June Real Estate Report for Nipomo
Closed sales in Nipomo for June were down 42% compared to last year. This is in contrast to the entire San Luis Obispo county being down only 17%. My sense is that Nipomo will recover more in line with the county in the coming months... hopefully!
Projections for July are a little better with June pending sales being down 37%. The county's pending sales for June were only off 8%... so again my sense is Nipomo will see more improvement in the coming months.
New listings were down 33%... which is really good news for sellers. With closed sales being off so much one might expect prices to be dropping. But since new listings are off, which reduces inventory, and since interest rates are historically low stimulating buyer demand, price per square foot is actually holding fairly steady. If you are thinking of selling... July or August would be a great month to list. You'd stand a reasonable chance of maximizing your return on the investment in your property.
As mentioned San Luis Obispo county is a good comparison. Closed sales county wide were off 17%... but pending sales were only down 8% which is actually a good sign for the overall market in July. New listings were off 22%... still a very positive sign for sellers.
If you are thinking of selling, even if it is months in the future, don't hesitate to ask me questions about my "Kept Equity" listing strategy. Here is the link to the listing plan details: https://www.slolifenow.com/cp/listing-plan/
I am always available for your questions and suggestions!
We live in challenging times. The first half of this year has been extraordinarily difficult for many. My hope is that your second half is so much better!
Stan