With 52 McCormick Ranch homes sold in February, we are kicking off 2020 in a hot market! That is 32 more closings than the previous month and 67% more than the number of homes sold in February of 2019. Inventory is at a near-historic low (and could drop lower), but the demand for homes continues to grow. With low mortgage interest rates, buyers are eager to step into the market and find their dream home.
Freddie Mac explains:
“If you’re in the market to buy a home, today’s average mortgage rates are something to celebrate compared to almost any year since 1971…
Mortgage rates change frequently. Over the last 45 years, they have ranged from a high of 18.63% (1981) to a low of 3.31% (2012). While it’s not likely that the average 30-year fixed mortgage rate will return to its record low, the current average rate of 3.45% is pretty close — all to your advantage.”
Active listings were down nearly 50% in February compared to where they were a year ago in February of 2019. A normal market’s inventory sits at 6 months. With 85 homes for sale in McCormick Ranch, we’re currently at 1.72 months. With high buyer demand and the currently low amount of homes coming to market, anyone thinking of listing is in a prime situation to sell.
We’re seeing record lows for days on market, with many of the homes getting multiple bids and more than asking price. The sales price to list price ratio (SP/LP) was solid, coming in at 98.4% last month. Houses in every price point have a good opportunity to sell in this market right now, especially if they are market priced and well maintained!
The average days on market for home sales in McCormick Ranch this past month was 64 days (from listing to closing). As a comparison, it took 82 days to close homes (on average) during this time-frame last year which means homes are selling 22% faster.
Sellers may not want to wait to put their houses on the market. With demand so high and supply so low, now is the perfect time to sell your house for the greatest dollar value and the least hassle.
How can both buyers and sellers gain an advantage in the current McCormick Ranch Real Estate market? Employ the services of a local McCormick Ranch Real Estate Agent who understands all of the ups-and-downs and twists and turns of this market.
McCormick Ranch Real Estate Market
Currently, the McCormick Ranch AZ real estate market favors sellers with 1+ months of available inventory (85 homes) to choose from. To review the home sales in McCormick Ranch this past month as well as other closing information, check out the following statistics:
- Average Sales Price: $505,264
- Number of Monthly Sales: 52
- Average Days-On-Market: 64
- Highest Priced Sale: $1,698,000
- Lowest Priced Sale: $175,500
- Highest Priced Listing: $2,699,000
- Lowest Priced Listing: $195,000
- Largest Home on the Market: 6,376 sq ft
- Smallest Home on the Market: 802 sq ft
Just like last month, this is a good real estate market to be part of for buyers, investors, and sellers. Do not delay or you may miss out on the home of your dreams in McCormick Ranch, Scottsdale AZ!
Find McCormick Ranch Homes for Sale
For a complete list of the available real estate in McCormick Ranch, search all the available McCormick Ranch homes for sale. As always, subscribe to my newsletter so you don’t miss out on any McCormick Ranch home deals!
Call me at (480) 707-8347 to find out how much your McCormick Ranch home is worth or so we can discuss your specific housing needs. I know this market incredibly well and can assist with all your McCormick Ranch residential real estate needs.