What’s the latest news from our San Luis Obispo market?
Our team had a very good month this past June, and the marketplace as a whole had a good month as well. Compared to June 2017, the number of sales increased 6%. Aside from an increase in sales activity and closings, there was also an increase in new escrows. This means that July and August should have relatively good numbers as well.
Two noteworthy changes happened with the average days on market and the average price reduction for listed homes. Both of these numbers increased, which means homes are taking longer to sell and sellers are adjusting their prices more frequently to match what buyers are willing to pay, especially in the higher-end market above $1 million.
These trends are not unique to our area. Every week I talk on the phone with top agents from around the state about what is happening in the market, and I have found that this situation is happening both statewide and nationwide. We can expect this jump in activity to continue throughout the summer.
As always, if you have any questions about our market or are thinking about buying or selling a home, feel free to call or email me anytime. I would love to help you.