Hi There ……It is now the 1st day of July 2020 and we all know now that COVID 19 is still with us and things have not improved on that front since my last market update at the end of March. I hope you and yours are getting through this as best as possible.
Here is what has been going on in the Northern San Luis Obispo County real estate market for the last 3 months:
1) Total numbers of sales actually increased in the second quarter over the first quarter of 2020 by 10%. However 2nd quarter sales normally will increase over the first quarter by more than that. 2nd quarter 2020 vs. 2nd quarter 2019 is down 26%. The first 1/2 of 2020 vs. 2019 is down 13%. With all of the uncertainty caused by Covid you would have thought it would have been more, so although lower, it is not as bad as one would have thought it would be.
2) Properties in escrow at the end of June were actually up 56% over the amount in escrow at the end of March so that is very encouraging. To add to that, they are also up 12% over the end of June in 2019 (Pre Covid days) so that is even more encouraging.
3) Active listings on the market not in escrow are down 11% over the first quarter and down a whole 26% over the same time last year. There is a real shortage of properties for sale now vs. 2019.
4) The average sales price of a home on less than 15 acres in the North County is currently $570,000 and the the average for all of 2019 was $550,000. So for all intents and purposes we can say that prices are currently holding their own,
Feel free to get in touch with any questions.
Best to you for the rest of the year and stay healthy….