McCormick Ranch Sales Update: October 2021

The weather has finally turned and we can enjoy more time outside! This is one of my favorite times of the year as we still have a lot of daylight and can be outside almost all day.

In retrospect, throughout the Phoenix area and McCormick Ranch, we saw a little bit of a lull in July and August. In mid September, though, we have seen another small surge in real estate activity. Rates tempered down and demand picked up once again.

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Please keep in mind that the charts below are a rolling 6 month average. I've done this to even out some of the highs and lows of each month as our data set is reasonably low. If we look at the raw data, the last three months have seen an average sales price above $1,000,000. This is pretty incredible for our market. Townhomes, condos, and patio homes are also increasing very quickly.

We had 41 sales in McCormick Ranch proper last month. You can see that this is a bit higher than the low 30s from the prior month. More importantly, we only have 39 active listings to start October. And, there are 50 homes under contract. This means we have less than a month of inventory. There are still no signs that this market is really turning. We are in a complete sellers market. We have had less than a month of inventory since June 2020, sans a couple random months with about 5 weeks worth.

So where do we go from here? My expectation is that October will continue to stay fairly busy. But, in November and December we should see a seasonal lull. It's the holiday season which means many do not want to move. Come early January, we should see the market get extremely busy once again.

Yours in real estate,

Randy