I updated the inventory page on the SloWatch.com page –
Inventory is creeping higher but it wasn’t a real big jump from last month (1699 to 1742). San Luis Obispo took the biggest jump in a month from 206 properties to 228. Grover Beach won the biggest percentage increase going from 60 to 75 properties.
Santa Maria and Orcutt continue to sizzle, at least in sales and lower inventory. The indicators would say they were in a severe Sellers market, but the REOs aren’t letting that happen.
For the Months of Inventory (MOI) indicator, SLO County stayed flat at 10.4 months of inventory (same as last month). The cities with the most REOs (Paso Robles and Atascadero) had a reduction in months of inventory while a few of the coastal communities had slow sales in April which made their MOI jump. Cambria is at 24 months of inventory and Morro Bay is at 26. I wouldn’t put too much into this as if you look at the chart, you’ll see the number jumps around for those cities that have a small number of sales each month. Templeton and Cayucos had zero solds in April so their months of inventory calculation is off the chart.
From what I am seeing so far in 2009, it’s looking a lot like 2008. Slower sales…longer time on the market…REOs percentages increasing…prices dropping.
Don’t see indicators yet that the market may be at the bottom.