In the last month, I’m hearing more and more Realtors saying “the high end market is doing well”. I did a calculation to see if this was indeed the case or if Realtors were just repeating something they heard another Realtor say without doing their own homework to see if it was true.
As of today, we have 15.4 months of inventory for homes $1 Million+ compared to 8.1 months of inventory we have County-wide at all price ranges. Based on this, I wouldn’t say that the high-end is moving any faster than the rest of the SLO market. The higher months of inventory says it’s moving lots slower.
What this means is there are few Buyers for the large number of high-end homes on the market right now. Homeowners really need to have their marketing stand out over the competition to get noticed and get a Buyer interested. With 432 $1 Million+ homes on the market currently, Buyers are probably using the photos of the property as a way to exclude properties from their list of ones they are interested in.