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Months of Inventory for SLO County (and SLO County + Santa Maria/Orcutt) decreased again. I updated the Months of Inventory for the individual cities here:
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You’ll see that some cities had some activity over the past 30 days that reduced the MOI to under 10 months. A few cities (such as Cayucos and Templeton) had little Sales recording in March which made their MOI jump (Cayucos only had one sale for the month).
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So, if Months of Inventory is decreasing, you may be wondering why there were 999 price changes in March. If you scroll down further on the SloWatch inventory page, you’ll see the inventory levels for individual cities. There are some cities with inventory increasing again which means that there is still a lot of competition trying to attract the Buyers that are out there. If inventory continues to increase but Sales activity decreases, then were going to have lots of inventory once again which will continue to drive prices down. BUT…we already know that March Pending Sales were pretty good so next months recorded Sales will be ok.
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In addition to the Inventory page, I updated the MLS stats graph on the http://www.slowatch.com/ home page as well as the Average Days on Market graph. I’m going to do further analysis after I get some sleep….
Written by Keith Byrd - Go to Keith's Website/Profile