September sales update for McCormick Ranch

As we look through August sales, the McCormick Ranch market has continued a similar picture to all of 2017.

Interestingly enough, there were 43 sales in August 2017 and exactly 43 in August 2016. Year to date, there have been 410 sales compared to 389 in 2016. Most of these extra sales have actually been townhomes. The number of condos sold are slightly down while single family and patio homes are fairly flat.

As expected, prices, DOM, and $/Sq Ft have all adjusted from 2016.

Single family homes continue to be the largest gainers as almost every single month has shown a steady increase. This month's average was $597,017 compared to $554,095 a year ago. That's a whopping 7.76% increase! $/Sq Ft has increased a smaller 3.56%. I've been seeing a lot of price increases throughout Phoenix in the under $300k market so it is nice to see it hit our homes.

Townhomes still show a general downward trend for the past 12 months. As bad as this seems to be, they are actually fairly even when looking at a 2 year history.

Patio homes have been tracking like townhomes to a lesser extent. They are down, but very, very slightly. And condos are up like single family but also to a smaller percentage.

Looking forward, I think we will continue to see strength in single family. Condos should also continue their gains and patio homes should bounce back. This is all based on current inventory levels- there is very little! All three of these have less than 2.5 months of inventory. Condos are the lowest at around just 1.5 months. So if you have a condo, expect it to see almost instantly.

Townhomes may continue to be comparatively sluggish as there are about 3.5 months of inventory. However, this also means there could be some great buys out there for homes that have been sitting longer.

While this shows the market as a whole, every home in McCormick Ranch is unique (and that is why so many of us love it!). If you'd like a customized report showing your home's value, please reach out