We’ve officially arrived into Winter! Daylight Savings has come to an end, it’s getting dark earlier and the weather has finally cooled off. Yay for sweater weather!
Our typical real estate cycle always sees a slight slowdown in the fall. However, during an election year that dip is typically larger in the month leading up to the election. Why you may ask? Uncertainty. Many people will hold off making any type of major decision or purchase until after the election so they can feel more secure in how the future will look. This includes buying and selling a home.
But there’s good news! After the dust from the election settles our real estate market will rebound. Buyers and sellers feel more confident to re-enter the real estate market and home sales will bounce back.
So, if you’re waiting for a clearer picture before making a move, just know that the market is expected to pick up speed in the months ahead.
Enough about the election, let’s take a look at the numbers from October 2024. Home sales in October increased in both Atascadero (38 homes up 31%) and Templeton (9 homes up 80%) but Paso Robles saw a small drop (45 homes down 8%). However, the median sales price dropped in Atascadero ($810,000 down 2%) and Templeton (1,000,000 down 33%) but increased in Paso Robles ($730,000 up 7%). To interpret those numbers, more homes sold in Atascadero and Templeton in October 2024 vs 2023 but the price of those homes were slightly less than those that sold in 2023.
When comparing the number of active homes on the market to this time last year, there are more homes available now. We can also notice that the average days on market are slightly higher. This means that buyers have more inventory to choose from and sellers may need to be more patient while they sell their home.
Here is a video with all the statistics for Atascadero, Paso Robles and Templeton for the month of October 2024. If you would like to see information on other Central Coast cities, please let us know.