Whitney Ranch Market Update | June 2023
The community of Whitney Ranch continued its market-defying trajectory in May with a third consecutive month of double-digit productivity. After struggling with inventory constraints for much of Q1, a run of supply has enabled results that significantly outperform the same period in 2022 and nearly match the most prolific months of 2021. This trajectory is a direct rebuke of national trends wherein tight inventory and rising interest rates are stymieing sales volume while maintaining price resiliency.
To the latter point, both median and average prices in Whitney Ranch have continued to elevate in unison producing nearly 15% appreciation over 2022 values. Seemingly the only metrics that are underperforming the prior year are days on market and selling price as a percentage of asking. Said plainly, seller asking prices have continued to accelerate resulting in a higher asking prices requiring slightly more time to sell and a bit more flexibility in negotiations. Whereas last year homes sold in 21 days generally at asking price, current dynamics are generating sales in 38 days while accepting offers just 3% below the ask.
Currently, 32 homes are listed for sale in Whitney Ranch. This represents almost exactly 3 months’ supply, a figure that continues to favor sellers. The average asking price is $1,135,000, 9% greater than the year-to-date average for the community. If the current market dynamic holds, it will take about 3 months for transactions to come together between modest price reductions and typical negotiations.
Assuming interest rates remain stable and options for consumers consistent but not overwhelming, the current market dynamic is likely to continue into summer when real estate activity typically accelerates.