Wednesday, April 1, 2020

1st Quarter 2020 Northern San Luis Obispo County Real Estate Sales

Hello…. Hopefully everything is fine with you and yours through this turbulent and challenging time in today’s world.   Below you will see what the 1st quarter sales results for Northern San Luis Obispo county.   
  Total numbers of sales of all property types were up 9% in the first quarter of this year vs. the same time frame in 2019. 
   Properties in escrow as of April 1st are down 30% from the same date in 2019.  This is likely due to the effects of the Corona Virus Shelter in Place regulations starting in the last half of March. 
    Active unsold properties on the market are down 11% from the end of the first quarter in 2019.   This is a normal variation from quarter to quarter.  However some sellers have elected to either take their properties off the market or not put them on at all due again to fears of the  virus.  It will be interesting to see how this number may change at the of the second quarter.  
   As of 4/1/20,  Real Estate sales in San Luis Obispo County are still allowed to be done but with certain limitations known as   limited services .    
   All sales , property showings and marketing are to be done virtually if possible or via telephone.  Escrow and title offices are open as well as mortgage lenders so escrow openings and closings can be done.  Appraisal and property inspections can be done although new guidelines are in place.   
  Open houses are not permitted.   Model homes for new construction sales can be shown to only one person at a time. 
    The California Association of Realtors has issued new guidelines for property showings which are to be followed when a property cannot be shown under virtual technology methods.   These include who can be in a home during that time among other items. 
  The real estate industry has been operating with modern digital technology for many years now and the use of digital purchase contract signing and virtual tour marketing has been around for a long time.  So having to conform to these new guidelines will be relatively easy in my view while at the same time making social distancing possible. 
   Hopefully my second quarter report will be at a time when things do not look as ominous as now.   Be safe and please feel free to get in touch if you have any questions on the above!