I'm constantly asked about the San Luis Obispo real estate market, and I'm excited to give you an update. You can’t trust everything that you hear in the news. Real estate is hyperlocal and conditions can change from day to day, neighborhood to neighborhood.
One thing that's interesting here is that we have new homes out on Serra Meadows, and some people didn't know if they'd want to live there. Well, they built 176 news homes, and they're all sold. What we've been noticing for the last year or so is that about half the homes (about 100) will be in escrow at a given time. If you have 100, at least half of those were new construction. These could be in multiple areas, too. In general, the new homes have done quite well. What's amazing is that they're cheaper by square foot than resale houses.
Right now the San Luis Obispo market is so strong, we have 143 properties pending in the city. That's the highest I've seen in awhile, and about 60 are new homes. This tells me that the the downtown area of San Luis Obispo is really strong, and people are paying a premium for those homes. It's also a bizarre market, because I'll see homes that sell right away at full price with multiple offers, while others that are great values aren't selling.
If you're not sure about value, you're not alone. In fact, I was talking to one of the best appraisers today, and he told me that it's tough to know where we are and where we're going. I sense that the market will stay strong and interest rates will be good. There might be a concern with the election that everyone's talking about, but overall, county-wide it's a strong market.
Thanks for tuning in today. If you have any questions, give me a call or send me an email. Let's talk soon.