An article in the San Jose Mercury reports on the low home inventory is creating a Buying frenzy (see article here). Higher end homes are also selling, thanks to Google and Facebook employees selling their stock plus the Bay Area is getting asian investors too. But, the lower priced homes is where the real demand is.
Looking at the San Luis Obispo County real estate market, we too have low inventory. If you look at our inventory statistics, you’ll see that inventory started dropping the middle of last year and is a the lowest level it has been in years.
I ran some reports to look at the first 25 days of March 2012 vs. 2011. This month, there has been 167 new single family home new listings, of those, 57 have gone Pending Sale already or 34%. For March 1-25, 2011 there were 193 new listings with 32 of those going Pending Sale or 17%.
Hmmmm….sure seems like Buyers are out there ready to buy. It will be interesting to see if the statistics dashboards point to any other trends when we update them next week with March data.