As we delve into the dynamics of the PGA West real estate market for January 2024, it's essential to equip both prospective buyers and sellers with comprehensive insights. We extend our gratitude to Walter Neil at Franklin Loan Center for graciously allowing us to utilize these informative reports.

Prices

Throughout January, PGA West experienced a gentle price correction. The average detached home, spanning 3,150 sq. ft., boasted a price tag of $1,464,385, indicating a monthly increase of $28,097 and a year-over-year uptick of 5.1%. Meanwhile, attached homes, averaging 1,950 sq. ft., commanded a price of $731,447, reflecting a 4.1% increase compared to the previous year. Price fluctuations varied across subdivisions, ranging from a notable +16.0% in Nicklaus Private (Attached) to a modest -9.7% in Nicklaus Tournament (Attached).

Sales

January witnessed an average of 11 units sold per month, a slight decrease of two units compared to the previous year, translating to a 15.3% downturn. Dollar sales averaged $9 million per month, marking a significant 31% decline from the previous year.

Inventory

By the end of January, listings across the eight PGA West subdivisions totaled 57 units, marking a substantial 137% increase from the previous January. The "months of sales" ratio stood at 5.1 months, compared to 1.8 months the prior year, aligning closely with the typical range of four to six months.

Days on Market

The average "Days on Market" for detached homes in January was 82 days, up from 60 days the previous year. Attached homes fared slightly better, with an average of 48 days compared to 59 days a year ago. Despite these increases, both metrics remained notably below their pre-COVID averages.

Price Discount/Premium

In January, detached homes in PGA West sold with an average discount of 5.0%, slightly higher than the previous year. Attached homes saw an average discount of 3.3%, up from 2.8% the previous year.

In closing, the PGA West real estate market is demonstrating resilience and balance, offering stability for both buyers and sellers. For those interested in exploring available listings within PGA West communities, we invite you to visit our website. Additi don't miss our latest blog post, where we delve deeper into market insights across top fifteen country clubs.