As we delve into the real estate market performance in PGA West for June, we observe a blend of stability and minor fluctuations across various metrics. Here’s a comprehensive overview of the latest trends in prices, sales, inventory, days on market, and price discounts/premiums.
Prices
In PGA West, the pricing landscape is experiencing a mild correction. The average price of a detached home, approximately 3,150 sq. ft., concluded June at $1,479,844, reflecting a slight year-over-year decrease of 0.5%. Conversely, the average price of an attached home, around 1,950 sq. ft., increased by 0.2%, reaching $725,917.
Subdivision Performance
The individual subdivisions within PGA West showed varying price changes. Greg Norman (Detached) saw the highest average price gain at +18.9%, while Nicklaus Tournament (Attached) experienced the most significant decline at -8.9%.
Sales
June saw an average of 12 sales per month, which is one unit less than the previous year, marking a 7.7% decrease. However, the average monthly dollar sales surged to $20 million, a notable 25% increase compared to last year.
Inventory
At the end of June, the inventory across the eight PGA West subdivisions stood at 34 units, 3% fewer than last June. The “months of sales” ratio was 2.8 months, consistent with the previous year. Historically, this ratio for PGA West ranges from four to six months, indicating the current ratio is within the lower-center of the normal range.
Days on Market
For detached homes, the average number of days on the market in June was 60 days, up from 55 days last year. Attached homes saw an increase to 61 days from 48 days a year ago. Despite these increases, both metrics remain significantly below their pre-COVID averages.
Price Discount/Premium
Detached homes in PGA West sold with an average discount of 3.5%, marginally down from last year’s 3.6%. Attached homes sold at an average discount of 2.9%, up from a 2.2% discount last year.
We extend our heartfelt gratitude to Walter Neil at Franklin Loan Center for providing these insightful market reports. Walter's expertise in the real estate market is invaluable, and his assistance is instrumental in helping us deliver accurate and up-to-date information.
If you need a loan, Walter Neil at Franklin Loan Center is the go-to professional. His extensive knowledge and experience can help you navigate the complexities of securing a loan, ensuring you get the best possible terms for your real estate needs.
For the full report and to explore available listings in the PGA West communities, visit our website. Stay updated on market conditions and let us assist you in finding your perfect home or investment property in this prestigious area.