McCormick Ranch December Sales Update

As we finish up the year, we are seeing a little bit of the usual seasonal softness. The fourth quarter is generally the quietest part of the year for home sales. With the holidays upon us, many buyers and sellers are just postponing any kind of a move until the start of the New Year. So, while sales were somewhat soft in November, this isn't any cause of concern.

Going into the data, condo, patio home, and townhome sales were actually in line with prior months. Those didn't drop off nearly as much as single family. There were 10 condo sales, 9 patio home sales (which matches recent highs), and 6 townhome sales.

Single family was unusually soft, even for November. There were just 6 sales. This is the lowest amount since January 2016. We saw a huge run up in pricing from 2016 on so a soft month doesn't really mean a whole lot.

Prices are still ticking on an upward trend. Looking at an overall trend, condos are up around 10% and single family homes are up around 6% year over year. Patio homes and townhomes are up around 5%. These are all based off of price per square foot, a metric I like when analyzing the overall market. These are obviously gains we should all be happy with.

What we will have to watch is how (and if) the market changes in early 2019. The inventory supply has moved slightly higher, which is also normal for this time of the year. We have 103 available homes for sale in the area. This compares with 102 at the same time in 2017. So, once again we are right in line with the previous year and 2018 was great year for our housing market.