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Inventory and Months of Inventory

The inventory of homes and condos in SLO County dropped over the past month. It current stands at 1927. On September 1st, we were at 2103. An inventory reduction is good news for Sellers but doesn’t mean that the market is hot. In fact, the Months of Inventory increased slightly since last month, going from 10.7 months to 10.8 months. Looking at Avila Beach, it’s inventory decreased by over 20% but it had ZERO sales in September. The reason we’re seeing reduced inventory in most cities is that fewer homes went on the market in September to replace the ones that came off the market (pendings, expireds, cancel/withdrawns).

Some cities in the County had good sales months (remember that most Solds in September went pending sale in either August or July). Los Osos, San Luis Obispo, and Atascadero had higher than normal sales activity in September. Avila Beach, Nipomo, Templeton, and Morro Bay had the slowest months (based on Months of Inventory).

Average Days on Market(DOM) for SLO County Homes went up in September too.

Here are the number of Solds for September per city:

Arroyo Grande – 18
Atascadero – 31
Avila Beach – 0
Cambria – 9
Cayucos – 5
Grover Beach – 9
Los Osos – 14
Morro Bay – 8
Nipomo – 8
Oceano – 4
Paso Robles – 39
Pismo Beach – 10
San Luis Obispo – 21
Templeton – 7

If you want to talk about an active area, Santa Maria wins by a lot. The number of Solds in Santa Maria/Orcutt for September was 139. The total Sales in SLO County was 179. Santa Maria itself had 101 Solds (wow!).

I updated the charts and graphs www.SloWatch.com and will be running some 3rd quarter and foreclosure reports over the next few days.

Written by Keith Byrd - Go to Keith's Website/Profile