We’re well into the second quarter of 2017, so it’s a good time to give you an update on exactly what’s happening in the San Luis Obispo real estate market.
Inventory is relatively flat compared to last year. It may feel lower due to the increased number of sales. For sellers who price their home at market value, we are seeing multiple offers and bidding wars.
There are a few areas that stand out right now. One is Morro Bay, where we saw a 28% increase in home sales since last year. We recently listed a home at $759,000 in that area and ended up selling it for $800,000. In San Luis Obispo, we saw a 27% increase in sales as well. Finally, Grover Beach saw the biggest jump in home sales, with a 75% increase from last year.
Taking all the areas we track into account, we saw a 7% increase in inventory and a 25% increase in sales. We’ve got a relatively tight market as you can see, and homes that are priced right are selling quickly. Rates are still pretty low and we don’t expect them to increase significantly over the next year.
If you have any questions for us about the market or what these numbers mean for your specific situation, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.