Interesting times in our local Paso Robles housing market! Here is this month’s market update, utilizing the data from April 2023.
Interest rates fluctuated over the course of the past month. The combination of high prices and higher rates has impacted Buyer demand in some price points. In many cases, Buyers are stretched to their limit, and when the interest rate rises, they no longer qualify for their mortgage. We have seen homes fall out of escrow, as a result.
However multiple offers are still common in the mid-range price points, resulting in some of those homes closing above list price.
Median Home Price
The Median Sold Price in April 2023, for all residential properties in Paso Robles, was $550,000. This represents a 26% decline in the median home price year-over-year.
I think this is a reflection of more lower-priced homes than usual closing. We have seen a strong supply of 55+ homes coming to market recently, and most of those have been priced under $500,000.
Length of Time to Sell
The Median Days on Market period was 22 days, a whopping 214% increase from 7 days, for the same period last year. In other words, it is taking 3 times longer to sell a home than it was taking a year ago.
However, in the mid-range price points, many homes in decent condition are selling within days.
Supply of Homes on the Market
59 new listings came to market in April 2023, representing a 13% decrease in the number of new listings year-over-year. There were 96 active listings available, reflecting a 23% increase in supply, compared to April 2022.
33 properties closed during April 2023, representing a 50% decline from a year ago.
The Month’s of Supply is now at 2.3 months, versus a 1.3 Month’s of Supply in April 2022.
We do, however, need more homes to sell priced from around $550,000 to $750,000 to meet the current Buyer demand in this price range, in my opinion.
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!