Introduction
Looking at the real estate market trends this morning, the graphs are showing a sharp decline in several metrics, when compared to data year over year.
Here is this month’s market update, utilizing the data from September 2024.
Average interest rate for a well qualified buyer, at time of writing, is around 6.25% 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 $665,000. This represents a 9.2% decrease in the median home price year-over-year.
The decrease in the average home price was 10%.
Length of Time to Sell
The Median Days on Market period was 10 days, which is a decrease from the 11 median days on market recorded for the same period last year.
The average days on Market was 16 days, as opposed to 25 days for the same period last year.
Supply of Homes on the Market
45 new listings came to the market in September 2024, representing a 8.2% decrease in the number of new listings year-over-year. For perspective, in September 2023, that number was 49 new listings.
There were 157 active listings available for sale during September 2024, reflecting a 51% increase in active listings, compared to September 2023.
37 properties closed during September 2024, which is 22.9% fewer closed sales than the 48 residential sales recorded a year ago.
The Months of Supply has increased and is now at 4.2 months, versus a 2.5 Months of Supply in September 2023.
This indicates a significantly slower pace of sales, in the increased inventory situation.
To clarify, the Months of Supply figure reflects the number of months it would take to deplete all the available properties for sale, 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 negotiate a great deal in the current market? I can help you! Send me a message, call or text at 805.600.0677, so that we can connect!
Curious about what is on the market? Why not check out the Upcoming Open Houses in our area.
Need more information about a property before you go see it? Or need to hire an experienced Agent to help you negotiate and navigate through the complex real estate purchase transaction? Contact me. 805.600.0677.
I can offer you the benefit of my local knowledge and real estate experience, with no high pressure sales tactics…ever!
