Whitney Ranch Market Update | July 2023
For Whitney Ranch real estate, the first half of 2023 outperformed most expectations. Despite starting with an exceptionally quiet first 60 days, the community gained momentum in March that carried through Q2 finishing just a few transactions shy of the same period in 2022. Moreover, the first half of 2023 regained momentum after a very sluggish second half of 2022 during which just 38 homes sold.
Interestingly, days on market more than doubled to 54 however patient sellers were rewarded with the highest ever values recorded within the community. Average price exceeded $1 million for the first time ever; a full 15% higher than 2022. Median price rose by a similar 14% to $975,000. The composition of homes sold generally matched previous years. The average property featured 4 bedroom and 3 bathrooms within 3069 square feet. This is a mere 100 square feet larger than the same period in 2022 showing a slightly increased appetite for premium homes.
In fact, nearly 50% of all homes sales within Whitney Ranch year-to-date have exceeded $1,000,000. This compares to 36% in 2022, the previous high mark. In a first for Whitney Ranch, the $2,000,000 mark was surpassed by a modern farmhouse model home featuring a full suite of upgrades amid 4,238 square feet. $533 per square foot is also a record for Whitney Ranch real estate.
29 active listings represent just under 3 months’ supply. An amount adequate for consumers to feel like choices are available and while rapid enough to maintain pricing and seller confidence.
These factors fore tell a productive second half of 2023 to come. At the most fundamental level, the assets of the community remain tremendously appealing to today’s consumers and the product and pricing are attainable while maintaining a standard of luxury.
Best regards for a happy healthy summer to come.