State of the Market

Here is a brief summary of the current state of the market in Cayucos and Morro Bay. For Cayucos there are currently 52 homes for sale which is quite a bit more than usual compared to the past couple of years. The least expensive home is listed for $549,000 and the most expensive is an oceanfront listed for $4,950,000. 24 of the 52 homes are priced over $1 million and the average list price is $1,389,481. The average time it is taking for a home to sell is 147 days. There are 3 beachfront homes currently on the market. The good news for buyers is that there is plenty of inventory to choose from which is unusual for Cayucos, and with the competition among sellers, buyers can get a better price than they've been able to in the past. Even so, the values are showing that it is still a very desirable little beach town.

Regarding Morro Bay, there are currently 85 homes for sale including condos. The least expensive is a condo for $325,000 and a single-family home for $397,650. At the top of the market in Morro Bay is a home listed for $3,000,000 on 20 acres and there is one oceanfront home for sale listed for $2,650,000. The average list price is $936,970 and it is taking 142 days to sell a home in this market. Morro Bay has more homes that are affordable as far coastal property goes and we are seeing the lower end of the market sell fairly quickly. Buyers are starting to come over to the area now that tax season is over. This is the time of year that sales begin to pick up and I am very optimistic it will turn out to be a good year over all. Right now, however, we need to reduce our inventory little by little to balance out the market.