San Luis Market Update: October 2021
Why San Luis Is Still a Great Place To Buy
Today we’re going to talk about what’s going on in the market, and we also wanted to address an elephant in the room about real estate these days. Let’s start with the statistics:
Our inventory is down 43%. There are simply not enough homes.
Our sales are down 10% as well. This is the first of two or three months where we’ve seen these sales dropping a little bit. Demand isn’t quite where it was at, and prices have risen outside the affordable range of most buyers. We should start to see the market stabilize because of this.
For the first nine months this year, our sales were up 25% from 2020. This makes sense when you remember that last year, there was a lockdown around that time, so it was an easy figure to top.
We had 111 new listings and 230 to 250 homes moved to escrow. This is really low. Again, we just don’t have enough homes.
Now to the elephant: Is this a good time to buy, or is it a bubble? There is never really a bad time to buy as long as it’s in the right location. How does San Luis compare to other locations? The weather is nice here, we have beautiful beaches and mountains, our traffic isn’t that bad, we’re one of the nicest places on earth, we have a top-notch university, our wineries are unbelievable, and we’ve even gotten a lot more jobs and industry (not to mention that remote working makes this less necessary). Is this a good time to buy? In this location, yes.
Let me give you an example: A tiny condo on Laurel Lane sold for $164,000 20 years ago. That same condo closed today for $426,000, more than two times what it was initially worth. Another house on McCollum which was $520,000 20 years ago sold for $1,248,000. These were both fantastic investments.
This isn’t a bubble, and over time, you will get value from your property. I feel blessed to be working in such an amazing area. I hope you get to participate in this market. If you have any questions, give us a call at 805.781.3750. We would love to be a resource for you.
PQ: There is never really a bad time to buy as long as it’s in the right location.
POD: Here’s an October update on our San Luis real estate market.
Subject Lines: It’s a good time to buy in the right location // Watch: San Luis housing market update
Today we’re going to talk about what’s going on in the market. Our inventory and sales are way down. There are just not enough homes, but because of rising prices, the demand from buyers has slowed down a bit. It’s still a good time to buy so long as you buy in a good location where you know the prices will rise in the long run. To learn more about the state of our market, watch our latest video.