Sales for the 1st quarter for Northern SLO County are in and they are showing an interesting trend. Click below to read!
Closed escrows for the 1st quarter of 2010 in Northern San Luis Obispo County as measured against the 1st quarter of 2009 were only 1 sale different! On top of that, pending sales (properties in escrow) were also only 1 sale apart!! Considering that the average price of a home is within less then 1 % point apart for the same time frame, what does that tell us?
It tells us that the market has likely bottomed out and has for the most part, stabilized. We are also seeing developers/builders and the active real estate investors with cash coming back into the market. Barring any major national economic catastrophe, we think the major bleeding is over. We also think we will still be dealing with foreclosures for app. 2 years and short sales for a little longer then that until that inventory is fully cleaned up. That should keep prices flat for the time being so there will be some major buying opportunities for a while for those that are in it for the long pull.
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