San Luis Obispo home sales surge in July!
Continued from 1st blog entry for August . . . . If you are going to put an offer on an REO, you’d better make your first offer attempt your best, for as banks are not motivated to engage in counter offers and as such, usually take the best 1st offer presented to them. As far as prices remaining low, my guess is that this trend will continue until most REOs (bank owned) and short sale properties have been cleared from the market place. Once the REO opportunities disappear, so will the great deals.
Current Market Numbers The total number of homes sold for all areas (covered on my statistics page) thus far for 2009 is 986; last year’s total this time was 1035; so for last month, we are down volume-wise by five percent when comparing this year to last but up by four percent when comparing the last two 12-month periods. The current average price of a home is $486,000 (see stats page for specific area averages). 2008’s average price was $608,000.
Additionally, the average number of days that homes are currently spending on the market is 105. 2008’s average was 110. Remember, this “Days on Market” figure is determined by the time a home goes onto the MLS and when it is reported as having been placed into escrow and noted as a “pending sale.” The current average list-to-sales-price ratio is just above 94.74 percent. 2008’s average-list-to-sale-price ratio was also 94 percent. Lastly, the current inventory of unsold homes is 7.77 months. 2008’s average was 7.37.
Stay tuned to my next blog entry for more San Luis area home sale statictics . . . .
Posted at 01:28PM Aug 19, 2009 by Paul Pickering in Real Estate | Comments[0]
