SLO County Market Update January 2024

Hello, San Luis Obispo County residents, and a warm welcome to
2024! In this month's market update, we'll dive into the numbers
for December 2023, comparing them to December 2022 to
highlight the changes over the past year. Let's kick things off with
the median price point. Last month, the median price in San Luis
Obispo County stood at $885,000, a significant increase from
$799,500 in December 2022, marking a 10% rise over the year.
Now, shifting our focus to the average price per square foot, we
saw an increase from $479 per square foot in December 2022 to
$499 per square foot in December 2023. In terms of home sales,
there were 161 sales last month compared to 168 in December
2022. Additionally, the average days on market decreased from
24 days in December 2022 to 20 days in December 2023. Despite
the market's volatility in 2023, these numbers demonstrate the
resilience of our real estate market, with prices and overall
conditions remaining robust. So What can we expect in 2024? We
anticipate further interest rate decreases, which will attract more
buyers and increase competition. Inventory is also expected to
rise as more sellers look to capitalize on their equity. Lower
interest rates will make it more affordable for sellers looking to
upgrade. Surprisingly, even though we are only a few days into
January, I'm already receiving calls for listing appointments and
buyer consultations. January is typically quieter, especially early
January, but this year has started with a bang. I foresee another
competitive and strong year in real estate as 2024 unfolds. If
you're considering buying your first or next home this year, I
recommend starting the planning process sooner rather than later.
Reach out for a consultation to tailor a strategy that aligns with
your real estate goals. Buyers can simply text or DM us
"homeownership 2024" to get started, while sellers curious about
their home's value can DM or message us "home value" for a

complimentary, no-obligation Home Valuation. I'm Amber Johnson
with Pillar Real Estate. Thank you for tuning in, and stay tuned for
national market update coming up next.