July Sales Update

We're now halfway through the year and McCormick Ranch is continuing it's strong growth.

Let's look at some similarities and differences between 2017 and 2018:

In the first six months of 2017, 311 homes were sold throughout all of McCormick Ranch. This includes condos, townhomes, patio homes, and single family.

In 2018, we hit the EXACT same number. Another 311 homes were sold. When breaking it up between the four categories, there wasn't an appreciable difference between any. All were within single digits of the previous year.

Prices tell a completely different story. Each of the categories is up anywhere between 6.82% and a whopping 22.30%. Patio homes and townhomes are a bit of a anomaly though. While the numbers theoretically don't lie, 2017 was somewhat of a lagging year for them and even showed slight losses. They are more-so averaging out the prior year. They are a very small sample size and it is more of a pricing variation than anything. If we look at a longer time frame, they were up approximately 10% over each of the past two years (like condos and single family).

We all should be very happy with the appreciation we've seen!

It always comes down to supply and demand. Supply is down while demand is up. We're seeing all of the homes sell faster compared to 2017.

Single family homes DOM (days on market) has dropped from 85 to 68. Condos have dropped from 79 to 52 (!). Townhomes have dropped from 85 to 81 and Patio homes have gone from 85 to 74.

As a seller, this is great news as it means you will have more freedom should expect to move on quickly. As a buyer, this means more pricing competition.

Another way to look at this is to see how much "supply" we have of homes. In June 2017, we had 2.6 months of inventory. So if no further homes were listed for sale, the current supply would theoretically last 2.6 months at the current sales pace. In June 2018, it was at just 1.77 months. As of this writing, there were a scant 83 homes listed throughout our community. That is extremely low!

For the near future, I'm not expecting any kind of a slow down. Lots of home-buyers are looking to move to our community and prices should continue to show it!

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