Our local Paso Robles housing market continues to intrigue! Here is this month’s market update, utilizing the data from AUGUST 2023.
Interest rates breached 7% during the past month, pricing some first-time buyers out of the market again. However, there are still many willing and able buyers out there.
The mid-range price points are still especially in demand.
Median Home Price
The Median Sold Price in August 2023, for all residential properties in Paso Robles, was $683,500. This represents a 3.8% increase in the median home price year-over-year.
For Buyers waiting on the sidelines for prices to drop, this metric is not good news, and many analysts are expecting further home price increases in 2024.
Length of Time to Sell
The Median Days on Market period was 12 days, a 36.8% decrease from the 19 days on market recorded for the same period last year. In other words, we still have an active housing market in our area, especially for homes priced properly and in good condition.
Supply of Homes on the Market
51 new listings came to market in August 2023, representing a 4.1% increase in the number of new listings year-over-year. There were 103 active listings available, reflecting a 19.5% decrease in supply, compared to August 2022.
However only 46 properties closed during August 2023, representing a 32.4% decline in closings from a year ago.
The result is that the Month’s of Supply is now at 2.7 months, versus a 2.3 Month’s of Supply in August 2022.
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!