2012 Community Economic Profile
Real Estate
The residential real-estate market is currently swinging from a seller’s market to a buyer’s market. Areas in San Luis Obispo County have experienced declines in median home prices, sales, and building. Average monthly rent in the County of San Luis Obispo only decreased by 2.5% over 2011. An increase in new home inventory increases the prospect of owning as opposed to renting; encouraging more buyers to enter the housing market, creating the opportunity for the market to correct itself.
Housing Units & Occupancy (County of San Luis Obispo)
Housing Units 117,340
Occupied 103,011
Vacant 14,329
(Source: US Census Bureau)
Average Monthly Rent (County of San Luis Obispo)
One-bedroom $979
Two-bedroom $1,074
Three-bedroom $1,456
Four-bedroom $2,362
Overall $1,179
|
City Level Home Prices |
| City |
Median Home Price |
| Arroyo Grande |
$460,595 |
| Atascadero |
$308,487 |
| Cambria |
$308,487 |
| Grover Beach |
$335,810 |
| Morro Bay |
$349,500 |
| Nipomo |
$301,000 |
| Oceano |
$190,000 |
| Paso Robles |
$284,184 |
| Pismo Beach |
$520,000 |
| City of San Luis Obispo |
$532,819 |
Median Single-Family Home Price: $360,000
San Luis Obispo County Building Permits
Total Construction Permits 80
Single Family Units 60
Multiple Family Units 20
Lodging
-
Number of Hotels/Motels/Bed & Breakfasts in San Luis Obispo County: 172
-
Total Rooms Available in San Luis Obispo County: approximately 11,000; 3,200 in the City of San Luis Obispo
-
Total Hotel/Motel/Resort Rooms in Planning: 208
-
Number of Homes & Trailer Parks in County: 60
Commercial Sites
This past year has seen an increase in lease transactions, although these are typically tenants who are shopping to reduce their lease expenses. Most of the leasing activity has been properties under 5,000 square feet. San Luis Obispo and Paso Robles are the County’s two largest commercial markets. In the past year, the city of San Luis Obispo’s overall commercial vacancy rate has increased, while Paso Robles’ overall commercial vacancy rate has decreased. San Luis Obispo’s retail vacancy rate has increased by .7%, most likely due to the mandatory downtown retrofitting project. Paso Robles’ industrial vacancy rate has dropped by 5.5% with the office vacancy rate also decreased by 7.2%.
Historically, Downtown San Luis Obispo lease rates have been fairly stable with only incremental increases over the last fifteen years; however, there is a rapidly developing new rental paradigm. The downtown buildings which have not gone through the retrofitting process are typically rented for under $1.75 per square foot, while the retrofitted buildings are generally asking between $2.00 and $3.50 per square foot.
City Retail Sites
Estimated Total Square Footage of Retail in San Luis Obispo: 3,959,000 square feet
Overall Retail Vacancy Rate for San Luis Obispo: 5.4%
Overall Industrial Vacancy Rate for San Luis Obispo: 9.7%
Overall Office Vacancy Rate for San Luis Obispo: 13.6%
Monthly rental cost for an average shopping center starts at $1.25 per sq foot and can reach up to $4.00 per sq foot in prime downtown locations.
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