Posted on 03/24/2006 7:05:10 PM PST by Porterville
County median home price reaches $604,000 San Luis Obispo County’s median home price inched past the $600,000 mark last month, reaching $604,170, according to data released by the California Association of Realtors. This was a 2 percent gain from January and a 21.7 percent gain from February 2005, when the median price was $496,430.
February’s median was still lower than the record set in November 2005 of $605,160.
The county saw an 8.1 percent increase in the number of sales of single-family detached homes compared with February of last year. During the same period, the median price of an existing home statewide increased 13.7 percent as the number of sales decreased 15.5 percent.
"As expected, year-over-year sales continued to decline from the robust levels of a year ago," said Vince Malta, association president.
Statewide, there is an unsold inventory estimated at 6.7 months. In San Luis Obispo County, unsold inventory was 7.6 months in February. That compares with 5.6 months in February 2005.
The California Association of Realtors bases its figures and projections on the reported closed escrow sales of single-family detached homes (no condominiums) provided by member associations. — Jeanne Kinney
I'm a little late to reply but don't worry about the value of your house. My husband gets all caught up in that. Honestly, I just want to enjoy my house for what it is - it is beautiful and if it's not what everyone else wants or where everyone else wants, oh well....
Normally, houses will be worth more than when you buy unless you are in a bubble situation or a seriously economically depressed area from when you bought it. I don't know where you live but if you have a home anywhere in the 250K to 500K range (land or not), I would say you are doing just fine. And.... you can always update it.
No prob, I've been gone all weekend myself. My point is, the older houses in my neighborhood are being razed and million dollar mansions are being put in their place. What does that make my house worth if it's not updated? Is it just worth the land? I dunno. It's worrisome though.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.