October Real Estate Market Update

October 6, 2023

October Real Estate Market Update

Happy October SLO County. I personally am excited for this transition into fourth quarter and a new season. There's so much to love about our county this time of year in terms of events and embracing the change of season. Subscribe to our monthly newsletter to be in the know on what's happening locally as far as real estate events and more.

Okay, let's get to it. Before we get to the numbers, though, let's chat about what buyers and sellers can expect when transacting during the last quarter of the year. Historically, there is less competition. And why is that? Well, less people want to buy and sell this time of year for different reasons. So listing typically level off or decrease in buyers typically put their home searches on hold.

That means that a buyer's offer stands out more, while a seller has less inventory to compete against. Secondly, fall presents a unique window of serious intent. Buyers active in this season are typically more determined to close a deal before the year ends. Sellers, too, are keen to secure a sale, often leading to expedite in negotiations and transactions. Third, Fall provides some advantageous fiscal position for buyers. With the end of the year approaching tax deductions related to homeownership can be a significant incentive. 

For sellers, the prospect of starting the new year with a fresh financial slate can also be equally as appealing. There are other potential advantages and disadvantages that we can get into, as well as evaluate your personal situation. My team and I are on standby ready to assist when you are okay. 

Here are the stats for slow counting for the month of September. Looking at these numbers compared to the month prior, median sales price and average price per square foot are slightly higher for September than August. Sales are still down compared to more typical years, largely due to lack of inventory. Reach out if you're ready to create a plan for your next purchase or sale. I'm Amber Johnson with Pillar Real Estate thank you for watching and I'll see you on the next one.

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