The Real Estate Market in San Luis Obispo has taken off this spring. There are currently only 98 properties listed for sale in all of San Luis Obispo, so the real estate inventory is tight as well. With the interest rates low and the limited properties available, I am seeing the market shift from being a full on buyers market to one that is certainly more balanced. The agents in my office, San Luis Obispo Realty, are hustling to keep up with the buyer demand, especially for looking at property.
When we do find a suitable property, many buyers are shocked when sellers aren’t grabbing their low offers. In fact, on well priced property here in town, multiple offers are happening.
Just last week I had a really well qualified buyer offer 10K over the asking price AND was willing to take the property without the seller completing the 7K termite repair, AND was willing to take possession with the student tenants in place AND had no loan contingency.
He did not get the property. Yikes. There were 12 offers on the property. You can bet I’ll be watching to see what price that property comes out at.
Same thing is happening in Atascadero’s real estate market. I have well qualified FHA loan clients and we had to write 5 offers before we got one of them. The house they ended up with was the best of the bunch, so I am thrilled about that; they are too. There is something about keeping the faith that the best home will show up. Sometimes, I even believe that.
So, some stats for San Luis Obispo. These are just for single family homes.
In February of 2011 there were 15 sales closed and the median price for these sales was $450,000.
In February of 2012 there were 22 sales closed and the median was $433,500
In March of 2011 there were 26 sales closed and the median was $511,000.
In March of 2012 there were 27 sales closed and the median was $520,000.
Here’s where it gets a little interesting:
In the first 7 days of April of 2011 there were 0 sales closed.
From April first of 2012 until today (April 7) there have been 6 sales and the median price is $552,500
Hmmmm. There may be a pattern emerging. We’ll have to wait and see.
Happy Easter!
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Happy Hunting
San Luis Obispo County Happenings 