October Sales Update

Depending on your reference point, October sales could look really solid or halfway lackluster.

We saw 21 single family homes sell in October. The monthly average is around 16.

We saw 4 condos sell in October. The monthly average is 15.

The last time that so few condos sold here was exactly three years ago in September 2015. Only 2 condos sold that month.

From what I am seeing, this lack of condo movement (and really, it is just for the single month) is due to a lack of inventory. There are only 15 condos for sale in McCormick Ranch as of this writing. And, 10 more are currently under contract and should likely close this month. It's hard to sell something that doesn't yet exist! So, I do not feel this will be a long term issue. And, if you are looking to sell a condo, expect it to move extremely quickly.

Going back to single family, the market is still staying very healthy. Both average sales price and price per square foot hit another recent high. There are currently 35 active single family homes on the market so while inventory is still tight, there is still a little bit to choose from.

Townhome and patio home sales were close in line with previous months.

Looking forward, the fourth quarter of the year tends to be one of the softest. With the upcoming holidays, a lot of buyers and sellers tend to push any move to the back. I expect sales to be similar this year but to not see any drop off in price. There is a lot of upward momentum and demand is still reigning supreme.

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