One of the frequent stories I hear from Agents these days is about homes getting multiple offers on them. With inventory low, are we back to the boom years when properties were getting more than the asking price?
To see what the activity is in the market I looked at the single family homes sold in July. I tallied the number of homes were over asking price and noted if they were distressed (REO or Short Sale), non-distressed, or another type. Here’s what I found in the cities I tallied.
- Arroyo Grande, 0 out of 24 solds went for more than asking price.
- Atascadero, 4 out of 27 (all 4 were distressed)
- Cambria, 5 out of 15 (all 5 were distressed)
- Cayucos, 0 out of 6
- Grover Beach, 1 out of 8 (the 1 was a probate sale)
- Los Osos, 3 out of 15 (2 were distressed, 1 was non-distressed)
- Morro Bay, 1 out of 10 (distressed)
- Nipomo, 5 out of 30 (all distressed)
- Paso Robles, 5 out of 53 (all distressed)
- San Luis Obispo, 3 out of 54 (2 distressed, 1 non-distressed)
So, out of the 240 solds I looked at, only 3 non-distressed, 22 distressed properties, and 1 probate sold for over the asking price.
What that tells me is that the Agents who are telling these stories are probably talking about distressed properties. I’m not sure if I believe all the stores as the July solds aren’t really pointing to a Buying frenzy.