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Blog - San Luis Obispo Real Estate: median home prices

Affordable housing in SLO?

San Luis Obispo Housing Statistics - 2019

Fewer than 14% of homes on the market in San Luis Obispo are affordable for a median income family (Source: National Association of Home Builders). According to reliable sources such as ATTOM Data Solutions and the US Department of Housing and Urban Development; San Luis Obispo County has a population of 272,177, median home price of $589K, unemployment of 2.6%, average annual wage of $44,700, median household income of $59,628, 2019 rental affordability of 60.3% and 2018 home affordability of 107.1%.

Pictured below, see the population and median home prices of Paso Robles, Morro Bay, San Luis Obispo, Grover Beach, Atascadero, Pismo Beach and Arroyo Grande

Graph of area median home prices

Less than 25% of San Luis Obispo County residents can afford a median-priced home.

With all this in mind, our market in San Luis Obispo remains robust. We are seeing more homes for sale, but also very quick absorption of new listings and the market appears to be heating up since the early part of February 2019. The buying season for student rental properties begins NOW, so it is a very good time to list a home. 

Please consider Monique to give you a progressive market plan to list and get top dollar for your home, or contact her to find a home for yourself, investment home property (while your student goes to college), land, lot or commercial property in our very popular central coast area. Our area affordability may be low, but the desire to live here, remains very high!

Real Estate Market Update - May 2016

Is it time to sell your home? Within the last twelve months, the median sale price of a single-family home in San Luis Obispo has increased by 10%.

In San Luis Obispo there were 87 single-family homes on the market through April, 2016. They ranged in price from $495,000 to $3.25 million. There were 80 homes in escrow and 30 that closed escrow in the 30 days prior. The average sale price hovers around $405 per square foot and homes are going into escrow within 72 days of being put on the market (3 month average). From February to March, there was a 31% increase in the number of homes on the market and a staggering 126% increase in the number of homes in escrow. It is expected the next 6 months will be a very active buying/selling period as Cal Poly parents start looking for a property for their children to live in while in college and annual lease turnover at the end of June. If you have considered selling your property, it is my belief that 2016 is the year to sell (either cashing out OR exchanging into another investment property). With a gradual increase of interest rates projected, housing affordability will continue to be a major concern for buyers entering the market.

Here are some QUICK FACTS on Median Home Prices in San Luis Obispo:

  • Median 2 bedroom in SLO    $ 607,500
  • Median 3 bedroom in SLO    $ 638,500
  • Median 4 bedroom in SLO    $ 865,000
  • Median Condo in SLO           $ 459,000
  • Median County Sale Price     $ 541,500

So to answer the question, "Is it a good time to sell your home in San Luis Obispo?"   Judging by the data, YES!

Please register or fill out a form to have a FREE market analysis of your home (with no obligation). Search all homes in San Luis Obispo and San Luis Obispo County HERE. View all my home buying and selling tips here.

 

Monique Carlton - REALTOR®

Top San Luis Obispo Real Estate Agency on the Central Coast!
441 Marsh Street
San Luis Obispo, CA 93401
Phone: (805) 471-6921
Email: moniquecarlton@gmail.com
BRE # 00184228

My web sites: www.SellingSanLuis.com 
www.CentralCoastListings.com
Company web site: www.San-Luis-Obispo-Realty.com

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Monique Carlton - REALTOR ® | Better Homes and Gardens Real Estate, Haven Properties | 441 Marsh Street San Luis Obispo, CA 93401 | Your number ONE resource for buying and selling San Luis Obispo Real Estate and Homes on the Central Coast of California!

San Luis Obispo Real Estate

 

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