We took a look at the numbers from the third quarter of this year and we are ready to give you our analysis.
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Every quarter, we like to take a look at what’s happening in our market. Today I have an update on what we saw in the 3rd quarter of 2016. The state of our market is reflected in the numbers that I’m going to share with you. For this update, I’ll look at the 3rd quarter numbers from San Luis Obispo, Pismo Beach, and Atascadero. Let’s start with San Luis Obispo.
In San Luis Obispo (San Luis Proper, to be exact), we had 150 properties close—a small drop from the 166 homes we saw sell last year during this time. Days on market has gone up slightly, from 40 to 50 days, and the price per square foot has gone up by about $8 as well. This market took a smaller jump than it did in 2015 and saw a little bit of a drop in prices. This most likely indicates a leveling of the market.
Now, let’s move on to Pismo Beach. They saw 55 sales this year, which is up compared to the 40 they had last year. The average days on market here is down by 20 days, from 95 to 75. The average sale price did drop from a little over $1 million to $869,000, but that doesn’t mean prices went down across the board. The price per square foot is up, so the same homes that sold last year are still worth more now than they were last year.
In Atascadero, we saw sales drop off a little bit from 126 last year to 119 this year. Days on market here have also dropped by around 20 days, from 70 to 50. The price per square foot is up by about $10 in Atascadero as well.
In general, we are seeing a little bit of a slowdown in the market. When we sit down with sellers, we now tell them that it may take a month or two for them to sell, as opposed to the week or two that has been the norm. However, the market is slightly better overall than last year and we don’t see any reason for that to change.
If you have any questions for us, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.
If you are a buyer contact Lindsey right away so you can position yourself to be an attractive buyer to a seller.
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