It’s time for another exciting real estate market update. Today I’m going to recap what we saw in October, compare it to what we’ve seen in the past, and talk about the upcoming holiday real estate market.
This past October, we saw about a 10% increase in the number of homes for sale from what we saw last year, as well as a 12% drop in sales. On a day-to-day basis, we are actually finding that the buyers and sellers that we’re seeing in this market are more serious than they usually are at other times of year. The people who have been testing the market have taken their homes off of it and we’re seeing a pretty normal market right now.
When we look back to 2010 in San Luis Obispo, we had 241 active listings. Right now, we have just 93. As for the average sale price, it was in the low 500,000 range eight years ago and it’s up to nearly 800,000 today. In Morro Bay, we currently have 39 active listings. We had 140 in October 2010. It’s fascinating to see how far we’ve come. People like to jump to conclusions about today’s market, but the truth is that we’re doing just fine.
Finally, I want to talk about the holiday real estate market. We have found that our buyers in this market have a better chance at looking at homes where the sellers are motivated. There is more activity in the spring market, but the buyers and sellers in the market now are generally more motivated to get a fair deal done.
So, is the market good? As far as I’m concerned, it’s always good here in San Luis Obispo. If you have any specific questions about the market or about real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.