2022 Central Coast Housing Market Update | Orcutt Real Estate
2022 Central Coast Housing Market Update | Orcutt Real Estate
Orcutt had a 17% increase in price, with the average price for the year that came in at $611,000. In 2021, 512 homes were sold, and in 2020, 570 homes were sold. We actually saw a 10% decrease in the volume of properties sold in Orcutt, and this is what’s pushing the prices up. There’s just not enough inventory for the continued buyer demand that we’re continuing to see.
For the yearly recap for the Santa Maria area, the average home price in Santa Maria ended up being $500,000, which was a 14% increase over 2020. Total of 509 homes were sold in 2021, which was a 7% increase over 2020, where we saw 477 homes being sold in the Santa Maria area.
So in summary for the Santa Maria Valley, prices went way up, inventory went way down, and the buyer demand continued, and guess what? This is what happened all over the country. Listings are at a record low nationwide, we’re down in California by 27.8%.
Probably the most important takeaway in this housing market from 2021 is the equity that people have in their homes. The average homeowner in California has gained $119,000 worth of equity in one year. Even if you have no intention at all of moving, this is a huge opportunity for you to build wealth, especially now, before the interest rates actually start creeping up in 2022.
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