1st Quarter 2017

Five Cities

  • Arroyo Grande
  • Avila Beach
  • Grover Beach
  • Oceano
  • Pismo Beach

The Five Cities area of the Central Coast has the highest price per square foot out of any of the other regions, at a price of $725.31 per square foot. It also is the area with the highest sales to list price with homebuyers on average willing to pay 99% of what the seller is listing for.

  • 134 Total Number of Sales (2017) vs. 122 (2016)
  • $662,200 Median Home Price (2017) vs.$647,125 (2016)
  • 99% Sales vs. List Price (2017) vs. 97% (2016)
  • $725.31 Price per Square Foot (2017) vs. $435.65 (2016)
  • 84 Cumulative Days on Market (2017) vs. 75 (2016)

Four of the five components tracked by this report improved from the first quarter of 2016 to the first quarter of 2017. The total number of sales improved by 12 total sales from the first quarter of 2016 to the first quarter of 2017. The median home price increased by approximately $15,000. The sales vs. listing price increased 2% to 99%. There was a substantial change to price per square foot, skewed by the abnormally high price per square foot of Pismo Beach. The only element of the report that degraded from 2016 to 2017 was the cumulative days on market a house sits for, it increased by 9 days which is a negative meaning homes are sitting on the market longer in first quarter of 2017 than in 2016.


 Total Number of Sales

Grover Beach is the only city in the Five Cities area with distressed sales. It had 1 short sale and 1 REO in the first quarter of 2017. The rest of the cities in the area had a total of 0 distressed sales. Arroyo Grande had by far the most amount of total sales in the first quarter of 2017. It had 62 sales which is a solid amount above Grover Beach the city with the second largest total number of sales, with 38 total sales. Avila Beach had the least amount of sales with only 3 total sales in the first quarter.   


Median Home Price

The city with the highest median home price is Pismo Beach it is $266,999 higher than Avila Beach’s median home price the city with the second largest home price. Oceano is the most affordable town to live in the Five Cities area as it has the least expensive median home price.

Median Home Price Change 2016 vs. 2017

Though the overall median home price of the Five Cities area is higher in the first quarter of 2017 than in 2016, three of the five cities in the Five Cities area declined in median home price from 2016 to 2017. Arroyo Grande had the smallest change declining by only 0.17% or $1,000. The largest change can be seen in the decrease in median home price in the city of Avila Beach, the median home price sunk 18.05%. The two increases, however, were fairly substantial with Grover Beach and Pismo Beach increasing by 13.99% and 9.75% respectively. These two increases offset the three declines and made the median home price increase in the Five Cities area, despite the large decrease in Avila and the majority of the cities decreasing in median price.


 Sales vs. List Price

The Five Cities area had the highest sales to. list price out of all the areas that make up the Central Coast, it averaged an impressive 99%. Arroyo Grande, Avila Beach, and Oceano all tie for lowest sales to list price but still they remain high at a notable 98%. Grover Beach is one of the three cities on the entire Central Coast with a 100% sales vs. list price, meaning homebuyers are willing to pay the full price of what the seller is listing the home for. Pismo Beach has a high sales to list price at 99% which is unusual since cities with higher median home prices usually have lower sales to list prices. This may suggest that Pismo Beach is a city in high demand, despite the high prices people are still willing to pay almost the full listing price.


Price per Square Foot

The obvious outlier here is the extremely high price per square foot in Pismo Beach at $2,112.47, it is nearly 5x the price per square foot of Avila Beach the city with the second highest price per square foot at $419.53. Oceano has the lowest price per square foot and lowest median home price. However, Arroyo Grande has a lower price per square foot than Grover Beach, yet a higher median home price than Grover Beach. This discrepancy suggests that homes in Arroyo Grande are larger than those in Grover Beach.


Cumulative Days on Market

 

Even though Pismo Beach is the most expensive city in the Five Cities area it  is also is has the fastest moving market with homes sitting on the market for a total of  53 days, less than any other city in the area. Again, this suggest that Pismo Beach is a city in high demand, despite its high prices houses in the city move the fastest on the market and people are willing to pay a very high percentage of the listing price of the home. Avila Beach the smallest market in the Five Cities area with only three total sales has the slowest moving market in the Five Cities area with homes sitting on the market for an average of 136 days.