San Luis Obispo Housing Market Analysis - August 2024

The San Luis Obispo, CA metro area housing market in August 2024 presents a complex landscape with a mix of declining and rising metrics. The Median Sales Price has decreased by 4.4% year-over-year (YoY) to $912,500, while the Median List Price has also seen a decline of 3.6% YoY, now standing at $899,000. Despite these declines, the median Price Per Square Foot has increased by 8.7% YoY to $546.15, and the Median List Price per square foot has risen by 5.4% YoY to $551.74.

In terms of sales activity, the number of Homes Sold has increased by 5.4% YoY, reaching 233 units. However, Pending Sales have decreased by 3.2% YoY, totaling 273 units. New Listings have seen a positive change, increasing by 5.3% YoY to 316 units. Inventory levels have surged by 23.3% YoY, now at 620 units, contributing to a significant 40.0% YoY increase in Months of Supply, which currently stands at 2.70 months.

The Median Days on Market have increased by 6.0% YoY to 34 days, indicating a slight slowdown in the speed at which homes are selling. The average sale to list ratio remains unchanged at 99.0%, while the percentage of Homes Sold above list price has decreased by 3.5% YoY to 31.8%. Price Drops have seen a marginal increase of 0.6% YoY, now at 26.5%, and the percentage of homes going off the market within two weeks has declined by 15.8% YoY to 37.4%.

Overall, the San Luis Obispo housing market in August 2024 is characterized by a decline in median sales and list prices, coupled with an increase in Price Per Square Foot metrics. The market shows a healthy increase in the number of Homes Sold and New Listings, although Pending Sales have slightly decreased. Inventory levels and Months of Supply have risen significantly, indicating a shift towards a more balanced market. The increase in Median Days on Market and the decrease in Homes Sold above list price suggest a cooling in buyer urgency, while the stable sale to list ratio reflects consistent pricing strategies.