Last week in Real Estate 7/22/13
Last week in real estate is the weekly notice for what happened in the San Luis Obispo real estate market as interpreted by Dominic Tartaglia of Tartaglia Realty.
Last week in real estate we saw an influx of 9 for sale homes listed on the market in the price range of $520,000-$999,000 with an median value of $599,000. Five of those homes are 3 bedroom homes two were 4 bedroom and two were 2 bedrooms. The average square footage of homes listed last week was 1,736 SF.
We saw 8 homes go into pending contracts with an median asking price of $609,250 and a range of prices from $414,000-$879,000. The average square footage was 1,716 SF and the average cumulative days on market was 21 days.
In the SOLD home market we saw 4 homes go to new San Luis Obispo home owners at an median sale price of $842,500 and a solid 99.8% of the asking price. 3 of the 4 homes had 4 bedrooms, the 4th home was a 3 bedroom home. The average cumulative days on market was just 15 days which is a testament to how quickly homes are selling as of late.
From last week: Let’s look at these numbers as compared to last week to see which way the trend went. There was a three home deficit in the new listing sector of San Luis Obispo with average home price of $671,389 down 6% from last week. We also saw less average square footage listed which likely corresponds to the reduced average asking price. In terms of pending homes we are holding steady at 8 homes going into escrow across the last two weeks significant reduction in price ranges, down by 20% at the high end of the spectrum from last week. Again, we see that the average square footage is down from the previous week’s pending homes. Sold homes decreased by 3 homes this past week and the median price of sold homes was reduced by 6% from the week prior.
From what I see, the market slowed a bit last week in terms of fresh supply as well as homes sold. Generally, we see July and August as the last two big months of the year in terms of transaction volume and that might be what we are experiencing from last week, the beginning of a slowing market. That being said, 2013 has been consistently posting bigger numbers month over month and the last 7 days could merely be a bump in the road. As of the time of this writing no new listings have been posted on the MLS today but that does not mean that the rest of the week will follow suit. I still think that the market is expanding and that there is a large volume of buyers seeking out a home in a small supply of available homes for sale.
Make it a great week!