According to data from Rocket Homes comparing February 2023 to February 2024, the median housing price in Atascadero has dropped from $760,000 to $754,500, indicating fairly stable prices.
But that's not moving the market in the buyer's favor.
Century 21 realtor Joanna Nowinski attributed the seller’s market to two conditions: high interest rates and low housing inventory.
“There's just not enough homes on the market for everyone to purchase," Nowinski said. "And we have a lot of buyers that really do want to buy, so that just creates this cycle of not having enough inventory and buyers wanting to purchase and high interest rates."
Atascadero homeowner and mortgage loan officer Pete Savino purchased his home in Atascadero back in 2017 and said it’s difficult to break into the housing market here, mainly due to the competition for housing.
“Areas like this are very well-insulated due to lack of inventory,” Savino said.
He added that competitive mortgage rates could also play a role in the lack of inventory on the market, as those with a lower interest rate would be hesitant to purchase a home with a higher mortgage.
“If someone purchased recently, say in the last five years, it’s really hard for somebody to move into a larger, more expensive property because of the rates they don’t want to give up,” Savino said.
Nowinski predicts the lack of inventory we’re seeing may be an ongoing problem.
“We're not building enough to create more inventory," Nowinski said. "The rules in California are so strict for builders that not that many builders want to build now."
The lack of new homes means those eager to buy are more likely to spend more — given the limited supply available within their price range.
“First-time homebuyers are kind of squeezed into this market that they are trying to get into something because the rents are also really expensive. So a lot of times are buying a home makes it a little bit easier to pay your own mortgage rather than renting and paying somebody else's mortgage,” Nowinski said.
Those interested in learning more about real estate can attend Century 21’s Wine and Wisdom events every other Tuesday at 6775 El Camino Real in Atascadero.
