Whitney Ranch Market Update | June 2024
Monday, June 10th, 2024
Whitney Ranch Market Update | June 2024
Spring has awoken renewed activity for real estate within Whitney Ranch. May recorded a robust 12 residential closings: a third higher than the previous month and equal to the amount during the period a year ago.
Typical of the season, the composition of sales before summer’s big push focused on smaller, entry-priced properties. As a result, median price was just $836,000 compared with $937,000 year-to-date. The median home size trading during May was just 2,500 square feet, yielding nearly 250 square feet to the annual average.
The most significant sale during the month was a full priced offer for $1,149,000 on an exquisitely manicured 4,148 square foot home within the gated community. 3 of the 12 sales in May were for sums greater than $1,000,000; underperforming the year’s average as the spotlight burned brightest on smaller homes.
The period between end of winter and Memorial Day is when most of the year’s supply is introduced. Similarly, this is when the deferred maintenance from winter’s heavy hand becomes apparent. This period is slightly misaligned to the rhythm of buyers in the region who typically don’t return with purchasing intent until after July 4th. As such, standing inventory can swell by as much as double during the month of May, peaking by the end of June, only to wane in July with increased buyer activity. Bookending summer, the weeks ahead of Memorial Day for listing activity, closing activity is most prolific in the weeks following Labor Day.
Currently inventory in Whitney Ranch stands just over 28 residential units throughout the region; approximately 3 months of supply at the current rate of absorption; tipping the balance in the seller’s favor.
Constrained inventory feels to be an equalizing factor against persistent headwinds in the form of stubbornly high interest rates and the surging cost of homeowner’s insurance. Notwithstanding the underwhelming quantity of supply, both average and median price have hovered nearly equal to 2023. These balancing factors appear to have staying power that is likely to keep pricing stable heading into the busy summer season.
