Spring Market Update

Here's a brief summary of what's happening in the market right now.

For Morro Bay there are currently 69 single family homes listed for sale. The lowest was listed on May 2nd for $389,000 and is a 2 bedroom, 1 bath cottage with a peek of the ocean and approximately 676 sq.ft. The highest was listed on over a year ago for $3,000,000 is a 2 bedroom, 2 bath, 1450 sq. ft. fixer with views of the hills, but it sits on 20 acres of prime agricultural land. The average list price is $812,113 and the average recent sales price is $635,029. There are 17 homes in escrow right now and 51 homes have sold in the past six months. It is taking about 124 days for homes to sell in this market.

For Cayucos there are currently 48 single family homes actively for sale, 7 pending sale and 11 have sold in the past six months. The lowest was listed in April for $549,500 and is a 1 bedroom, 1 bath, remodeled 1950's cottage with ocean views and approximately 800 sq. ft. The highest was listed on May 1st for $4,950,000 and is a brand new 3 bedroom, 4 bath, 2450 sq.ft. oceanfront home. The average list price is $1,414,855 and the average recent sales price is $973,082. It is taking about 159 days for homes to sale in Cayucos.

What these statistics are telling us is that the market is looking good for the spring-summer season. Inventory is down a little bit and even though there have been several new listings, sales have been picking up with more buyers coming over to the area. And, average market time is decreasing which can be attributed to the fact that most sellers are finally being more realistic about how the market has changed and the importance of pricing their home right in this market so that it will sell. I am very optimistic that the market will be strong over the summer as more buyers make the decision to invest during this "favorable" period.