If you are looking for a low key and family friendly event for this weekend, stop by Dino-Mite at the Anthem outlets this Saturday from 11-2. You can see Jurassic sized dinosaurs that move and make noise. There will be a fossil dig and a selfie station.
While it is a little bit of a drive for us, a free and fun event is always a great way to spend some time (and get out of the remaining heat!).
In July 2018, 42 homes in McCormick Ranch were sold. In July 2017, 56 homes were sold. So we are down a little bit in pure numbers. However, this is not a sign of any kind of weakness in the market. Inventory is also much, much lower and we are dealing with the regular summer slowdown. There are 83 homes listed now compared with 103 in 2017.
One interesting statistic is looking at how quickly homes have sold over the last month. Of the 42 sales:
12 homes sold under 10 days
9 homes sold between 10 and 30 days
9 homes sold between 30 and 60
9 homes sold between 60 and 120
3 homes sold over 120 days
Nearly 50% of homes sold under 30 days and 71% of homes sold under 60 days. This is still exceptionally fast and homes are moving!
Going into pricing, we are still seeing continued gains. Prices between all categories are up 8-10% (still accounting for the exceptional change in townhomes and patio homes).
As we move into the fall (really, can we please see some cooler weather?!?), I fully expect sales to continue to be strong. We may run into an inventory crisis if we do not have more come to market.
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We're now halfway through the year and McCormick Ranch is continuing it's strong growth.
Let's look at some similarities and differences between 2017 and 2018:
In the first six months of 2017, 311 homes were sold throughout all of McCormick Ranch. This includes condos, townhomes, patio homes, and single family.
In 2018, we hit the EXACT same number. Another 311 homes were sold. When breaking it up between the four categories, there wasn't an appreciable difference between any. All were within single digits of the previous year.
Prices tell a completely different story. Each of the categories is up anywhere between 6.82% and a whopping 22.30%. Patio homes and townhomes are a bit of a anomaly though. While the numbers theoretically don't lie, 2017 was somewhat of a lagging year for them and even showed slight losses. They are more-so averaging out the prior year. They are a very small sample size and it is more of a pricing variation than anything. If we look at a longer time frame, they were up approximately 10% over each of the past two years (like condos and single family).
We all should be very happy with the appreciation we've seen!
It always comes down to supply and demand. Supply is down while demand is up. We're seeing all of the homes sell faster compared to 2017.
Single family homes DOM (days on market) has dropped from 85 to 68. Condos have dropped from 79 to 52 (!). Townhomes have dropped from 85 to 81 and Patio homes have gone from 85 to 74.
As a seller, this is great news as it means you will have more freedom should expect to move on quickly. As a buyer, this means more pricing competition.
Another way to look at this is to see how much "supply" we have of homes. In June 2017, we had 2.6 months of inventory. So if no further homes were listed for sale, the current supply would theoretically last 2.6 months at the current sales pace. In June 2018, it was at just 1.77 months. As of this writing, there were a scant 83 homes listed throughout our community. That is extremely low!
For the near future, I'm not expecting any kind of a slow down. Lots of home-buyers are looking to move to our community and prices should continue to show it!
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