According to the latest available figures, the median price of a home in San Luis Obispo County rose in September, and the total number of homes sold also continued to increase compared with the same month last year.
Home sales overall grew 3.2 percent year-over-year to 291, according to DataQuick, an independent real estate tracker. It marked the eighth consecutive month in which more homes were sold than for the same months of 2011.
About 83 percent of the homes sold in SLO County in September 2012 were resale single-family homes. Those sales grew 3 percent year-over-year to 242. The median price grew 8.3 percent to $390,000 from $360,000 in September 2011.
This September, sales of new (not resale) homes in SLO County fell 18.2 percent to 9 homes, compared with 11 during the same month of 2011. The median price for new homes in September, at $518,750, was 80.7 percent higher than the year before. Condo sales rose 11.1 percent year over year to 40 units in September, and the median price grew 23.8 percent to $260,000.
According to the California Association of Realtors, whose August numbers were the most recent available, county sales of distressed properties has been declining, from 45 percent of total sales in August 2011 to 30 percent of sales in August 2012.
Overall, in SLO city and county, we are seeing a slow but steady upward trend in sales and home prices, and at the same time, financing remains extremely affordable, with interest rates around 2.75%-3.50%.
Including both regular and distressed properties, there is a 2.5-month inventory of homes in the city of SLO this month. This figure represents how long it would take to sell all existing single-family homes, condos, and PUDs in SLO at the current sales rate. Supply in a normal market is considered to be six to seven months, so we are currently in a hot sellers' market. Local inventory has followed a downward trend since January 2009.