It is April, which means we have the data from March, so join us as well recap on last month and give you some trends for the upcoming months!
As always, we want to thank our wonderful clients who have chosen to work with us and refer us as their preferred real estate team here on the Central Coast!
Housing Inventory for the Central Coast
For March, we saw 216 new properties brought to market in SLO County. This is down from 258 new listings in February, which is relatively low when we look at the 5 year chart. Because of the tight housing market, demand is strong for homes that are priced well in the County and many houses are receiving multiple offers, often over asking. This low inventory is due in a large part to the lock-in effect, where many homeowners don’t want to give up their low mortgage rates for a new rate.
Active listings are relatively flat with 472 current active listings. This is consistent with the last 18 months of data we expect this number to jump up once mortgage rates reach the low 6% mark or mid 5% mark.
“My team has tackled this low inventory problem by being even more proactive with finding off-market and pre-market homes for our clients. This requires extra effort, but is important in today’s housing climate to deliver value.”
– Joshua Farris, Broker Associate. Cal dre #01921964
Demand
Demand remains high with homes selling quickly. For the County, the median days on market for a new listing is 14 with the City of SLO being one of the most in-demand cities at 8 days on the market (median). Paso Robles remains a HOT market as well with only a median of 12 days on the market for new listings.
Showings to contract remain low as well, indicating motivated buyers. On average expect 6-8 showings before you receive an offer. This is great as a seller… but challenging when you are a buyer, so make sure you are prepared to view homes right away once they reach the market.
“Our strategy for sellers: Allow our team to host a full Thursday-Sunday open house schedule for the weekend on the market. We couple this with a STRONG marketing campaign including mailers, calls, emails, social media advertising. This approach encourages buyers, agents, and brokers to preview the house and puts you as the home seller in the least amount of inconvenience. Take the time to go on weekend get-a-way and come back to review offers!”
– Joshua Farris, Broker Associate. Cal dre #01921964
Home Prices
Considering the Central Coast is such a desirable area to live and there is historically such low inventory, we see values remaining strong. We see strong year-over-year increases for the cities in SLO County overall. We don’t expect values to decrease unless there is a flood of new inventory…which is not on the horizon anytime soon.
If you would like a Broker Price Opinion for your house or property, let us know, we would be happy to provide you with one.
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?