$10,000 Closing Credit*
$1,850,000
2,072 SqFt
3 Beds
•2 Full Baths, 2 Partial
Kirk Najarian, Listing Office: West Coast Properties
Is Morro Bay, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$940,000
$684/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$40,000(+4.4%)
Key Takeaway
Homes in Morro Bay have sold for 4.4% more than they did a year ago.
Summary: The median home sold price in Morro Bay was $940,000 in October 2024, up 4.4% from last year, and the median price per square foot was $684.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $507.5K | $580K | +14.3% |
| 2 Bedrooms | $804.5K | $750K | -6.8% |
| 3 Bedrooms | $1.0M | $1.0M | -3.6% |
| 4 Bedrooms | $1.0M | $1.4M | +40.8% |
| 5+ Bedrooms | $1.6M | $1.3M | -22.2% |
Summary: Morro Bay housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.3%, 2 bedroom homes decreased by 6.8%, 3 bedroom homes decreased by 3.6%, 4 bedroom homes increased by 40.8%, and 5+ bedroom homes decreased by 22.2%.
Median Sold Price Compared To Nearby Cities
| Morro Bay | $900K | $940K | +4.4% |
| Cayucos | $1.4M | $1.4M | +2.0% |
| Los Osos | $857K | $870K | +1.5% |
| North Coast | $940K | $943K | 0.3% |
Housing Supply in Morro Bay, CA
How many homes are available in Morro Bay, CA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 50 | 55 | +10.0% |
Summary: The Morro Bay real estate market had 55 homes for sale in October 2024, a 10.0% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 4 | +33.3% |
| 2 Bedrooms | 11 | 16 | +45.5% |
| 3 Bedrooms | 29 | 28 | -3.4% |
| 4 Bedrooms | 6 | 5 | -16.7% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Morro Bay housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 45.5%, 3 bedroom homes decreased by 3.4%, 4 bedroom homes decreased by 16.7%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 6 | 13 | +116.7% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 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. 84.6% of homes here sold below asking price last month.
Summary: A total of 13 homes were sold or pending in Morro Bay in October 2024, up by 116.7% month-over-month. Of the 13 sold homes, 85% were sold under asking, 0% were sold at asking, and 15% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 7 Days | 45 Days | +556.0% |
Summary: Homes in Morro Bay had an average of 45 days on market in Oct 2024, up by 556% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Morro Bay has remained consistent over time.
Summary: During October 2024, 13 homes were sold in Morro Bay; 38% of homes were sold within 30 days, 46% of homes were sold within 30 to 90 days, and 15% 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.