Introduction
Our local Paso Robles housing market is stable, with waiting buyers re-entering the market as interest rates decline.
Here is this month’s market update, utilizing the data from December 2023.
Interest rates have settled under 7% and are currently around 6.7% for a 30 year fixed mortgage.
Median Home Price
The Median Sold Price in December 2023, for all residential properties in the Paso Robles market, was $653,250. This represents a 10.2% increase in the median home price year-over-year.
Interestingly enough, the increase in the average home price was also 10.2%!
Length of Time to Sell
The Median Days on Market period was 17 days, slightly up from the 16 median days on market recorded for the same period last year.
However, the average days on Market was 36 days, as opposed to 28 days for the same period last year.
Supply of Homes on the Market
22 new listings came to market in December 2023, representing a 15.4% decrease in the number of new listings year-over-year. There were 93 active listings available, reflecting a 21.8% decrease in active listings, compared to December 2022.
36 properties closed during December 2023, which is 50% more closed sales than the 24 closed sales a year ago.
The Month’s of Supply is now at 2.3 months, versus a 2.5 Month’s of Supply in December 2022. This indicates a slighly faster pace of sales, in the lower 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!
