Our local Paso Robles housing market continues to simmer! Here is this month’s market update, utilizing the data from OCTOBER 2023.
Interest rates breached 8% during the past month, but have since settled to around 7.5%. While off the highs, the current interest rates are still having a negative impact on Buyer demand.
Aside from the elevated interest rates, we are now in our seasonally slower housing market, and I am starting to see more frequent price reductions on the MLS. If you are in the market to buy a property, this can be a good time to strike a deal with a Seller, who has to sell.
Median Home Price
The Median Sold Price in October 2023, for all residential properties in Paso Robles, was $687,500. This represents a 6.9% increase in the median home price year-over-year.
Length of Time to Sell
The Median Days on Market period was 9 days, an 18.18% decrease from the 13 days on market recorded for the same period last year.
However, the AVERAGE days on Market was 39 days, as opposed to 31 days for the same period last year.
Looking at the data in a little more depth, it looks like properties priced between $400K and $800K sold within a relatively short period, but homes priced over $800k took much longer time to sell, on average. This makes sense considering the fact that potential Buyers will qualify for a much lower loan amount, with the currently elevated interest rates.
Supply of Homes on the Market
45 new listings came to market in October 2023, representing a 7.1% increase in the number of new listings year-over-year. There were 110 active listings available, reflecting a 14.7% decrease in active listings, compared to October 2022.
48 properties closed during October 2023, which is the exact same number of closings compared to a year ago.
The Month’s of Supply is now, however, at 2.8 months, versus a 2.5 Month’s of Supply in October 2022. This possibly indicates a slower pace of sales, in spite of the low 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.
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!