October in SLO County: Market Insights + Fall Events!

October 8, 2024

In September, the median home price in the county was $822,500, with 214 homes sold—slightly fewer than in August. The median days on the market edged up to 17 days, compared to 16 in August. Inventory continues to rise, which is encouraging for buyers, offering more options as they search for the right home.

While home prices remain strong, we are seeing more price reductions, particularly around the million-dollar-plus range and for homes priced too high across all price points. This trend signals the importance of realistic pricing for sellers aiming to move their properties quickly. Interest rates brought some good news in September as well. We saw a few declines, and they currently sit steady in the 6% range.

Nationally, the housing market also saw positive momentum. Inventory is up approximately 5% year-over-year, and mortgage applications are on the rise, reflecting growing buyer activity. Even with higher rates, buyer demand persists.

October is such a fun month on the Central Coast! A couple of events I always look forward to- The 78th Annual Pismo Beach Clam Festival is just around the corner on the weekend of October 19th. This beloved event features a clam dig, a parade, local vendors, live music, and activities for the whole family.

Another local favorite is the Cambria Scarecrow Festival, running throughout October. This quirky, creative festival brings the charming town of Cambria to life with hundreds of handcrafted scarecrows displayed around town. It's a fun, family-friendly way to experience the local art scene.

With both the real estate market and local events buzzing, it’s a great time to explore opportunities in San Luis Obispo County. I am Amber Johnson with Pillar Real Estate, and I am just a phone call away. See you soon!