Before I get into today’s real estate market update for the San Luis Obispo, I wanted to quickly remind you about our upcoming movie event. Join us on Saturday, December 7 for our movie event at the downtown center cinema. We’re getting close to filling up our screening of “Frozen 2,” so sign up here now or give us a call at our office to reserve your spot.
Now, let’s talk about the latest numbers from our real estate market and what they mean for buyers and sellers. Last month, our inventory dropped by about 9%, which is typical for this time of year. However, the number of closings we had in October was up by 22% from what we saw in October 2018. This could have something to do with mortgage rates dropping from 4.9% last October to 3.5% this October.
Another thing that we noticed is that the number of new homes coming onto the market is down significantly from a year ago. We’re starting to see an increase in new construction homes that are competing with resale sellers. I think the trend of buying new construction could continue, which presents an opportunity for both homebuyers and sellers.
If you're thinking of selling your home, the timing is probably pretty good right now. If you’re not on the market , call me immediately so we can perfectly time this process.
As for homebuyers, know that interest rates have a huge impact on what you can afford, and they’re very low right now. When you couple that with motivated sellers and new construction incentives, it’s a great time to be a homebuyer, too.
At the end of the day, we have a strong, solid market. Pricing is important for sellers, and rates remain low for buyers. If you have any other questions for us or if we can help you in any way, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.