September Sales Update

If I'm starting to sound like a broken record, well, I can't really help it. We're still seeing continued growth and increases in sales throughout McCormick Ranch.

You have likely seen many reports that real estate sales prices are beginning to slow down throughout much of the country. Some are blaming higher interest rates, some blaming higher prices, lack of inventory, seasonality, and a whole host of other reasons. It doesn't appear to be happening here at all.

Year to date, 393 homes have sold in McCormick Ranch compared to 410 last year. That's a small 4% drop but it isn't very substantial as prices have continued to rise. And, if we want to attribute it to anything it is that there is still very little inventory. We've had approximately 15% less homes on the market each month compared to last year. As a result, many home shoppers are sidelined and waiting for the "right" one.

I've always been a self professed numbers geek. With that, let's dive in a bit. My feeling is that Price per Square Foot is a reasonably good indicator of market pricing. It is absolutely worthless when figuring out the right price for a home but works to show overall pricing.

Single Family

August 2016: $222.97

August 2017: $230.91

August 2018: $246.54

Condos

August 2016: 168.96

August 2017: 179.46

August 2018: 197.43

Single family are up around 5% over the last two years and condos are up around 8%. We're still moving along quite well!

As you can see in the chart, patio homes and townhomes are flat or down slightly. These prices tend to be more volatile as the number of sales of each is lower. They are also more seasonal with higher sales and nicer units typically being sold in the winter. Thus, I wouldn't read into these much.

Inventory remains very low overall. As of now, there are only 72 homes listed in McCormick Ranch between all four categories. With 40 sales last month, that is only 1.8 months of inventory so we are remaining in a strong sellers market.

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