October 31, 2008

 

Hello:

 

The MARS* numbers held strong again as we closed the month of October:        

 

San Luis Obispo:        57

South County:             80

North County:           114

North Coast:               70        

 

County Average:         90

 

As you can see, the North County market area was responsible for the high county-wide average figure, with a MARS* of 114.  The North County's MARS* was over 100 for three of the four weeks in October, in fact.  This is due in large part to the high numbers of foreclosure properties in the area and the high availability of "affordable houses" for sale.  

 

Our county-wide inventory is down to 1,916.  This is the lowest average number  since January of this year, and the third lowest number in the past 28 months!  

 

There were 9 homes sold every day throughout our county  in the last week of October.  In contrast there were 10 new listings that came on the market during that same time period.  For this same period in 2007 we saw 4 homes selling per day on average, and 11 new listings coming on the market per day.  This year is clearly better!

 

I hope you all have a great and safe Holloween!

 

For more details on market activity please visit http://www.randysteiger.com/

 

Sincerely,

 

Randy Steiger

Broker/Owner

Re/Max Del Oro

805-748-0225

 

*The MARS index (Market Activity Ratio Statistic) is obtained by dividing the number of new escrows opened in a given period of time by the number of new listings in that same period of time, then multiplied by 100.  The number is basically the percentage of new listings that are being offset by new escrows.  The higher the MARS, the hotter the market.  Please call me if you have any questions on this.