May Sales Update for McCormick Ranch

On April 1st, there were 53 homes under contract. We saw exactly 53 homes close in April. I like it when that happens!

April sales stayed very strong and May is starting to accelerate even further.

Diving into the numbers a little deeper, single family homes hit recent highs and smashed those prior records. This was driven by 3 sales that were higher than $1,000,000. Those most impressive of these was 7605 E Via Del Reposo, a 2 bedroom, 2 bath lake-front home in Palo Viento. It sold for an astonishing $1,470,000 and $610/sq ft.

These couple of sales definitely skewed all of the data. Did all of our homes suddenly appreciate by $30,000 or $10/sq foot? Nope! We have a fairly small data set just looking at McCormick Ranch, so we need to take a step back and look at the trends. If we were to take this listing away as an outlier, the average price per square foot for single family would be closer to $272. That is still healthy and a good sign for our market!

The main trend I am seeing is that our neighborhood is selling and selling quickly. Average price per square foot is up across the board and average days on market is under 60. This is incredibly low and a great time to be a seller.

Interestingly enough, prices for townhomes and patio homes are down. I saw this last year around the same time. I believe this is more skewed data and it is likely caused by sales of smaller townhomes and patio homes. Smaller homes tend to have a higher price per square foot but lower sales price.

As of May 1st, there were just 112 homes listed for sale and 64 under contract. This means we have around 1.75 months of inventory. High demand homes will likely see multiple offers and prices should continue to creep up over the coming months.

I expect we will see around 60 homes close in May. There were 45 closed sales in May 2017 and 57 in May 2018 and so we are looking very healthy right now.