single-family home has more than doubled, i.e. by 63% in 2006. The 106 days needed in 2006 have increased to 132 in 2007, whereby the average time is lengthened by another 25%.

**Avg. CDOM - average cumulative days on the market ** +/- (%) Difference in %

**Avg. SP/LP - average selling price vs. listed price ** Median - refers to median home prices

***Information collated from the Central Coast MLS, deemed correct but not guaranteed