August Sales Updates

The strength of McCormick Ranch continues!

Throughout July we saw continued gains throughout much of The Ranch. Single family homes hit a new high, patio homes are recovering, and condos are also increasing. Townhomes have still been the soft spot.

Sales were anywhere between a single bedroom condo that sold for $134,000 in Belcara and an exquisite contemporary remodeled in Vista del Lago that closed for $1,040,000.

When looking at single family homes, we are now up around 8% year over year. This is using the 6 month rolling average to help smooth out the data. Condos are up around 4.5% and patio homes are up just 1%.

Strangely, townhomes have continued their decline and are down around 8%. I think a lot of this is due to the higher HOA fees that many buyers want to avoid. Townhomes sales are increasing compared to 2016 so my guess is that this trend will start to reverse very soon.

July 2017 saw 56 sales compared to 43 in July 2016. That is a hefty 30% increase. The number of sales in June 2017 was down substantially from 2016 so this is pretty much a wash.

However, there are now just 1.75 months of inventory at the start of August. We can see the continued drop in days on market throughout all categories. Combining this with still suppressed and low interest rates, I'd expect to still see rising prices throughout the remainder of 2017.