Whitney Ranch Market Update | March 2023
Whitney Ranch real estate remains a ball of potential energy as the interest and showing activity evident on the ground has yet to translate into meaningful sales activity in the opening months of 2023
Just two existing homes traded hands in February. While this is an obviously small amount of activity, the supply of available listings held steady month over month at a level generally equivalent to most of 2022. In fact, 22 actively listed homes equate to just below 3 months of inventory when evaluating sales velocity over the last year.
A view of the two homes sales recorded in February offers an interesting contrast both in the market data as well as the composition of the homes themselves.
The first property represents the more efficient side of Whitney Ranch. A 4 bedroom, 3 bath new home within 1616 square feet built by JMC. This home was originally listed in August for $719,990 before reducing price to $629,990 where it ultimately sold after 151 days on market.
By contrast, the second property is a much larger 5 bedroom, 5 bath property distributed throughout 3,720 square feet built in 2007. At $895,000 the seller priced high for property condition yet still attracted interest among the low competing inventory. The closing price of $850,000 was an extremely compelling value on a price per square foot basis and landed a buyer within 27 days of coming to market. Spring often delivers more listing choices but also brings more buyers into the market. The savviest of consumers on either side of a transaction will recognize that the best opportunities exist when competition is minimal. While counter intuitive, this contrarian perspective often delivers results that may not be available during the more active periods later in the year