Pismo Beach, Shell Beach & Avila Beach Real Estate Market Update

The Santa Maria Town Center will begin a major renovation which will convert Gottschalk’s into a downstairs only location and place a 6,000 square foot, 13 screen state of the art theater above it. This project promises to breathe new life into the struggling Town Center Mall in downtown Santa Maria. Construction could begin in as soon as a couple of weeks.

In housing news, the Times Press Recorder, indicates that the San Luis Obispo County Board of Supervisors denied two affordable housing grant requests. The first denial was for People Self-Help Housing’s planned affordable units in Avila Beach; the second denial was for the proposed Cider Village Family Apartments in Nipomo submitted by Global Premier Development. As its rationale, the Board cited the importance of continuing funding to existing affordable housing projects.

Now onto the real estate market update for Pismo Beach, Shell Beach & Avila Beach. My last market update was on May 1, 2007. There was another slight increase in inventory from 136 to 142 homes on the market. Also, the number of homes under contract also continues to trend upward from 27 to 30. In the last 30 days, there were 33 new listings, 11 expired listings, and 17 sold homes. The most expensive home sold during that period was a custom built 4 bedroom, 4 bath, 3000 square foot home on a third of acre which boasted Avila Valley views. It went for $2,425,000.

*Based on the information from the Central Coast Regional MLS for the 30 days prior to this posting, May 10, 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.