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
We just bought a house in Tucson, AZ. It cost over 4 x what our house in Tennessee cost and it's nearly half the size.
I live in SLO county, and boy am I jealous.
In other news, one out of every two houses sold in California today is sold with an interest-only mortgage.
In a house??? ? You're scaring me.. You are welcome anyway.. ;-)
BTW- Where we lived in Tennessee we had a pretty nice house for 80k. The REALLY nice homes in the prime, planned neighborhood were 200k. In the part of Tucson we live in this would buy a nice cozy home fitted with bars over every window and a good view of the real world(ie drugs, crime).
yes yes, why would 50 +million people want to live in America's greatest state?
a state whose beauty and weather has no equal...?
a state with the world's 6th largest economy DESPITE the liberal/socialist morons who constantly try to derail it?
yup...no one wants to live there..
....Yes we pay a lot to live here.
Not bragging, just elated.
""I paid my mortgage off today."" YIPPY""!!!!
Congratulations!
We paid one off almost 2 years ago now.. One more to go!
feel better now?
This is what has inflated the market all over the country - it's insidious and should be illegal.
Sooner or later, things will slow down or reverse = and people are going to be hung out to dry...
Nah. I'm into futures. I probably should be into real estate. I do own a house that is worth probably 500K. BUT: the area around me is going nuts. Which means my house may not be worth squat. They are tearing down all the old houses around me and building million dollar homes. My house isn't modernized. I may be screwed. My house may not be worth 500k. It may be only worth the land.
I didn't even know such places existed anymore.
Where I come from, a three bedroom, 1 1/2 house in Jamaica, Queens, aka THE GHETTO goes for $350-400k. The same house (one that is 40 years old, mind you), in a decent neighborhood costs at least $750K.
Here in Seattle, $300K will get you into a "starter" home 40 miles from the city.
blah blah blah... your negativity is not going to destroy the general happiness many of us have experienced and are experiencing in this real estate market.
Cheers to real estate.
What a great feeling!
Thank You Lord!
Sorry to disillusion you but I'm from the Northeast and wouldn't live anyplace else.
I love the change of seasons.
Does the "greater fool theory" apply to real estate?
Only for thosse who pay too much.
You are a very lucky dog!!!
Where we lived in Tennessee we had a pretty nice house for 80k.
I didn't even know such places existed anymore.
sure do, I bought a house for 39k in 1999 2 bedroom 2 bath 20x30 detatched garage. In average shape. I can get a nice house for around 80k of course there are some in the half mil to mil range in my area too. but I like my 400 dollar a month house note :p
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