May Sales Updates for McCormick Ranch

Over the last 18 months, real estate prices in McCormick Ranch have been raising almost across the board. Condos have been the biggest gainer at around 6% a year. Single family homes have continued to increase around 5% a year. Patio homes are up around 4%, and townhomes are down less than 1% (essentially flat).

A lot of the fueling for condos comes from the huge pressure put on affordable housing Valley-wide. When looking through the Phoenix metro area, homes under $250,000 or $300,000 have been skyrocketing. Condos in McCormick Ranch are no exception.

Why the increase in prices? Lack of inventory! Right now, there are just 133 homes for sale in McCormick Ranch. Over the past 12 months, we've seen an average of 47 homes sell every month (including condos/townhomes/patio homes/and single family homes). Thus, we have a scant 2.83 months of inventory. Anything under 6 months is considered a seller's market.

​In March and April, we saw a large uptick in the number of sales across the board. This coincides with same increase that happened in 2016. The large number of winter visitors that come through Arizona increases activity quite substantially.

The last few months have continued the trend of homes selling faster. This goes hand in hand with the lack of inventory and increase in prices.

A quick note on the data- in order to help smooth outliers (like a beautiful $1.75M sale in Palo Viento), I'm using a 6 month rolling average of home prices, $/sq foot, and day on market for these charts. Thus, March sales prices are an average of October 2016 through March 2017. April sales prices are an average of November 2016 through April 2017. And so on and so forth. This helps to provide a better picture of the market.