Looking at the luxury real estate market in Nipomo California, there are currently 37 homes priced above $600,000 with an average list price of about $1,066,000 and 191 days on market, and a median asking price of $749,000. Looking at the Nipomo luxury foreclosure market, there were no active luxury foreclosure listings and there was one available short sale in Nipomo. However, the sold data from the last 6 months creates a different picture, of the 19 Nipomo luxury home sales, 3 were foreclosure sales, and 2 were short sales. So, luxury and estate home buyers in the Nipomo real estate market also have an appetite for foreclosure and pre-foreclosure bargains.
Overall, of sold luxury homes, the average list price was $784,114, and the average selling price was $762,615. So, Nipomo luxury home sellers are getting about 97.26% of their asking price and about $264 per square foot. In the Nipomo Valley area, the executive and luxury home market includes developments such as Blacklake, Greg Nester’s Vista Roble, Mesa Meadows, Monarch Dunes Trilogy, Rancho Nipomo, Knollwood, and Hidden Hills.
*Based on the information from the Central Coast Regional MLS. The Association, the Multiple Listing Service, nor Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.
A total of 82 single family homes and 15 condos sold in Pismo Beach and Shell Beach in 2008. The average list price of homes sold was $990,900 and average selling price was about $895,000 The average list price of sold condos in the area was $622,620 and average sellng price was was $586,000. Listings that sold were on the market an average of 112 days. Average price per square foot for Pismo Beach and Shell Beach condos was $399, and average price per square foot of sold homes was $458.
The Santa Maria/Orcutt CA market for foreclosure properties is certainly not unique. However, because of media reports on overall trends in the national real estate market, many who venture into the local home buying market are under the misimpression that there are hundreds of cheap houses sitting out there for the picking. That is not exactly how it is currently working. I might say that about the local condo market — but not the market for homes. That is not to say that there are not bargains out there. There clearly are. But, the local market for foreclosed properties is extremely competitive. On one particularly choice recent bank owned listing, the listing agent reported 28 offers in 5 days.
Are we beginning to turn the corner on foreclosures on the central coast? The number of notices of default ("NODs") filed in both counties marked a sharp decline last month.
