As we head into the summer, the McCormick Ranch real estate market continues to crank along. Prices are steadily rising, inventory continue to remains low, and homes are selling extremely quickly.
To sum it up in one quick chart, look at this below.
We're seeing a substantial drop year over year in how quickly homes are selling. Condos have had the most rapid decline with a 33% decrease in average DOM. Patio Homes dropped 29%, SFR dropped 17%, and townhomes dropped a small 5%. These all continue to trend downwards, as well.
Inventory remains extremely low. With low inventory, buyers are forced to move quickly on available homes thus reducing DOM.
As of now, there are only 105 active and available listings throughout all of McCormick Ranch. With 57 total sales, this represents just 1.85 months of inventory.
This makes it an extremely good time to be a seller. I've seen multiple scenarios of single family homes in the $500,000-$1,000,000 selling over a weekend. Townhomes are seeing recent strength, especially in Las Palomas. Condos are absolutely on fire and everything being listed is gobbled up almost instantly.
We will have to see if this changes at all during summer. June, July, and August and sales numbers tend to drop by 15-20% across the board. Prices held steady last summer (and even continued to gain) so we could be in for further appreciation and gains.
Until next time! As always, please subscribe to receive these updates delivered direct.
May turned out to be a bit of an enigma for McCormick Ranch. We saw much of the same continued growth as has happened over the prior years. Inventory is still incredibly low and homes are selling quickly.
The one interesting data point was the number of sales over $1,000,000. When looking valley wide, sure it might not be that impressive. But there were 4 $1M+ sales here in April. The preceding 12 months has just 4 throughout it. The highest priced home closed at $1.65M and was a 6728 square foot lakeside masterpiece. As we see in the average price chart, this will definitely skew the numbers.
Price per square foot has continued to climb for all categories. The million dollar sales did not greatly affect these numbers as they were fairly close in range to the averages.
Besides that, it has been business as usual. Inventory is still very low with just 1.92 months. We are in a full sellers market. While we are now approaching the end of the busy season, I still do not see enough of a build up in inventory happening to change this short term. We should continue to see strength in sales and activity here.
March has brought about much of the same as the prior few months. When we look at prices, we see a distinct growth in price per square foot. Overall price, however, appears to be flat over the past 12 months. I feel this is strictly due to lots of smaller homes have been sold over the preceding few months.
Smaller homes tend to sell for a lower price but higher price per square foot. These can skew the two numbers as we see. What will be interesting for the next update is that there are multiple million dollar homes under contract. While McCormick Ranch has strong property values, we usually just see a handful of million dollar sales. These could help skew property values up over the coming months.
Everything here is still driven by lack of inventory. We're down to just 1.84 months of inventory. With such lower numbers, we can expect to see prices continue to climb.
