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

Median Home Price

Five Citiest QTR 2- median home price

The Five Cities area represents a wide range of median home prices within the cities that make up the area. They differ by over $450,000 with Oceano at the low end of the spectrum and Avila at the top having the highest median home price. Pismo and Avila Beach are both among the top three cities with most expensive median home prices on the whole Central Coast. This is helping to pull up the Five Cities median home price average as a whole, as it is above the SLO County average of $550,000. Even though, two of the cities are below the SLO County average, Avila and Pismo Beach help to offset these lower totals with their steep beach prices. The Five Cities overall median home price average is $643,790, about 17% higher than the SLO County average.

Five Cities QTR 2- median price change

Above shows the median price change for the first two quarters of 2015 compared to the first two quarters of 2016. As you can see, median price growth in the Five Cities was below the SLO County average from 2015 to 2016, with Oceano being the only city to show a noticeable increase at 11.78%, 5.6% higher than the county average. Pismo Beach, Grover Beach, and Avila Beach’s median price increased modestly ranging between 1.52% up to 4.90% growth in price. Arroyo Grande was the only city in the Five Cities areas to post a decrease in median home price from 2015-2016 in the first two quarters.

 Price Per Square Foot

Five Cities QTR 2- Price per square foot

This graph represents the average price per square foot in the Five Cities area for the first two quarters of the last three years: 2014-2016. The average price per square foot in the Five Cities area is $427.32, $85.34 above SLO County’s average of $341.98 per square foot. Three out of the five cities in the area are below the SLO County average price per square foot. Oceano had the lowest price per square foot at $324.83, a decrease of a little less than $10 or -2.81% difference compared to last year. Though, Oceano decreased in price per square foot, its overall median home price increased the most in the area with a surge of almost 12% from last year. This means that homes selling in Oceano this year are larger than the homes sold last year, the low price per square foot and higher median price result in more square footage. Most cities in the Five Cities area’s price per square foot have increased steadily from 2014 with the exception of Oceano and Avila Beach. These two cities had the least amount of sales, only 21 and 12 respectively. Because Oceano and Avila Beach have only a small number of sales, they also only have a small amount of data for this report; meaning that their figures and averages may be skewed by the few sales they had and not an accurate representation of the city as a whole. Pismo Beach and Avila Beach were consistent with median home prices with Avila Beach being the most expensive followed by Pismo Beach, these were the only two cities above the SLO County average and their high price per square foot helped bring up the average price per square foot for the whole Five Cities area.

Total Sales

Five Cities QTR 2- Total Sales

The sales mix above shows a healthy economy in the Five Cities area with an average of less than 2 distressed sales per a city. Arroyo Grande had by far the most amount of sales at 142 normal sales in the first two quarters of the year, this is over twice as much as the second leading city in the area, Grover Beach with 62 sales. Because Arroyo Grande had the most sales it also had the most amount of distressed sales: 5 REO’s and 1 short sale this, however, made up only 4% of total sales. Avila Beach had the least amount of sales from January-June and also happens to be the most expensive city in the area, suggesting that price may be correlated to sales numbers. However, Pismo Beach does not reiterate this possible correlation; at the second most expensive city in the Five Cities area, it had a decent amount of sales at 51 normal sales near the Five Cities average of 57.6 homes.

Sales vs. Listing Price

Five Cities QTR 2- sales vs. listing price

The sales vs. listing price graph for all the cities in the Five Cities area are lower than the SLO County average with the exception of Grover Beach. This suggests that the market in the Five Cities area has more price elasticity than other areas on the Central Coast. The average ratio of sales vs. listing price in the Five Cities is 97.42% vs. the SLO County average of 98.13%. Avila and Pismo Beach the two cities in the area with the most expensive median home price and price per square foot also have the lowest ratios of listing vs. sales price. These cities may be too expensive to have a competitive market like Grover Beach where sellers are getting 98.87% of what they are listing their house for.

Cumulative Days on Market

Five Cities QTR 2- CDOM

The average cumulative days on market is the time it takes a property to sell, from when it was originally listed to when it has an offer accepted. The fewer cumulative days on the market, the faster and the market is moving and the less time it takes a home to sell. With Avila sitting on the market for the most amount of days and Oceano selling the quickest, the cumulative days on market for the cities in the Five Cities area are in the same order as they are ranked for median home price. Avila in the lead with the most expensive median home price and most days on the market, Pismo Beach following with the second highest median home price and second longest amount of days on the market, followed by Arroyo Grande, then Grover Beach, and lastly Oceano. The average days on the market for the Five Cities area as a whole is around 83 days above the SLO County average of 71 days. The reason the average is so high for the Five Cities area is because the data is being skewed by the amount of days on the market a house sits for in Avila Beach, which only had 12 overall sales so far this year. Avila Beach’s average cumulative days on the market is 186, exactly double the amount of time a house is on the market in Pismo Beach, the second slowest market in the Five Cities area.