December Sales Updates

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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