Home prices on the rise for Central Coast real estate markets

Feb 18, 2014

Ten year home price trend.
Credit DataQuick

Central Coast home prices shot up last month according to the latest report released by the number crunchers at San Diego-based DataQuick.

The San Luis Obispo County real estate market saw a strong year-over-year January with an increase in both the number of homes sold and the overall median sales price. A total of 261 properties were sold countywide during the first month of 2014, up 19.7 percent from the previous year. The median price of those homes also rose to $400,000, up 5.5 percent.

Both Santa Barbara and Monterey Counties had a dip in their January sales when compared to 2013, but slower sales didn't appear to hurt prices. Homes in Santa Barbara County sold for a median average of $415,000, up 21.2 percent from last year. Monterey County saw a 12.8 percent spike to $360,500.

California's statewide median price hit $353,000, up 21.7 percent from 2013. The state's pre-recession median peaked at $484,000 back in spring 2007. The state's median sales price bottomed out in April 2009 at $221,000.

The January DataQuick report for California shows indications of an improving real estate market overall with dropping foreclosure activity and stable down payment sizes.