Here’s what you need to know about our December market trends.
It’s hard to believe it’s already December. Thanksgiving just passed, and it was a great time to reflect on everything we’re grateful for. We had a record-setting year here, but it wouldn’t have been possible without all of our wonderful clients. We’d like to extend a sincere thank you to everyone who worked with us this year; we promise to make 2022 even better!
One of the ways we try to help out our clients is by keeping everyone updated on what’s happening in our market. With that in mind, let’s see what the November numbers have to say.
This may not come as a surprise, but our inventory has fallen even lower. To give you some context, San Luis Obispo has 18 homes for sale, Atascadero has 11, Morro Bay has nine, and Grover Beach has 11. When you can count the number of homes for sale on your fingers, you know inventory is low.
We think it’s more accurate to call this an amazing market, not a seller’s market.
What does this mean for prices in the marketplace? Over the last 12 months, the average price has increased by around 13% to 15%. However, my recent sales suggest things may be even crazier than that. A home in San Luis Obispo typically sells for around $900,000. The last home I sold there received multiple offers at $1.1 million.
What about time on the market? It’s down 57% from this time last year, and the market was pretty great last year. Over 80% of our homes are sold in less than 30 days.
With numbers like these, it’s easy to say we’re in a seller’s market; however, this market wouldn’t be possible without high demand. The truth is, when we ask our past buyers if they’re happy they bought, they always say yes. Their only regret is that they didn’t buy sooner. Combine this with our low interest rates, and we think it’s more accurate to call this an amazing market, not a seller’s market.
If you have any questions about today’s market update, give us a call at 805-781-3750 or visit our website at halsweasey.com. We look forward to hearing from you in 2022!