Introduction
Our local Paso Robles housing market is starting to show signs of a bit more inventory becoming available, along with a concomitant steady stream of willing and able Buyers. This makes for a more stable market, however we are seeing mutiple offer situations for homes priced fairly, and in good condition.
Here is this month’s market update, utilizing the data from January 2024.
Interest rates have fluctuated around the 7% mark this month, and are currently at approximately 6.96% for a 30 year fixed mortgage.
Median Home Price
The Median Sold Price in January 2024, for residential properties in the Paso Robles 93446 zip code, was $648,000.
This represents an 18.9% increase in the median home price year-over-year.
Length of Time to Sell
The Median Days on Market period was 29 days, substantially down from the 36 median days on market recorded for the same period last year. However, it took longer to sell a property this month than the 17 days it took to sell a property the previous month.
The average days on Market was 46 days, pretty much in line with the 45 days for the same period last year.
Supply of Homes on the Market
36 new listings came to market in January 2024, representing a 33.3% increase in the number of new listings year-over-year. There were 96 active listings available, reflecting a 5.9% decrease in active listings, compared to January 2023.
26 properties closed during January 2024, which is 13% more closed sales than the 24 closed sales a year ago.
The Month’s of Supply is now at 2.3 months, versus a 2.2 Month’s of Supply in January 2024. This indicates a slightly slower pace of sales, in the slightly higher inventory situation. To clarify, the Month’s of Supply figure reflects the number of months it would take to deplete all the available properties for sell, given the current pace of sales.
Let's talk!
Are you a resident of Paso Robles, or anywhere in North SLO County? Do you want to know what all this means for your current home value?
Are you a potential buyer? Do you want advice and help to prepare you to be able to compete in challenging offer situations? I would be delighted to help you! Send me a message, call or text, so we can chat!
Curious about what is on the market? Why not check out the Upcoming Open Houses.
Need more information about a property before you go see it? Contact me. 805.600.0677.
You will always get experienced assistance, and no high pressure tactics ever. Promise!
