The “Five Cities” regional real estate overview includes data about the following markets within San Luis Obispo County through the first quarter (January—March) of 2015:

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

All data is compiled from the Scenic Coast Multiple Listing Service and published by Keith Byrd at SloCountyHomes.com.

More feature overviews of SLO County real estate in the first quarter of 2015:


Median Home Price

Oceano offers the most affordable home price in the Five Cities region, with a median of $325,000. Meanwhile, Avila Beach is the most expensive with a median of $857,500, nearly $300,000 above the median home price for SLO County.

Pismo Beach has shown the best price growth, up approximately 26% compared to the first quarter of 2014. Grover Beach follows close behind, with a median price about 25% higher than the same time last year.

five cities median


Price Per Square Foot

Another way to compare “affordability” of homes is the price per square foot of each property sold.

Despite Oceano’s inexpensive median home price, it is not the most affordable according to price per square foot. That position goes to Arroyo Grande at $310.24 per square foot, the cheapest by nearly $15.00. Arroyo Grande’s price is only about $3.00 more expensive than the SLO County average of $307.10.

five cities ppsf


 

Home Sales

Within the Five Cities, Arroyo Grande has had the most home sales thus far this year by a sizeable margin. Compared to the rest of SLO County, Arroyo Grande home sales are currently in 4th place, behind Paso Robles (115 sales), Atascadero (83 sales), and San Luis Obispo (72) for the first quarter of 2015.

Overall, the Five Cities region has sold around the same number of homes this quarter as the first quarter of 2014.

  • Arroyo Grande: 59 sales (vs. 57 sales is 2014)
  • Avila Beach: 4 sales (vs. 5 sales in 2014)
  • Grover Beach: 18 sales (vs. 18 sales in 2014)
  • Oceano: 11 sales (vs. 12 sales in 2014)
  • Pismo Beach: 19 sales (vs. 20 sales in 2014)

 

Distressed Property Mix

Today, one important reason why the market is healthier is because the supply of distressed properties has evaporated.

Here is the foreclosure mix for the first 3 months of 2015:

  • Arroyo Grande: 95% normal
  • Avila Beach: 100% normal
  • Grover Beach: 89% normal
  • Oceano: 91% normal
  • Pismo Beach: 100% normal

Compared to their worst years in the post-housing bubble market:

  • Arroyo Grande: 67% normal (2009)
  • Avila Beach: 75% normal (2010)
  • Grover Beach: 55% normal (2011)
  • Oceano: 37% normal (2009)
  • Pismo Beach: 73% normal (2011)

 

Median Home Price Change

The chart below shows how home prices have compared year-over-year through the first three months of the past 10 years.  As you can see below, Arroyo Grande, Grover Beach, and Pismo Beach have all seen a swift increase in their median home prices since last year.

five cities price change


Central Coast Lending is a mortgage broker and direct lender based on the Central Coast of California in San Luis Obispo County. Call 805.543.LOAN to set up a free pre qualification.