San Luis Obispo Housing Market: September 2024 Analysis
The San Luis Obispo, CA metro area housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 3.4% year-over-year, settling at $854,500. This decline contrasts with the Median List Price, which has risen by 5.6% to $949,900, indicating a potential gap between seller expectations and buyer willingness.
In terms of Price Per Square Foot, the median price has increased by 5.2% to $537.71, while the Median List Price per square foot has seen a slightly higher increase of 5.8%, reaching $562.08. These figures suggest that while overall sales prices have dipped, the value per square foot is appreciating, possibly reflecting a demand for smaller, more affordable properties.
The number of Homes Sold has decreased by 2.3% year-over-year, with 215 Homes Sold in September 2024. However, Pending Sales have increased by 8.4%, totaling 246, which may indicate a future uptick in closed sales. New Listings have surged by 14.3%, reaching 271, contributing to a significant 30.7% increase in inventory, now at 656 homes. This rise in inventory is further reflected in the Months of Supply, which has grown by 80% to 3.10 months, suggesting a shift towards a more balanced market.
The Median Days on Market have remained relatively stable, with a slight increase of 1.0% to 33 days. The average sale to list ratio is nearly unchanged at 99.1%, indicating that homes are selling close to their asking prices. However, the percentage of Homes Sold above list price has decreased by 8.4% to 29.8%, suggesting a cooling in competitive bidding.
Price Drops have seen a marginal increase of 0.8%, now at 29.7%, which may be a response to the growing inventory and longer market times. Additionally, the percentage of homes going off the market within two weeks has decreased by 4.0% to 43.1%, further indicating a slowdown in the pace of sales.
Overall, the San Luis Obispo housing market in September 2024 is characterized by a decline in sales prices and a rise in inventory, with mixed signals in terms of market activity and pricing dynamics. Buyers may find more opportunities with the increased inventory, while sellers may need to adjust expectations in light of the changing market conditions.
