Whitney Ranch Market Update | August 2023
Real estate activity within the community of Whitney Ranch continues to defy the malaise that’s permeating other regions with market-defying activity. After a robust first half of 2023 that regained any momentum lost during a lethargic finish to 2022, H2 has continued to gain momentum.
10 residential transactions closed in July nearly equaling the busiest months of the year. Moreover, volume surged to over $11 million driven by 7-figure values that are quickly becoming the norm within the community. The year-to-date average sales price of $1,078,000 reflecting a 15% increase over 2022. To date, 47% of all transactions within Whitney Ranch this year have eclipsed $1,000,000. The highest ever annualized number of 36 listings priced above $1,000,000 will likely be overtaken by the end of August.
The high market for July was $1,635,000 for a new construction home by JMC. This model unit included numerous upgrades to base models and was situated backing to greenbelt, an optimal location. Re-sale activity was not far behind with a 2020 Oakhurst masterpiece trading for $1,550,000.
With supply holding perfectly steady month-over-month at 29 units, current inventory is just below 3 months’ supply. This reflects market conditions that are undeniably skewed in sellers’ favor however not so much that consumers are forced to make unreasonable decisions. The supply of available listings generally mirrors July sales in terms of the size and programming of the homes though does indicate that ever slightly more dated homes are less favorable. The average home sold in July was built in 2016 while standing inventory averages 9 year old product. Nevertheless, the general lack of outlying data indicates that activity is likely to plod along at the current pace through summer. Any abatement in interest rates heading into the later months of the year will likely be an accelerant on demand by making carry costs more affordable – until price increases mitigate any such relief. Such is the constant and precarious balance of real estate within an in-demand community.