North County median home sales top $575,000, up 11% over last year
Sales jumped 34% to 378 properties in the first quarter
–North County Real Estate has rushed into the 2021 First Quarter with a vengeance. The median sales price topped $575,000 which translates to an 11% year over year price increase. Sales jumped up 34% to 378 units and inventory declined to 415 properties down 12% year over year. This report will examine the dynamics of this surge.
Demand for homes has been pulled forward since the onset of the pandemic. COVID created clarity in the minds of everyone. We are all on the clock and let’s do it now. Urban pricing is still high and that allows urban refugees to cash out and move to higher quality communities for half the price. Add in remote work opportunities, deteriorating cities, low interest rates, ballooning construction costs and you have a feeding frenzy for homes.
Higher end homes, vineyards and large ranches are beginning to get more Buyer interest and activity. These properties still trade for below replacement cost but they are selling at a reasonable pace if priced right. There is less fear in the price of grapes and it seems as if the demand for fruit has come way back around. Winery properties will begin selling again when the hospitality restrictions abate.
Country Living Magazine named Paso Robles as one of the top 10 best small towns in America. Our tourism is booming. Tourists are pouring in from the North and South. Once these folks visit Paso Robles they experience the people, the wine and the community. Paso Robles was the only wine region in the state to see an increase in direct to consumer bottle price in 2020.
The process of selling a home has never been easier. It’s the best time ever to sell a home. As a Buyer, the entire process is frustrating and mentally draining. A COVID cloud still limits inventory because of Seller health concerns with showings. We encourage our Sellers to get all inspections done prior to putting the home on the MLS so Buyers can evaluate the property even before they tour the home. Pricing is strong right now but we think the liquidity aspect of selling homes is the biggest opportunity today. List it, sell it and move on.
People should be more willing to list their homes as COVID fades from the front page. New construction will not be a factor in our market any time soon. Prices can only rise so much before buyer fatigue sets in and they top out.
RE/MAX Parkside Real Estate is a stakeholder in our community. This will be our 20th year of the Up with Kids event we do in conjunction with Target. Our team shops with 100+ kids for back to school clothes and supplies in August. The whole event is funded by our Team in conjunction with some long time sponsors in town. We do scholarships as well as clothes. If you are interested in helping us out, contact Fred Bruen at (805) 235-4681.
North County works because we are a citizen-driven community. Our government leaders and police have been instrumental in guiding this community through many challenges. Safety is the number one quality of life issue and our first responders lead by example. Our ceiling remains high.
–By Pete Dakin
Broker/Owner of RE/MAX Parkside Real Estate