REVIEW OF THE PAST 5-YEAR PRICE / SALE TRENDS
MORRO BAY
|
YEAR |
Sales |
+/- (%) |
Median |
+/- (%) |
Avg. CDOM |
+/- (%) |
High |
Low |
Avg. SP/LP |
|
|
|
|
|
|
|
|
|
|
|
|
2003 |
160 |
|
$439,000 |
|
60 |
|
$1,600,000 |
$226,000 |
98% |
|
2004 |
193 |
21% |
$550,000 |
25% |
78 |
30% |
$2,650,000 |
$290,000 |
97% |
|
2005 |
130 |
-33% |
$645,000 |
17% |
65 |
-17% |
$2,300,000 |
$337,500 |
97% |
|
2006 |
112 |
-14% |
$615,750 |
-5% |
106 |
63% |
$2,000,000 |
$330,000 |
95% |
|
2007 |
101 |
-10% |
$570,000 |
-7% |
132 |
25% |
$1,600,000 |
$300,000 |
96% |
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
REVIEW OF THE PAST 5-YEAR PRICE / SALE TRENDS
CAYUCOS
|
YEAR |
Sales |
+/- (%) |
Median |
+/- (%) |
Avg. CDOM |
+/- (%) |
High |
Low |
Avg. SP/LP |
|
|
|
|
|
|
|
|
|
|
|
|
2003 |
61 |
|
$589,000 |
|
122 |
|
$1,525,000 |
$220,000 |
97% |
|
2004 |
59 |
-3% |
$715,000 |
21% |
104 |
-15% |
$4,100,000 |
$380,000 |
96% |
|
2005 |
49 |
-17% |
$898,000 |
26% |
98 |
-6% |
$4,450,000 |
$499,000 |
97% |
|
2006 |
31 |
-37% |
$950,000 |
6% |
111 |
13% |
$3,900,000 |
$517,000 |
94% |
|
2007 |
36 |
16% |
$845,000 |
-11% |
157 |
41% |
$3,400,000 |
$500,000 |
94% |
Cayucos is not immune to the dampened market that we are experiencing in 2008. During the past five years, Cayucos enjoyed two double-digit growths in median home price appreciation of 21% in 2004 and 26% in 2005. The price increase dropped to 6% in 2006 when compared to the previous year. Last year, Cayucos homeowners saw a 11% drop in the median home prices. On the upside, the number of single-family residences improved by 16% in 2007; a huge improvement compared to the 37% decrease in 2006 or the drop of 17% in 2005. Conversely, the average time taken to sell a home in Cayucos is lengthened by 41%, or 157 days versus 111 days in 2006, or the much shorter period of 98 days in 2005. The ratio between the selling price and listed price on home sales in 2007 and 2006 also fell by 3% when compared to a year earlier.
**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.
Residents of the Central Coast are invited to a unique Open House on Thursday, February 7, as RE/MAX Seven Cities ushers in the Lunar New Year!
As Western culture rings in the New Year every January, Chinese culture similarly celebrates the New Year, albeit a little later in the Winter. Chinese culture celebrates the new year with the coming together of friends and family, all sharing delicious food, and generally with the creating of an atmosphere of happiness and prosperity. It's a fun way for us all to get together with colleagues and customers to welcome 2008, the "Year of the Rat"!
In addition to a wide array of Asian foods and treats, celebrants will have the opportunity to enjoy a lion dance performance by the Cal Poly Lion Dance Team.
Anyone wishing to usher in the Lunar New Year is invited to join the staff of RE/MAX Seven Cities Realty at 815 Morro Bay Boulevard, Morro Bay, CA 93442. Bring your good karma, your good wishes for prosperity and general good nature and celebrate the "Year of the Rat" from 3.00 p.m to 7.00 p.m. on February 7, 2008!
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Senior Real Estate Specialist & E-Pro whose motto is 'Service Above Self'. Covering Cayucos, Cambria, Morro Bay, Los Osos and San Luis Obispo, and most of San Luis Obispo County, California.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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