Where have all the houses gone? The heightened buzz-with Buyers and Agents alike-is about the diminished sales inventory. A year ago this month, there were over 100 houses for sale in San Luis Obispo; today there are almost half that number on the market. The Central Coast is not isolated in its “lean supply”, the entire country seems to be experiencing low inventory.
With that, the simple principle of supply and demand takes effect; as inventory decreases, the values rise. In a healthy market, values rise due to increased income and job security rather than being based on inventory alone. But according to the National Association of Realtors, we haven’t seen inventory this low since 2005 and I’m sure you all remember that year as we saw the greatest rise in values. It’s a seller’s market again, but with interest rates still low, there are lots of qualified buyers eager to purchase. If you know anyone who is interested in selling their home, please be in touch. I’d be proud to represent them by starting with a free market consultation and value analysis.
Kerry Ann Moore, The Keith Byrd Team, San Luis Obispo Realtor, 805-540-4040