central coast home buyers beware: The real estate market is changing and not necessarily for the good as far as buyers are concerned.
Buyers who are actively seeking to purchase homes on the Central Coast probably already know what our latest statistical analysis tells us. The market has changed and not to the benefit of home buyers. In fact, the only good news for buyers was yet another dip in home loan interest rates.
Comparing November, 2011 to last month gives home buyers and the brokers looking out for their best interests little to cheer about. Traditional sellers, on the other hand, have some reason for optimism. But since SLO HomeStore represents Central Coast home buyers exclusively we look at the market from that specific perspective.
We’re spending a few days looking at specific statistics and discussing what each means to Central Coast home buyers. For a free copy of the entire report just ask, either on Facebook or on SLO HomeStore.
We’ve been looking at changes in home prices. Now we move on to look at the market forces impacting those prices.
Nov-11 vs. Nov-12: The number of sold properties is up 21%
Homes are selling. Buyers active in the market are sensing change and making their purchases. There has been extreme competition between first-time buyers and investors in the lower price ranges, but lower interest rates have likely improved the buying power for some buyers. Home sale peaked in May but are poised to end the year. What makes this doubly concerning is the number of bank-owned (REO) listings was just under 7% of the total whereas REOs accounted for nearly 37% last November. That is a very big shift yet homes are selling more vigorously.