Paul's Central Coast Market Update Blog

SLO Area Home Sales Surge in July . . .

As I have been updating the sales number for July, I have noticed there has been a marked increase in the number of sales for virtually every area of the Central Coast for the last 30 days.  This, of course, is great news and can be credited to a number of factors; specifically, low interest rates and downward pressure on prices due in large part to the abundance of foreclosures.  This demand for distressed properties will continue to help stabilize the market as foreclosure inventories continues to diminish.  For the time being, however, if you are looking for a deal, they are out there.  Just be mindful of the following as it may apply to your search:

1. Your best deal is a bank-owned property (REO) or an owner who may be motivated via competing bank-owned homes.
2. Not all SLO county areas are alike as it applies to REOs; specifically, those found on the coast do not last long and typically generate multiple offers; REOs found in both the north and south county stick around a while longer but are ultimately sold within about a 30 to 60-day period. 

Stay tuned to next weeks blog entry for more Central Coast Home Sales Stats and Info! 

Posted at 02:00PM Aug 04, 2009 by Paul Pickering in Real Estate  |  Comments[0]