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Home Affordability in SLO

What do you need to make to buy a median priced home in San Luis Obispo County?

In a report put out by the Los Angeles-based California Association of Realtors, only a quarter of the residents in San Luis Obispo can afford a median priced home at $550,000. You would need to make at least $113,000 a year in order to pay the monthly mortgage payments of $2,830 which would include taxes and insurance. Statewide, 32 percent can afford a median-priced home at $496,620. 

But....don't get too depressed, our county is far more affordable than San Francisco (where only 13 percent of residents can afford a home), followed by Santa Barbara, San Mateo, Santa Cruz and Marin counties. We offer a quality of life here in SLO, that we feel is far more desirable and affordable in comparison.

Please contact San Luis Obispo Realty and allow us to assist you in finding a home in our popular area that is affordable to you! If you register on our site, you can have homes that are brand new on the market, emailed to you as soon as they are listed. We will keep you updated hourly.

If you want to list your home in this great San Luis Obispo market, let us assist you. Your home will be showcased on our site that is trusted and used by approximately 50,000 visitors a month and is the top rated real estate broker web site on the entire Central Coast. 

San Luis Obispo Home Sales and Prices Rise - Apr. 2016

San Luis Obispo County sees year-over-year rise in home sales and prices.


Overall median home price rises to $473,500, up 5.5 percent from the same month a year ago. Overall home sales in the county increase to 268 in February, up 1.5 percent from a year earlier.

Both the overall number of home sales in San Luis Obispo County and the median home price rose slightly in February from the same month a year ago, while dipping marginally from January’s numbers.

Total sales, including new homes, resale single family homes and condos, were 268 in February, up 1.5 percent over the same month a year ago when 264 units were sold.

The overall median home price rose 5.5 percent to $473,500 in February from $449,000 a year earlier. The median is the midpoint at which half of the houses sold for more and half for less. Figures are compared year over year because of the seasonal nature of home sales.

The California Association of Realtors reported that closed escrow sales of existing, single-family detached homes in the state totaled a seasonally adjusted 393,360 units in February, up 6.4 percent from February 2015.

The association reported the median price of a resale single-family detached home in California was $446,460 in February, 3.8 percent higher than the revised $429,930 recorded in February 2015.

In San Luis Obispo County, 68.3 percent of all sales in February were resale single-family homes. Resale single-family home sales decreased 16.1 percent to 183 units sold in February; the median price of these resale homes rose by 8.9 percent to $488,750.

The number of condos sold in the county was 37 units, up 42.3 percent from 26 in February 2015. The median price for condos was $370,000, down 0.7 percent from a year ago.

Sales of new homes increased by 140 percent in February, with 48 units sold, compared with 20 the previous year. The median price of new homes sold increased by 7.8 percent year over year to $553,500.

It appears that San Luis Obispo real estate, home sales and prices are all on the rise. Please read more from the San Luis Obispo Tribune News in the Apr. 7, 2016 edition.

San Luis Obispo Housing Data Graph

Graph taken from the San Luis Obispo Tribune - Apr. 7, 2016

 

and our Morro Bay Affiliate & second location

Morro Bay Real Estate Partner

San Luis Obispo Realty
805-544-9161
info@san-luis-obispo-realty.com
441 Marsh Street
San Luis Obispo, CA 93401

CA BRE# 00577121

 

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