You may have seen the headlines about California home sales increasing. That’s because the sold data from Data Quick was released yesterday and the media is writing their articles from it. September Solds were August Pendings so if you follow my blog, you already knew that our sales activity didn’t jump 65% as the statewide numbers say.
If you haven’t looked around on my SloWatch site or been following the blog, I would recommend looking at 2 pieces of info to best tell what is going on in our market. The first is to look at the blog post from last Thursday (10/16) where I breakdown the first 9 months of this year compared to last year. Yes, foreclosures are making an impact but not as much as a lot of other areas in California.
Then go to the www.SloWatch.com site and scroll down to the Sold graphs towards the bottom of the home page. Look at the SLO County Sold graph and you’ll see the line being pretty flat. September Pendings were around the same level as we’ve seen the previous months so the line will most likely continue at the same level for September and October Solds. Now look at the 2007 line and notice the peaks and drop offs. One of those drop offs is October. So be prepared for the headlines next month around this time when Data Quick comes out with their numbers to say something like SLO County’s sales are way up from last October. The fact is that we’ve been pretty consistent in sales activity this year but are down about 15% in sales vs. 2007. If you want to see how foreclosures are effecting the sales activity in other areas, just scroll down and look at the Santa Maria graph and you’ll see 2008 Sold activity WAY higher than 2007.
I REALLY don’t like the month-to-month comparisons between this year and last, especially when they compare statewide data. The headlines that result from those comparisons is not really painting an accurate picture on what’s going on in our local market.