SUMMARY

Unlike falling prices in many parts of the nation, the median sale price in San Luis Obispo registered at $702,000 for the first quarter of 2007, showing an increase of 1%, over the same period last year. Also more homes sold. For the first three months in 2007, 66 properties were sold; a 10% increase over the first three months in 2006.

However, the number of homes for sale has also increased. As of April 18, 2007, there are 112 single-family residences (stick-built type) priced from $450,000 to $12,000,000, plus 69 condos priced $225,000-839,000 and 33 mobiles homes @ $58,000-320,000, making that a total of 214 properties for sale in San Luis Obispo. Homes are taking longer to sell. For the period reviewed, homeowners saw their marketing time increased by 45% to about four months to sell their homes. With the larger inventory and overall softer market, it is anticipated that homes will continue to take just as long, if not longer, to sell.

Presently, 50 single-family residences are in escrow. The highest number, or 36% or 18 of these properties are in the $550-650 price range, followed by seven priced from $500,000-550,000. Again, we are not seeing many higher priced properties in escrow. Three are in the $1.25-1.5M range, and one is in the $3M-3.3M range.

As a college town and the metropolitan center in the county, the real estate market in San Luis Obispo remains robust and is less likely to suffer huge price declines.