December Market Update

December 8, 2023

Welcome to our December market update for San Luis Obispo County. It's going to be a December to remember. And this short video got some exciting news to share about the November stats and an important message from the Federal Reserve regarding interest rates in 2024. So let's dive right into it.

First off, Median price point in the county for November hit $892,500, which is a whopping 5% higher than October, and the average price per square foot was $508. Home sales did dip to 160 total sales, and the average days on market were just 14 days. So fast paced right? now, if you're a buyer thinking of putting your search on hold during the holidays. Hold on a sec! December can actually be a golden opportunity. Most buyers pause search, which means newer property showings and potentially motivated sellers, open to negotiations.

But wait, there's more. According to a recent article from Business Insider, the Federal Reserve is planning to cut interest rates six times in 2024 as the economy slows down. Yes, that is exciting, right? Well, when rates drop, the market is bound to go crazy again. Multiple offers. Bidding wars. You remember it. You name it. So here's the deal.

If you're currently approved and in the market to buy, you might want to think twice about waiting. Get your foot in the door now if you can secure the right property and refinance when rates drop. It's all about strategy in this ever changing market and that is not going to change any time soon.

So what's your game plan? Reach out to us today and let's chat about your real estate goals. Thanks for tuning in. I'm Amber Johnson from Pillar Real Estate and together we’ll navigate this exciting market journey.