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.
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.
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.