November Sales Updates

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.