July is looking like a record month for price reductions. With only a week left, we could surpass 80 reductions by the end of the month.

Morro Bay Price Reductions

A few price reductions are common, as sellers and REALTORS® overestimate the current value of a property and need to make adjustments. A trend, such as we are currently seeing, indicates that property values have already declined and adjustments are being made accordingly. Further analysis is required to establish if values are continuing to decline, level off, or rise.