June 2017 Sales Update

Now that May is fully in the books and closed out, we can take a closer look at the activity and sales throughout McCormick Ranch.

First, the charts!

Sales prices of single family homes and condos have continued the upwards trend of the prior years. Using the 6 month rolling average, single family homes hit an average sales price of $580,665 in May. Compared to April's price of $577,747, this is around a 6% annualized gain.

Patio homes look like they have ticked down a hair over the last few months but this isn't representative of the market, as a whole. Patio homes make up a smaller grouping of homes compared to single family and the data can be skewed by a couple sale outliers.

Townhomes have also gone down a smidgen. Part of this could simply be classification (and it could also be contributing to a condo's rise). If a townhome is put into MLS as a condo or a condo as a townhome, it can alter the data slightly. I'll continue to look at this long term to see how this changes.

While a terrible way to price a single home, price per square foot is a good way to look at the market as a whole. May price/sq foot was mostly even or ticked up. Once again, townhomes were low point especially when compared to 2016 activity.

Days on Market (DOM) has continued for most segments. Single family went from 82 to 83 DOM, which is a pretty negligible amount. Condos did the opposite going from 83 to 82. Patio homes and townhomes had a large drop, showing some late demand.

Lastly are our monthly sales. Sales are up overall comparing year over year. Thus far, there have been 267 sales in McCormick Ranch compared to 234 in 2016. That's a sizeable jump.

One more note: inventory is still low! As of this writing, there are just 117 actives homes for sale. With 45 sold in May, this gives us just 2.6 months of inventory. This is very tight and could start creating additional price appreciation. While the spring tends to be busier than the fall, we will have to keep watching this.