Our market in November didn’t follow October’s unusual higher than normal activity and took a bit of a breather. While sales slowed, so did new listings which ended up reducing the total available inventory. But with that encouraging news that supply was decreasing, SLO Counties Months of Inventory shot up from 7.6 months as of November 1st to 12.6 months as of today (December 1st).
I wouldn’t be too alarmed as if you look at the Months of Inventory graph below for SLO County and average the last 2 months, we’d have a pretty straight line. Not that the straight line is great news for homeowners who would like to see the line continuing to fall.
(click to enlarge)
SLO County residential inventory dropped over last month, from 1887 to 1721. For comparison, last December we had 2106 active properties.
Most cities had “ok” sales in November with the exception of Morro Bay. There was only 1 residential property sold which increased its Months of Inventory to 115 months. We’ve seen other cities have slow months and then come back the next month so we’ll see how next month is for Morro Bay.
Days on Market for Single Family Homes in SLO County dropped a bit from 101 days in October to 97 in November.
All monthly charts, graphs, and tables are updated on www.SloWatch.com