San Luis Obispo Housing Market: November 2024 Analysis
The San Luis Obispo, CA metro area housing market in November 2024 presents a complex landscape characterized by declining prices and increasing sales activity. The Median Sales Price stands at $873,500, reflecting a year-over-year decrease of 2.9%. This decline in sales price is mirrored by the Median List Price, which has dropped by 8.5% to $850,000. Despite these price reductions, the market remains active, with a notable increase in the number of Homes Sold.
In terms of sales volume, the market has experienced a significant uptick. Homes Sold have increased by 15.9% year-over-year, reaching a total of 190 units. Pending Sales have also risen by 12.8%, indicating sustained buyer interest. New Listings have grown by 9.5%, contributing to an inventory increase of 17.6%, which now totals 596 homes. Despite this rise in inventory, the Months of Supply remain unchanged at 3.10 months, suggesting a balanced market.
The pricing dynamics reveal a mixed picture. The median Price Per Square Foot has decreased by 2.1% to $502.07, while the Median List Price per square foot has increased by 2.4% to $534.70. This divergence suggests that while sellers are adjusting their expectations, buyers are still willing to pay a premium for certain properties.
Market competitiveness has slightly softened, as indicated by the average sale to list ratio, which has decreased by 0.9% to 98.6%. The percentage of Homes Sold above list price has also declined by 8.0% to 27.4%. Additionally, the proportion of Price Drops has decreased by 3.2% to 22.5%, and the percentage of homes going off the market within two weeks has fallen by 4.7% to 37.0%.
The Median Days on Market have increased by 9.0% to 41 days, suggesting that homes are taking longer to sell compared to the previous year. This increase in market time, combined with the stable Months of Supply, indicates that while demand remains strong, buyers are exercising more caution and taking longer to make purchasing decisions.
Overall, the San Luis Obispo housing market in November 2024 is characterized by declining prices and robust sales activity. The increase in inventory and New Listings, coupled with stable Months of Supply, suggests a balanced market where buyers have more options, yet sellers are still able to close deals at competitive prices. As the market continues to evolve, stakeholders should monitor these trends closely to make informed decisions.
