The PGA West real estate market is showing some interesting trends as we head into August. This report, provided by Walter Neil at Franklin Loan Center, offers a thorough analysis of current trends. Walter’s expertise extends beyond market insights; he’s also ready to assist with your loan needs, ensuring you get the best financial support available. We appreciate his valuable contribution. Here’s an overview of the key market trends and changes in PGA West.

Pricing:

The PGA West market is experiencing a mild correction. As of July, the average price for a detached home, which is typically 3,150 sq. ft., is $1,453,565—a decrease of 1.8% from last year. For attached homes, averaging 1,950 sq. ft., the average price is $718,774, down 4.5% year-over-year. Price changes vary across subdivisions: Greg Norman has seen a notable 14.7% increase in prices for detached homes, while Nicklaus Private has experienced a 12.4% decline for attached homes.

Sales Performance:

Sales figures have remained steady, with an average of 13 homes sold per month in July, consistent with the previous year. The total monthly sales dollar volume has increased by 20% to $18 million compared to last year.

Inventory Levels:

As of the end of July, there were 38 active listings across the eight PGA West subdivisions, marking a 5.6% increase from last July. The current “months of sales” ratio is 3.0 months, which is in line with last year but slightly below the historical norm of four to six months, indicating a tighter inventory.

Days on Market:

The average number of days on the market for detached homes in PGA West was 60 days in July, up from 49 days last year. Attached homes had an average of 57 days on the market, compared to 44 days a year ago. Despite these increases, these figures are still well below pre-COVID averages.

Price Discounts:

Detached homes sold with an average discount of 3.4% in July, nearly the same as last year’s 3.0%. Attached homes saw a slightly larger discount of 3.2%, up from 2.1% last year.

 

To explore available listings in PGA West and stay updated on market trends, visit our website. We provide detailed information and resources to help you navigate the current real estate landscape and find the perfect home.

We’re here to assist you every step of the way!