What’s the latest news from our San Luis Obispo real estate market? To answer that question, we’ll take a look at what kind of activity we’re seeing day to day and what the latest numbers show from last month.
First, I was recently notified that the last 10 homes our team has put on the market have sold in less than 21 days, and the list-to-sale price ratio for those homes was 100%. This doesn’t sound much like the shifting market we’ve been talking about the last several months, and the year-over-year numbers from last February point toward a bounceback to a more balanced market:
- Inventory increased by 9%
- Pending sales are down 3.6%
- Closed sales are down 11% - this makes sense when you think about it, though, because the homes that closed in February were the ones being negotiated over in November and December when the market was quieter
- New homes on the market are down 23%
That last figure is good news, because if that number isn’t increasing, it helps to stabilize prices. With interest rates dropping somewhat, and mortgage rates following suit, there are more buyers out purchasing homes. At this time last year, home sellers could’ve expected to get multiple offers, and although that’s not the case now, the offers they do get will be closer to their asking price.
If rates stay low like this, it will create a perfect storm for buyers and sellers. I don’t think I’ve ever seen a better, more balanced market for buyers and sellers than what I’m seeing now.
If you’d like to talk more about our current market and what you can do to take advantage of it, don’t hesitate to give me a call. I’d love to help you.