Now that we’ve completed the first week in February, I wanted to give you a market update on the “higher” end of our county. We have already noticed an upswing in the market; buyer activity has increased, sales have increased and inventory is remaining low. Compared to the last 3-4 months of 2013, the market has changed and begun to move much more quickly.
Today, I wanted to recap our sales on the higher end, which I would consider being in the $1,000,000+ range. Last year alone we had 141 sales of residential properties over one million dollars with 25 of those sales coming from Pismo Beach. Tied for second place was Arroyo Grande and San Luis Obispo with 23 sales. Another increase we are seeing is the value of the price per square foot. We are averaging $500/square foot which is a 25% increase since 2011. The market is bouncing back!
The highest number of high-end sales came in 2006 when we sold 298 homes over a million dollars, barely passing 2005’s 296 high-end home sales. Although that is double what we saw in 2013, we are back from 2010 where we only sold 88 high-end homes and 2011 we sold 101. The following year, 2012, brought in 124 high-end home sales.
I do anticipate this upward moving trend of high-end home sales to continue this year. Our prices are up and the people who can afford that price range are out and giving us strong activity. The median sales price is falling anywhere between $1.4-1.6 million. This reflects the general market and the number of buyers in that marketplace is continuing to grow!
If you have any questions about any of this, don’t hesitate to call us at (805) 781-3750. Thank you for all the amazing referrals and for sharing these videos! We truly appreciate it. Have a great day!