What’s Happening in SLO County ~ May 2022

May 11, 2022

What’s Happening in SLO County ~ May 2022
The median price point in the county is up to $903,000 from $831,000, compared to data shared last month.The unsold inventory figure is 2.1 months, which means that under the current market conditions, it would take approximately 2 months for the current available inventory to be depleted. Historically, 6 months of supply is indicative of moderate price appreciation. (Source: National Association of REALTORS®)
 Median days on market dropped from 9 to 6 days from the proceeding month.Home sales continue to decline, likely resulting from very little inventory available coupled with rising interest rates.
Spring & Summer Inventory Increase
According to a survey conducted at the national level by Realtor.com®, 64% of the 3,000 Sellers surveyed planning to list their homes in 2022 intend to do so this Spring and Summer. Whether these sellers follow-through with their plans will be key to the forecasted 2022 inventory recovery and critical for buyers hoping to find a home before mortgage rates climb even further.The majority of 2022 prospective sellers plan to list within the next six months, with 9% already listed and the remaining getting ready to list within the next 30 days (11%), 1-3 months (24%) or 4-6 months (20%).When asked why they’re planning to list in 2022, surveyed sellers’ top reason was wanting to profit off the current market, tied with their home no longer meeting their families needs (each at 31%).Homeowners’ motivating factors behind moving also reflect the impact of pandemic trends, such as wanting different features after spending so much time at home (15%) and no longer needing to live near their office (14%)
Millennials are moving on up, signaling more starter homes for first-time buyers
With the oldest millennials already 40-years-old, these homeowners are playing an important role in adding to the supply of starter homes. Millennials represent nearly half (49%) of sellers who plan to list within the next six months and many anticipate selling at relatively affordable prices. This is welcome news for first-time buyers, who face fierce competition for limited available starter homes. Combined with rising affordability issues as home prices and mortgage rates climb, survey data offers some hope for first-time buyers, based on:
More millennials plan to list within the next six months than in March 2021 (75% vs. 66%), and account for a higher share of all 2022 prospective sellers (42.0% vs. 26.0%).In a further sign that older millennials are moving on up from their starter homes, the share of surveyed millennials who have sold a home before was nearly as high as the overall rate (61% vs. 64%).Millennials have plenty of financial motivation to stick to their plans, with top reasons for selling reflecting the pressures of rising inflation and economic uncertainties. Compared to all survey respondents, higher shares of Gen Y sellers want a more affordable home (34% vs. 21%) and need the sale money ASAP (14% vs. 11%).In a potential sign of more starter homes coming onto the market, the majority of 2022 prospective sellers expect to list in relatively affordable price ranges: $350,000 or less (43%) and $351,000-$500,000 (22%).(Source: Realtor.com)
Featured Listing ~
9198 Ash St. Atascadero ~ This updated manufactured home features 1,488 square feet of functional living space consisting of 2 bedrooms plus a bonus room, which is perfectly suited as a third bedroom. There are two living areas, ideal for families and entertaining, one of which opens up to the dining area and kitchen. The dining area has a built in bar top with extra storage and a gorgeous modern light fixture. Granite counter tops, a breakfast bar, pantry, stainless appliances and an abundance of storage and counter space can be found through out the kitchen. Through the sliding barn door is the indoor laundry room with a sink & even more cabinet and counter space to utilize (Washer & Dryer are included too!). The master ensuite has a double vanity, large soaking tub & granite counter tops. Outside you will enjoy a fully fenced yard with newer and mature landscaping ~ large established shade trees, fig trees, raised planter beds & lovely flowers and greenery. There is also an outdoor storage space, part of which has been finished and is currently used as an office. Additional noteworthy updates include ~ new double pane windows (2021), newer paint and water heater & wifi controlled irrigation. This home sits atop a permanent foundation on owned land and NO park/space rent or HOA to contend with. Close to shopping, schools, restaurants and beautiful downtown Atascadero.
Offered at $440,000
Find out more about this listing or start your property search here

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