McCormick Ranch March Sales Update

While it is still very early, we are seeing signs that 2024 may buck the trend as inventory numbers are increasing. In fact, this is the first year over the past 7 that the number of listings in McCormick Ranch increased between February and March. We saw a 35% increase in the number of listings. That being said, inventory is still relatively low compared to prior years. We had 81 listings to begin the month. March of 2019 had 125.

	Number of Listings in McCormick Ranch
	February	March	% Change
2018	99	93	-6.1%
2019	137	125	-8.8%
2020	53	45	-15.1%
2021	24	24	0.0%
2022	12	11	-8.3%
2023	84	78	-7.1%
2024	60	81	35.0%

Prices of single family homes, patio homes, and townhomes saw a slight drop over the prior month. This is actually the first time that we saw a drop between February and March since 2018. Condos had a slight uptick between February and March but have been relatively flat over the prior 12 months.

Price per square has mirrored sales price pretty well, as you'd expect. We saw a slightly drop between February and March for all categories except condos. Single Family Homes are still up over the prior 12 months on a price per square foot basis.

Lastly, Days on Market actually decreased as well. When inventory goes up, you'd normally expect Days on Market to increase. However, these are for homes that have sold, not ones sitting on the market. My opinion is this: homes that are priced correctly are still flying and often selling in the very first weekend. Every home has a realistic price band for its current condition, be it 100% original from 1979 or fully remodeled from 2024. It's a matter of hitting this range from the start to maximize the sales price.

It will be interesting to see what transpires over the next few months and the remainder of the year. Real estate can change quickly and it is entirely possible buyers are just having a slower start to the year. Or, this could be the start of a softer year. As always, time will tell!

Yours in McCormick Ranch Real Estate,

Randy