Local Market Conditions

2014 Real Estate Update

The most commonly asked question that I receive is, “How is the real estate market?”
In 2013 we saw home prices continue to rise.  There are many sales figures to use as examples which show increases between 15% and 20% since 2012. The number of active buyers, multiple offers on properties, and closed sales transactions for the first months of 2013 showed a fast and aggressive market.  The inventory was lower and sellers who could wait proved to make a good decision as values rose.

However, the jump in interest rates with the bump in prices has had an affect on buyer affordability and the number of buyers who can pull the trigger. For the first 6 to 8 months of 2013, there was a vast amount of sales, but once there was a rise in interest rates and listing prices, the market slowed everywhere.

San Luis Obispo County continues to receive rave reviews as a premier place to live.  The draw from the San Francisco Bay area, the L.A. basin, and the valley of Bakersfield, Fresno, and Visalia is very strong.

The low point in the market was reached and now there has been an upswing.  I believe the market will be very interest rate sensitive.  Consumer confidence is back, but most relative to San Luis Obispo County is the number of buyers who want to live here.  This draw will remain and buyers are positioned to make a purchase to fulfill one of their goals, buy while they live and work here, upgrade their existing home, or buy their retirement home.

If you have any questions or would like some personal attention, please give me a call or send an email.

Warm regards,
Gregg Whitfield