Grover Beach Housing Market Analysis - July 2024 | Grover Beach houses for sale

If you're looking for your beach dream home, Grover Beach is a great and more affordable option that many surrounding cities. However, it's a competitive house buying landscape.

The Grover Beach housing market has shown notable changes and trends over the past year. As of May 2024, the median sale price of homes in Grover Beach reached $768,000, reflecting a 7.7% increase from the previous year. However, the median sale price per square foot has decreased by 4.0%, now standing at $510[1][4].

Market Competitiveness

Grover Beach remains a highly competitive market. The Redfin Compete Score, which measures market competitiveness on a scale from 0 to 100, rates Grover Beach at 78. This high score indicates that many homes receive multiple offers, often with waived contingencies. On average, homes sell for about 1% below the list price and go pending in approximately 26 days. Hot homes can sell for about 1% above the list price and go pending in around 13 days[1][9].

Days on Market

The average number of days homes stay on the market in Grover Beach has slightly decreased. In May 2024, homes sold after an average of 31 days, compared to 34 days in the previous year. However, the median days on market in June 2024 was 38 days, indicating a slight increase compared to the previous months[1][5][7].

Price Reductions and Value Comparisons

Price reductions are a common strategy in the current market to attract buyers. For instance, properties like 1415 Nice Ave, originally listed at $929,000, have seen reductions to $895,000, reflecting the need to adjust expectations in a competitive market[3]. Similarly, 1568 Cabrillo Ct, initially listed at $1,650,000, is now priced at $1,595,000[3].

Value Comparisons

When comparing values, homes in Grover Beach show a range of prices based on size, location, and amenities:

• High-End Properties: 1568 Cabrillo Ct is listed at $1,595,000, offering 2,196 sq ft, which translates to approximately $726.32 per sq ft[3].
• Mid-Range Properties: 1415 Nice Ave, priced at $819,900, offers 1,540 sq ft, resulting in about $532.40 per sq ft[3].
• Lower-End Properties: 1643 Ramona Ave, listed at $469,000, provides 1,060 sq ft, equating to $442.45 per sq ft[3].

Market Trends

• Migration and Relocation: A small percentage of homebuyers are moving into Grover Beach from other metropolitan areas, with Los Angeles, San Francisco, and Santa Barbara being the top sources. Conversely, a significant portion of local buyers prefer to stay within the Grover Beach metropolitan area[1].
• Inventory and Sales: The number of homes for sale has seen a slight decrease, with 35 homes available in June 2024, down by 7.9% from May 2024. The number of homes sold also decreased by 10% from May to June 2024[7].

Bottom Line

The Grover Beach housing market continues to be competitive, with rising home prices and a slight decrease in the average days on market. Price reductions are a strategic move for sellers to stay competitive. As a Realtor, staying informed about these trends and advising clients accordingly will be crucial in navigating this dynamic market.

For those looking to buy, acting swiftly and being prepared for multiple offer situations is essential. For sellers, pricing homes accurately and being open to adjustments can help attract serious buyers in a competitive environment.