We want to thank all of our awesome clients, vendors, and partners in 2024, we couldn’t continue to deliver our high level of service and achieve success without you!
Wow!
It’s hard to believe we are already in March and gearing up for the busy time for real estate here on the Central Coast of California. Here is the breakdown of February numbers here on the Central Coast. Remember, if you are curious about the home sale or home purchase process, please reach out, we are here to help!
New Listings on the Central Coast
We saw 218 new listings brought to market in SLO County for February, which will help us with the overall housing supply for the Central Coast. We expect more listings in March-May as we gear up for the busy time for real estate sales, so if you are considering a sale or purchase, now would be a good time to prepare for that. We are pleased to see new listings coming to the market, but we are still off of historically normal listing levels… for example 2019, where we saw 379 new listings presented to the market.
“The majority of sales occur during the months of April – June, so if you are thinking about make a move now would be the time to prepare. March is an ideal time to prepare your Central Coast California home for sale. Housing demand is at its peak but inventory is still tight realatively speaking. My advice is to start sale prep now if you want the best results.”
– Joshua Farris, Broker Associate. Cal dre #01921964
Closed Sales in SLO County
We see an uptick in closed sales for SLO County, which is a good sign for our market overall. We continue to see strong demand due to the desirability of the area, cash buyers, many out-of-town buyers, and a slight decrease in interest rates. We have seen some of the highest price per sqft averages on the Central Coast due to lower inventory, higher demand, and strong comparables.
“For the Month of February, we saw a total of $379,881,952 closed real estate volume for the Central Coast which is up 41.4% from the same time last year. This continues to show the robust nature of SLO County real estate and bodes well for the Spring months.”
– Joshua Farris, Broker Associate. Cal dre #01921964
Month’s Supply
Considering the Central Coast is such a desirable area to live and there is historically such low inventory, we see lower Month’s supply on the Central Coast vs. the US average Month’s supply. Month’s supply, as a reminder, communicates the number of months it would take for the current inventory of homes on the market to sell given the sales pace currently.
We see supply increasing here on the Central Coast, which is a good sign for a more balanced and healthy market.
Still a Seller’s Market?
Yes, we are still in a seller’s market here on the Central Coast, which is historically the case considering the out-of-area demand and limited inventory of houses for purchase. We see high price per SQFT numbers for sold houses here which bodes well for home sellers, so now may be a good time to cash in on the equity for your house if you are considering a sale. If you are looking for a replacement home in the County, there will be some challenges due to low levels of inventory. Our team has a strategy and process for finding off-market properties, so if that is your situation, reach out to see if our team is the right fit to help you achieve your goals.
If you are a buyer, we recommend sitting down with us to develop a game plan to help you achieve your goals within your timeframe. The competition is high right now and will get higher in the upcoming months as we head into the busy season, so it’s critical to develop a plan so we can help you reach your goals with minimal stress. We love helping new buyers experience the joy of homeownership here on the Central Coast, so if you would like help finding the perfect property for you, reach out.
Springtime, New Move?
If you are considering a move in 2024 into a house or property that better fits your lifestyle and stage in life, reach out to our award-winning team, we are here to partner with you and help guide you with all things real estate here on the Central Coast. Whether you are looking to buy your first home, upgrade your current home, invest, or maybe you want to downsize, we have you covered.
We have a consultative, value-first approach tailored to your needs, goals, and timeframes.
Real Value • Real Results • Real Simple.
Ready to consult with us?