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November Sales Update

As we get closer to year's end, we are seeing the normal seasonal slow down. September, October, and November historically have the lowest number of sales. Then, December starts to pick up and spring is FULL STEAM AHEAD!

This year is following a similar path so far. It's the lull before the holidays. Kids are in school and so it can be an awkward time to move. While winter residents have mostly arrived, most haven't thought about buying (or selling) their home yet. And we're all thinking about Halloween and Thanksgiving.

Over the past few years, October has been the slowest month of them all. So our sales of 33 homes is not abnormal or anything to fret over.

October 2016: 33 sales

October 2017: 22 sales

October 2018: 33 sales

Inventory is still relatively light at just 95 homes. This leaves us with around 2.8 months of inventory and so is still a seller's market. A year ago, we had 97 homes listed for sale. If our number of homes listed doesn't increase much in the spring, we could see another run on prices. This is in spite of national trends that are showing slowing sales.

Looking at prices, price per square foot is increasing while overall price has flattened or dipped a bit. Single family average price was hugely affected by the multiple $1+ million sales that hit in the spring. They are dropping off the radar and so we are seeing more normalized levels. Price per square foot is increasing which is a good sign of the overall health of McCormick Ranch (but once again, is a terrible way to value your home).

All in all, I feel we are still in a good and healthy market.

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-Randy

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