Median home prices are up in San Luis Obispo while interest rates remain low.
Is it a good time to buy or sell real estate in San Luis Obispo?
Buyers and sellers in San Luis Obispo's real estate market have re-entered the market after years of waiting for the economy to recover according to the latest report in the local Tribune News. However, in San Luis Obispo County finding an available home can prove difficult and this fact is contributing to higher prices. The demand for housing on the Central Coast continues to be robust and as long as the demand continues to rise, so will the appreciation of home prices. This has led to an increase of the oveall median single-family home price in our area to $458,500 in January 2015 - up 5 percent from a year ago.
Prices in San Luis Obispo County vary widely. Many home buyers understand it will cost significantly more to buy a home in the city or suburbs of San Luis Obispo. It is difficult to find even a modest single-family home in San Luis Obispo and a buyer may find homes much more affordable in the North County areas of Paso Robles, Atascadero and Templeton or the South County areas of Grover Beach, Oceano, Nipomo, and Arroyo Grande. Homes in the ocean view - beach towns of Avila Beach, Pismo Beach, Morro Bay and Cayucos remain in high demand and in par in terms of affordability with the city of San Luis Obispo. These variations in pricing are similar to past markets over the last several decades in San Luis Obispo County.
While the median price of homes creep up, the total number of homes sold have decreased over the year. Our area compares with statewide sales being down by around 2 percent from a year ago January 2014. The overall lack of inventory is one of the reasons for thes dip in local sales. However, people want to take advantage of the low interest rates, so the desire to buy and sell is high, especially in this very desirable area where the economy and employment rates continue to improve.
In conclusion, if a home in San Luis Obispo County fits into your budget and your overall home buying plan, it is a good time to buy while interest rates are low, and affordability in this increasingly popular area in range, depending on the area you pick. Please let San Luis Obispo Realty help you find that perfect home in a spot that is right for you. We have expert agents and brokers ready to assist you with all your real estate needs.