Much has been made of the slowing real estate market in national and region news however interest Whitney Ranch remains seasonally robust. Showing that demand for quality homes in a desirable well-amenitized community has the ability to transcend market headwinds, Whitney Ranch has shown resiliency.
While the total number of sales has ebbed to a more moderate pace from a chaotic 2021, activity remains robust, particularly in the highest reaches of the community. Seven homes transacted in August of 2022; an identical figure to the previously month. However, driven by four sales cresting $1,000,000, the average price surged 28% month over month to $1,212,000. Most notably, a spectacular property in the gated Oakcrest neighborhood closed for $2,195,000 benchmarking the highest ever number for a home in Whitney Ranch.
Clearly the appeal of a large, 3900 square foot 5-bedroom, 6-bathroom home with numerous elite finished including an infinity pool and upgraded outdoor kitchen and dining demonstrate a willingness on the part of the Whitney Ranch consumer to pay for quality.
This trend typifies the themes evident in Whitney Ranch throughout 2022 wherein quality sales have taken the place of the overwhelming quantity of transactions experienced over the last several years. While homes are taking slightly longer to sell and achieving on average 2% less relative to asking prices, prices in aggregate continue to rise. In fact, both average and median homes values have risen 21% year-over-year. The consensus between median and average prices indicate that the entirety of Whitney Ranch is seeing uniform appreciation as a quality place to for families to dwell.
Looking forward, increased inventory is giving purchasers greater options as compared to the historical scarcity of recent years. While this inventory merely equates to 3 months supply; still quite typical of a market favoring the seller; it gives the sense that momentum has shifted.
We expect a period of general equilibrium for the remainder of 2022 during which time buyers will be considerate of their options in making a buying decision but with the understanding that sellers feel a distinct lack of distress which generally equates to stable pricing.