April Sales Update

March has brought about much of the same as the prior few months. When we look at prices, we see a distinct growth in price per square foot. Overall price, however, appears to be flat over the past 12 months. I feel this is strictly due to lots of smaller homes have been sold over the preceding few months.

Smaller homes tend to sell for a lower price but higher price per square foot. These can skew the two numbers as we see. What will be interesting for the next update is that there are multiple million dollar homes under contract. While McCormick Ranch has strong property values, we usually just see a handful of million dollar sales. These could help skew property values up over the coming months.

Everything here is still driven by lack of inventory. We're down to just 1.84 months of inventory. With such lower numbers, we can expect to see prices continue to climb.