As the market continues to correct around the country and real estate changes continues to capture our daily conversations, most local Central Coast residence know there is a significant price difference between living in San Luis Obispo County South and Santa Barbara County North. If you take the average of Santa Barbara South Coast the median price is $1,100,000; North Santa Barbara County is $386,110 per C.A.R.
This significant price difference encourages home purchases in less expensive areas and commuting becomes commonplace. The median price home in Santa Maria for example, based on an MLS average of home sold in the last 6 months with an average of 1630 square feet is $375,829. The average residential property in Santa Maria, on average sold in 73 days.
Most locals also know Arroyo Grande is 15 minutes drive north of Santa Maria and located in San Luis Obispo County South. Per the MLS of homes sold in Arroyo Grande in the last 6 months, a 1628 square foot home on average sold at $490,234 and took 102 days to sell.
I realize people choose to live in various communities for personal and family reason. I am not putting down any particular community. As a real estate agent, I service both Santa Barbara and San Luis Obispo County. With the ongoing changes in the real estate and mortgage industry, purchasing a home has been difficult for many people in the Central Coast. Affordability and reducing your monthly mortgage is a prudent decision for those struggling to purchase a home in the Central Coast due to high cost.
There is good reason to purchase at this time. Interest rates are still historically low, there is a large inventory of homes for sale, there is an over supply of homes, and the current buyers market gives leverage to a savvy buyer. These conditions will not stay the same for long. The market continues to adjust and this "door of opportunity" is temporary.
Purchasing a home in San Luis Obispo South or Santa Barbara North could be the difference between purchasing a home at $375,000 or $490,000. Do you want to save $115,000? I think it is worth considering where you decide to purchase a shelter.
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Cesar,
Good post! It was very informative. I found the article very interesting for personal reasons. It gives me hope if I end up moving back to the central coast.
Alex
Alex,
Informational - The city of Oceano is the most affortable area to purchase a home in SLO County. Santa Maria is a great city with a population exceeding 90,000 people and growing, and the fastest growing city in SB County. Although the prices might appear expensive, home prices have dropped 11.5% in Arroyo Grande from June 2006 to June 2007; Santa Maria home prices has dropped about 10.5% during teh same time period. Cesar
Cesar,
I used to live in Oceano in the 90's but I had trouble sleeping with all the gun fire (I'm not kidding) at night.
Alex