The market stats for January are in. How did the January 2018 market compare to the market in January 2017?
In general, we have very low inventory. On average, inventory is down 5%. You have to be careful with averages, though. Someone once said, “If your feet are in the fire and your head is in the freezer, your average temperature might be okay, but does that reflect how you’re feeling?” Probably not.
On average, active listings in San Luis Obispo are down by about 20%. In Nipomo, active homes are up 47%, probably because they have had a lot of new inventory. That is an anomaly, but it does impact our average. In Arroyo Grande, active inventory is down by about 25%, and even Avila Beach is down 50%. We do a lot of sales with our Blue Heron office, and the Avila Beach market doesn’t have much for sale, and it’s a small market.
Sales are down as well, without a doubt due to the lack of inventory. If there were more properties to sell, there would be more sales. In Grover Beach, sales are down 60%. In Paso Robles, sales are down by 46%. If we had the homes on the market, there would be more sales.
Although inventory and sales are down, it varies depending on which area and price range you are in. If you have any questions about your specific area, just give me a call or send me an email. I’d be happy to help you.