Local Market Update ~ August 2022

 

July 2022 market data is in for SLO County!

Notable Changes from last month ~

 

• Median price point is down 1% from last month, however prices are still expected to increase overall this year. We will keep a close eye on this trend and see what next month and coming months bring us for pricing.
• Home sales are down 31.5% from last year. Again, likely due to rising prices and interest rates.
• Unsold inventory is up to 2.8 months. This metric tells us how long it would take to deplete the current inventory under the current market conditions. As a reminder, the National Association of Realtors® tells us that less than 6 months is a Sellers Market, 6 months is indicative of a neutral market, and more than 7 months is a Buyers market.
• Median days on market is 1 day higher from last month at 9 days.

All in all, we are still operating in a strong Sellers market for homes priced correctly, particularly for turnkey homes below the median price point.

Reach out for data specific to your area/city/neighborhood of interest!