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MARKET UPDATE: January 2021 Real Estate Recap

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Wednesday, February 24, 2021   /   by Traci Pimentel

MARKET UPDATE: January 2021 Real Estate Recap

Market Update
Weekly San Luis Obispo County Numbers are in, as well as the California Association of Realtors January 2021 Report and First American Title Company's Central Coast January 2021 Recap.

2.24.2021.jpg
Tight inventory is making 2021 a great year to list a home! It's important to remember that the housing market today is not the same as the housing market during the 'Bubble Years'. Lower mortgage rates and rising incomes correspond with higher house prices, strong demand and low inventory.

CAR Jan 2021 Central Coast.png

Winter months tend to show slowing in the Real Estate industry year over year. Mortgage rates are beginning to inch up, however the FEDs have indicated they don't intend to raise the National rate anytime soon. For buyers, NOW is the time to take advantage of these historical low rates while they last!

CAR Jan 2021 Sales.png

Despite possible improvement on the supply side of the market as we approach the Spring Selling Season, upward pressure on prices are continuing to build up. With current inventory on the Central Coast at only a one month supply, listed properties are continuing to receive multiple offers, above asking price. This shouldn't discourage buyers from using their buying power to afford more.

CAR Jan 2021 Price.png

In this January 2021 snapshot provided by First American Title Co. you can see the breakdown of home sales around the county.

FirstAM Jan 2021.png
BOTTOM LINE:
Economic and demographic context matters and, even if rates rise slightly in 2021, the context is good for the housing market.
KEY: SFH = Single Family Home FRM = Fixed Rate Mortgage
SFR = Single Family Residential HPI = Home Purchase Sentiment Index
All data comes from the CRMLS, InfoSparks, Michael Lewis Marketing Suite, Altos R.E., Keeping Current Matters, Corelogic, Showing Time, Realtor.com, Freddie Mac, Fannie Mae, Mortgagecalculator.com, Wall Street Journal, First American Title Co., NAR (National Association of Realtors) & CAR (California Association of Realtors).
Current as of 2/23/2021.

  real estate, keenan carter group, keller williams, central coast, home buyer, san luis obispo county, selling a home, realtor, real estate agent, real estate market, sellers market, low interest rates, low inventory, housing affordability, real estate market update, housing market update

The Keenan Carter Group
Richard Keenan And Narlene Carter Keenan
350 James Way, Ste 130
Pismo Beach, CA 93449
805-773-7711
Keller Williams Realty Central Coast DRE# 02005015
The Keenan Carter Group DRE# 00860187
Each Office is Independently Owned and Operated.

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Based on information from California Regional Multiple Listing Service, Inc. as of December 12, 2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS.
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