Whitney Ranch Market Update | September 2023
September wrapped a steady and productive Q3 for Whitney Ranch real estate. During the quarter, 30 properties traded within Whitney Ranch almost perfectly distributed each month from July through September. This is a 5% increase over the same, supply-starved period in 2022.
Each successive month saw very a very slight decrease in median price however year over year figures remain up nearly 15%; dramatically outperforming national trends.
The market has been decisive as to what properties are most in favor. 4 bedrooms, 3 bath homes are commonplace however the average size of sold properties has trended toward more efficient, 2800 square foot homes. This is approximately 100 square feet smaller than the average price in 2022. Of the 8 properties to have sold in September, all but one were listed within the preceding 30 days.
There are currently 29 homes listed for sale within Whitney Ranch. In contrast to recently sold properties, these listings average 92 days on market indicating the market does not find appropriate value in these unsold properties. These homes are trending about 10% larger than recent sales and are seeking a premium of more than 20% on a price per square foot basis. For reference, homes in Whitney Ranch tend to expect a diminishing return on price per square foot as they crest 3,000 square feet rendering the asking price of these resales that much further out of reach.
Nevertheless, 29 homes for sale is nearly identical to the rate of absorption in Q3. A single quarter of inventory generally indicates a very healthy real estate market, slightly biased in the seller’s favor.
While fall typically begins in the taper into the slower six months in any given year, the Whitney Ranch market is healthy and thriving.