April Sales Update for McCormick Ranch

After a very lackadaisical start to 2019, McCormick Ranch real estate finally picked up in March. In fact, much of Phoenix real estate did.

On March 1st, there were 75 homes under contract in McCormick Ranch. We saw 69 of them close. This was the busiest month since March 2017 where 74 homes closed.

The prior months were:

September 2018: 32 sales

October 2018: 33

November 2018: 31

December 2018: 27

January 2019: 29

February 2019: 28

March 2019: 69

Seasonality is in full swing! April is looking to be another solid month with 53 homes under contract as of April 1st. This should give us a closed total of around 45-50 homes, as some will fall out and others will have a quicker than 30 day close.

Prices showed a bit of gain this past month, largely due to all of the demand. Single family climbed back up to near it's recent high of $653,000 while price per square foot jumped to $266.71. In March 2018 price per square foot was just $238.86, meaning an 11.2% gain.

Townhome price per square foot is up 5.9%, patio home is up 3.1%, and condo is up 4.3%. Those are relatively healthy gains and numbers that are more obtainable long term.

Looking forward, we are still in a fairly strong seller's market. There are currently 128 homes for sale in McCormick Ranch. With 69 sales last month, we show just 1.85 months of inventory. If we use approximately 50 forecasted sales for April, we are at 2.56 months. Either way, expect sellers to have the upper hand for the time being.

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