As we go into the final month of the year, prices in McCormick Ranch have continued their strong rise. All four categories of homes that you'll see here have hit their highest levels of the year. Overall sales price and $/sq ft are up for everything! While October was very slow for the McCormick Ranch real estate market, November more than made up for it.
Let's break it down a little bit more:
Single family hit the $600k average price for the second month. There were more than twice as many sales in November 2017 (17 total) then in November 2016 (8). The average sales price is up 8.4% year-over-year which is a huge increase for us! The average price per square foot for single family was $236.30. This is a 6.4% increase over 2016.
There were a handful of higher priced patio homes that sold last month. This helped raise the average price of patio homes to $438,557. This is the highest average price for all of 2017. Interestingly enough, November 2016 had an average price of $438,073. Patio homes are flat year over year but have greatly reversed their downward trend from the beginning of the year.
Townhomes have also risen quite substantially over the prior 12 months. The average sales price in November was $363,125. This is a 5.8% rise over 2016.
Lastly, condos have shown the same strength as single family homes. This was the first month that they have crossed over the $200,000 mark for an average sales price. At $201,292 they have now risen 7.8% over last year.
What do I expect from here on out? I think we will have more of the same to end the year. There are just 102 homes listed for sale in McCormick Ranch proper. With an average of 48 homes selling per month through the year, this leaves us with just over 2 months of inventory. This is very, very tight and still shows a seller's market. We should see December round out the year with a high number of sales and strong prices.
As a reminder, all of the statistics are based off of a rolling 6 month average.
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As is usual during October, the weather finally changes and we start to see the first sights of the slower real estate season.
October sales were substantially lower than last year with just 22 homes closing in McCormick Ranch. There were 33 that closed in October, 2016 so this is a pretty substantial drop. However, there are 61 homes currently under contract here. So I fully expect November to make up for the drop and even things out. Because we are in a small subset of the entire real estate market, I'm not too concerned when we have one month that is lower than the rest. It's all about trends!
Prices dropped a tiny, tiny bit as well and dipped under the $600,000 mark for single family homes. The most expensive home that closed was $660,000. Most months have closings of $750,000 on up. So, once again, this month does not seem to be representative of the McCormick Ranch real estate market as a whole. Patio homes also dropped a tiny bit while townhomes and condos were essentially flat.
Currently, there are 116 listings that are active and available. When we take the 22 homes sold, that leaves us with a 5.27 month supply. This is the highest of the year but it is still just seasonal. If we look at the number of homes under contract and assume an average closing time of 35 days (hey, let's be optimistic here!), we are back at the 2.23 months of supply. This is closer in line with what we have seen.
The real estate market is still very healthy here and I expect the overall trends to continue.
The steady gains have continued!
As the third quarter of 2017 came to a close, McCormick Ranch home sales have not slowed one bit. Even throughout the summer, demand and sales continued in full strength.
Year over year, the average price of single family homes here are now up 6.96%. Price per square foot is up a smaller 4.54% but this is still a healthy gain. On top of that, the number of single family homes sales were up 25% for the third quarter compared to 2016. So, it is still full steam ahead!
Condos have also continued their run up and have hit new highs. The average price of a condo is up 5.82% and the average price per square foot is up a whopping 9.13%. This tells me that there are lots of smaller units selling now and that they are going for a premium.
Townhomes and patio homes have evened out over the last few months. They still haven't seen many recent gains but the prices have stabilized. As we get into the winter, I'd expect a bit more demand for them.
Looking forward, I'm not seeing any slow down of our home sales. There were 45 sales in total in September. On October 1st, there were only 97 homes active and available for sale in McCormick Ranch. That leaves just a scant 2.15 months of inventory which is still a full sellers market. I'd expect us to all see further gains on our homes in the upcoming winter season.
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