Is Morro Bay, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Morro Bay has remained a Seller's Market.
Key Takeaway
Morro Bay is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Morro Bay, CA
How much do homes in Morro Bay, CA cost?
Median Sold Price
$927,000
$678/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Morro Bay have sold for 3% more than they did a year ago.
Summary: The median home sold price in Morro Bay was $927,000 in May 2024, up 3% from last year, and the median price per square foot was $678.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $515K | $592.5K | +15.0% |
| 2 Bedrooms | $789K | $774.5K | -1.8% |
| 3 Bedrooms | $1.0M | $1.0M | -6.1% |
| 4 Bedrooms | $1.2M | $1.1M | -6.0% |
| 5+ Bedrooms | $1.6M | - | N/A |
Summary: Morro Bay housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15%, 2 bedroom homes decreased by 1.8%, 3 bedroom homes decreased by 6.1%, 4 bedroom homes decreased by 6%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Cayucos | $1.3M | $1.4M | +11.5% |
| Morro Bay | $900K | $927K | +3.0% |
| Los Osos | $857K | $850K | -0.8% |
| North Coast | $949.7K | $926.2K | -2.5% |
Housing Supply in Morro Bay, CA
How many homes are available in Morro Bay, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 42 | 44 | +4.8% |
Summary: The Morro Bay real estate market had 44 homes for sale in May 2024, a 4.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 2 | -33.3% |
| 2 Bedrooms | 13 | 12 | -7.7% |
| 3 Bedrooms | 21 | 24 | +14.3% |
| 4 Bedrooms | 3 | 4 | +33.3% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Morro Bay housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes decreased by 7.7%, 3 bedroom homes increased by 14.3%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 9 | 8 | -11.1% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Morro Bay, you may be able to get a good deal. 37.5% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Morro Bay in May 2024, down by 11.1% month-over-month. Of the 8 sold homes, 38% were sold under asking, 25% were sold at asking, and 38% were sold over asking.
Days on Market for Morro Bay, CA
How long does it take to sell a home in Morro Bay, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 54 Days | 22 Days | -58.1% |
Summary: Homes in Morro Bay had an average of 22 days on market in May 2024, down by 58.1% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Morro Bay are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 8 homes were sold in Morro Bay; 75% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.