July 2024 San Luis Obispo County Real Estate Market Update | Key Trends and Insights

Hello, San Luis Obispo County, welcome to July and the start of the 3rd Quarter of 2024!

Whether you're buying, selling, or just curious about the local market, I've got you covered. June was another exciting month for our real estate market.

Here's a quick snapshot:

- The median home price is $855,000.

- We saw a total of 225 homes sold.

- Homes spent an average of just 12 days on the market.

If you've been following along for a little while, you know Inventory has been on the rise, which is great news for buyers looking for more options. Mortgage rates are still elevated, but that hasn't stopped determined buyers from making moves. This has kept the market favorable for sellers.

For those thinking about selling, it's crucial to price your home correctly. With more inventory available, buyers have become choosier and are not entertaining homes priced too high. In many cases, they won't even look at it, much less make an offer. Homes that are move-in ready and well-priced are still seeing competitive offers, sometimes even multiple offers. But the bottom line is, homes that are priced correctly are still selling, regardless of condition. So, make sure your home stands out!

For buyers, now is a great time to explore the market with more options available. If you're ready to make a move, don't hesitate, start contacting your realtor and lender and get your ducks in a row. As mentioned, well-priced homes are still moving quickly so it's essential to have your financing in order and be ready to act fast when you find the right property.

The mandated changes from the recent National Association of REALTORS® commission lawsuit go into effect next month. I have compiled the information into easily digestable bullet points on what the changes mean for consumers, and the industry as a whole. DM. "NAR" to get your free copy.

Whether you're buying or selling, navigating the real estate market can be challenging. As a local expert with deep ties to the community, I’m committed to providing you with honest and transparent advice to make informed decisions. Feel free to reach out if you have any questions or need personalized guidance. I'm Amber Johnson with Pillar Real Estate, have a fantastic July and enjoy all that our beautiful county has to offer!