Whitney Ranch Market Update | October 2023
Saturday, November 4th, 2023
![](https://whitneyranchca.com/wp-content/uploads/2023/11/WR_MAR15_9588.png)
Whitney Ranch Market Update | October 2023
The Whitney Ranch community produced 14 residential real estate transactions in October. This is a meaningful leap from just 9 in September and equals the most significant month to date in 2023.
Average price grew from $816,000 in September to over $950,000 in October; a signal that the market is accepting larger and more premium homes despite record high interest rates. In fact both average and median price have surged in 2023 by 15% and 14% respectively providing a remarkable testimonial for the desirability of Whitney Ranch amid some of the most challenging real estate conditions in over a decade.
![](https://whitneyranchca.com/wp-content/uploads/2023/11/1.png)
The only metrics that have trended below 2022 are the percentage of sale price to asking price (98%) and days on market (54). The extended time on market is nearly a tripling of the remarkably quick pace of sales in preceding years, however sellers exercising some measures of patience are clearly being rewarded.
![](https://whitneyranchca.com/wp-content/uploads/2023/11/2.png)
Larger homes were in clear demand in October as the composition of the average home sale reflected a 2,816 square foot, 4-bedroom home fetching $354 per square foot. One particularly appealing property achieved a high of $451. This compares to just $305 per square foot average in September and a high of $384.
The supply of active listings has increased very slightly to 33 homes for sale. At current absorption, this supply will last less than 3 months, a condition that heavily favors sellers.
Clearly the virtues inherent to Whitney Ranch real estate remain appealing to consumers who are acting with extreme caution elsewhere. Fall is typically a quieter time for activity within the community however momentum is clearly building toward Q4 that strongly outperforms the prior year.
![](https://whitneyranchca.com/wp-content/uploads/2023/11/3.png)