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Local Market Update ~ August 2022

August 25, 2022

Local Market Update ~ August 2022

July 2022 market data is in for SLO County!

Notable Changes from last month ~

Median price point is down 1% from last month, however prices are still expected to increase overall this year. We will keep a close eye on this trend and see what next month and coming months bring us for pricing.
Home sales are down 31.5% from last year. Again, likely due to rising prices and interest rates.
Unsold inventory is up to 2.8 months. This metric tells us how long it would take to deplete the current inventory under the current market conditions. As a reminder, the National Association of Realtors® tells us that less than 6 months is a Sellers Market, 6 months is indicative of a neutral market, and more than 7 months is a Buyers market.
Median days on market is 1 day higher from last month at 9 days.

All in all, we are still operating in a strong Sellers market for homes priced correctly, particularly for turnkey homes below the median price point.

Reach out for data specific to your area/city/neighborhood of interest!

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