Arroyo Grande & Grover Beach Real Estate Market Update

According to the Santa Maria Times, the San Luis Obispo Board of Supervisors tentatively approved a plan for Nipomo’s West Tefft corridor. The intention is to guide future development with rules that will promote a walkable downtown area for the locality. In addition, the plan addresses traffic congestion occurring at Nipomo’s Tefft & Highway 101 intersection.

Also affecting local property owners, Los Angeles developers have turned their sights on a 4,000 acre parcel of land west of Hiighway 101, east of Highway 135, and just south of Orcutt. They are requesting an amendment to the general plan which would change the zoning from commerical agriculture to a category which would allow a variety of urban uses. They envision 7500 residences from affordable apartments to executive residences and 2 million square feet of commerical/retail space within walking distance of the different village areas.

Now turning to the Arroyo Grande real estate market update. My last update for this area took place on April 30, 2007. Inventory continues to trend upward from the last figure of 294, it is currently at 306 listed homes on the market. Slight drop in the number of pending/contingent homes form 70 to 77 at present. In the past month, there were 77 new listings, 15 expired listings, and 35 homes sold. The most expensive went for $1.9 million and was a 5,000 square foot home which sat on 2.7 acres and boasted panoramic ocean and valley views.

The Grover Beach real estate market also trends upward in terms of inventory. Currently, there are 101 active listings, compared to 97 at my last look on April 30, 2007. Fourteen homes currently under contract. And in the past month, 36 new listings, 9 expired listings, and 14 sold homes. The most expensive home sold for $709,000 and was only on the market for 11 days. It was a 3 bedroom 2 bath 2005 square foot home which sat on a quarter of an acre of land.

Mint Properties offers free initial phone consultations for buyers. Please contact Tni LeBlanc today at (805) 938-9950 for all your real estate needs.

*Based on the information from the Central Coast Regional MLS for the 30 days prior to this posting, May 9, 2007. Neither the Association, the Multiple Listing Service, or 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.

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