Our blog serves as a comprehensive resource offering insights into market statistics, home values, and practical advice for buying and selling properties. We also include local information to keep you informed about the community we care deeply about. If you have any questions, feel free to contact us. We’re eager to assist you in finding your perfect home!
Lawrence Yun is Chief Economist for the National Association of REALTORS®.
Despite the cuts to the short-term interest rates by the Federal Reserve, mortgage rates have largely refused to budge. One reason is that consumer price inflation has not been fully contained and slightly accelerated in the past two months. Lending money over the longer term needs to compensate for future returned money's loss of purchasing power.
More Fed-rate cuts are likely in 2025 because consumer prices should calm down measurably. Though multifamily housing starts tumbled this year, the completions of new apartments are still strongly rolling in from the previous year’s high housing starts. The added supply will help cool rents. Therefore, the gap with the mortgage rates will not remain wide, which means mortgage rates will modestly trend lower.
Given that mortgage rates have stayed above 6% for over two years, consumers are getting used to the new normal, especially considering that the 50-year average is 7.7%. Jobs and inventory will drive home sales.
Congratulations Ashley and Trudy for representing the buyers of this home in Atascadero. The clients purchased this home as an investment and are ready to roll up their sleeves and get to work, bringing this home back to its former glory. They love the part of town where the home is located and saw its potential right away. We can’t wait to see it again when they finish!
I hope everyone had a wonderful Thanksgiving!
Is everyone gearing up for the Holidays? I know in my household we have officially kicked off the Christmas season. We went to Hidden Springs Christmas Tree Farm and cut down our tree (a tradition we’ve been doing for years), our Elf on the Shelf is in full swing and I’m hosting our office holiday party tomorrow.
November numbers are in so let’s talk about them. The number of homes sold increased in all three North San Luis Obispo County cities compared to this time last year; Atascadero increased 73%, Paso Robles increased 3% and Templeton increased 133%. The median sales price rose in Atascadero 9% but both Paso Robles (-8%) and Templeton (-35%) saw a decrease. However, all three cities continue to see home prices remaining strong. When comparing the average sales price to the average list price, homes are closing at or slightly below the list price.
The Real Estate Market here on the Central Coast is slowing down as we enter the last month of 2024. This is nothing to be alarmed about, we are simply following our typical Real Estate cycle that we experience this time of year. This, in part, is why we continue to see the number of active homes on the market increase. It is also why we are seeing an increase in the number of homes with price reductions. Again, nothing to be alarmed about. As I stated above, homes are closing at or close to the asking price. So, whether you’re a buyer or seller, the housing market on the Central Coast is a solid investment.
Here are some statistics for Atascadero, Paso Robles and Templeton for the month of November 2024. If you would like to see information on other Central Coast cities, please let us know.
Dr. Jessica Lautz is the Deputy Chief Economist and Vice President of Research at the National Association of REALTORS®.
Congratulations Kelly on representing the seller of this home in Atascadero. This client is a friend of Kelly’s, and she was so honored that her friend reached out to her to sell the home. It always means so much to us when friends or family trust us to help them buy or sell a home.
Congratulations Jaime on representing the sellers of this condo in Atascadero. The condo received multiple offers and closed in just 7 days for full asking price! Phew, that was a quick one! The sellers are very pleased and impressed with the accelerated sale of their property.
