Sales are Up, Prices are Up, Inventory is Down
The Tribune is reporting that home sales grew 18% in October compared to last October. Sales prices have also trended up for the last consecutive 6 months. Compared to last October, the median home price throughout the county went up over 11%. But keep in mind that last October, prices were down almost 10% from Oct. 2011. The current median price of single family homes is $365,000, and last year it was $327,000. It is hard to believe our peak was $585,000 in June 2006. We’ve come a long way.
What is leading to all this growth? I would say there are two main factors; lack of inventory and the low low low interest rates. Couple these factors with the overall healing of the economy, and we have a natural upward pressure on prices.
For example, low inventory in San Luis Obispo was 96 homes for sale when I checked a couple of months ago. As of yesterday that number is 53! Here is a snapshot of the other towns’ inventory along with the lowest and highest priced property. (I’m sorry this table did not get into my post yesterday….my bad)
Low Inventory plus low interest rates = higher prices
If you are looking to buy, you can easily search all available listings at
www.SLOCoProperty.com
San Luis Obispo County Happenings 