October Market Update

San Luis Obispo Market Update

 Currently there are 162 active listings on RMLS with a median price of 598,000. With an average days on the market of 141. October there was 24 active listings with a median price of 459,000.Compared to last month which had 54 active listings and a median price of 407,000 that’s a 12.7% increase over last month.
 

Pismo Beach Market Update

 Right now in Pismo Beach there are 84 active listings with a median price of 767,000 and an average days on the market of 256. In October there where 14 listings with an average days on the market of 25 and a median of 849,000. Last month the median price was 695,000 with 14 listings and 19 days on market. This is a 22.1% increase over that time.
 

Grover Beach Market Update

 There are currently 53 active listings with a median home price of 449,000 and 140 days on the market. In October Grover Beach had a median of 395,000 and 33 days on the market. Last month there were 14 listings with a median price of 359,000 and 44 days on the market, a 10.0% increase.
 

Arroyo Grande Market Update

 According to RMLS there are 146 active listings with a median price of 714,000 181 days on the market. October saw 22 listings and a median of 539,000 with 25 days on the market. In September Arroyo Grande saw 51 listings 18 days on the market and a median of 669,000 which is a 19.4% decrease.
 
As you can see each local market is different. As a seller it is more important than ever to price your home correctly the first time so you don’t get caught up in “chasing the market.” In the past sellers market, it was accepted practice to price a home above market value to allow for negotiation room. Today this is risky. An overpriced home might fall outside a potential buyer search range which explains why so many homes are sitting months longer than they should be. It is important as a seller to understand that your home is not worth what it was last year or even a few months ago, you really need to think long and hard about if you’re ready to sell your home and if you are prepared to settle for a lower price than what you think the home is worth.
 
As for buyers what a great time to be in your shoes. With low housing prices, low interest rates and an $8,000 first time home buyer tax credit as well as a $6,500 credit for repeat or move-up homebuyers who have lived in their primary residence for five years or more. There has never been a better time to buy property.