WOW! I updated the www.SloWatch.com site with the April numbers just now. Some very interesting happenings going on in our local real estate market.
First, Months of Inventory (MOI) for SLO County took a big drop to 9.5 Months from 12.1 a month ago. When you add Santa Maria/Orcutt to the mix, the MOI for the combined areas dropped to 8.4 months. This is due to a lot of activity last month in the Santa Maria Valley. Orcutt itself is at 4.9 MOI and Santa Maria is at 7.3. I haven’t performed any detail analysis on the April sold data yet but would guess that foreclosures are still a big percentage of the total homes sold (last month it was 75%).
In SLO County, we’ve got plenty of activity going on as well. San Luis Obispo dropped to 6.6 Months of Inventory (from 7.2 last month). Nipomo took a big drop to 6.5 (from 13.1). The only cities that had an increase in their MOI were Atascadero (13.4 to 13.8) and Morro Bay (10.0 to 14.6).
The home page and inventory page of the www.SloWatch.com site is updated. Lots of new info to take a look at!