The first half of February isn’t setting any records, at least for the number of homes selling. Through yesterday, we’ve only had 107 homes in SLO County go Pending Sale. Of those, 51% were foreclosure homes (REO/bank-owned or Short Sales). There were 221 New Listings thus far for the month too, which means inventory is growing somewhere.
Remember that Pending Sales are the ones that go into escrow. There are a percentage of those that will fall out of escrow for what ever reason. Most will then be “Back on Market”.