I calculated the Months of Inventory and updated the SloWatch.com page.
The months of inventory was calculated as of July 1st. As a reminder, 6 months of inventory is considered a neutral market, over 6 a Buyer’s market, under 6 a Seller’s market. Because of the low number of homes sold in some cities, it’s best to look at the Months of Inventory numbers over the past several months to see how a particular city is doing.
For SLO County, the Months of Inventory (MOI) rose a bit over the last month from 8.3 to 8.4. For individual cities, the higher-priced coastal towns continue to have high MOIs (Cambria – 22.3, Cayucos – 35.0, Pismo Beach – 32.0).
Morro Bay had an active month of home sales which caused the MOI to drop below 10 for the first time in a couple months (from 31.3 in June to 7.3).
Orcutt and Santa Maria continue to have low inventory and high number of sales. The MOI for Santa Maria was 2.8 and 3.1 for Orcutt.
Click on the link at the top of this post to see all the other cities and trends.