As we review the real estate market in PGA West for March 2024, several key trends and statistics emerge, providing valuable insights for both buyers and sellers.
Prices:
- The average price of a detached home in PGA West, spanning 3,150 sq. ft., was $1,464,385 by the end of March. This reflects a monthly increase of $39,274 and a robust year-over-year growth rate of 5.1%.
- Attached homes, with an average size of 1,950 sq. ft., were priced at $686,994 in March, marking a modest 0.5% increase compared to the previous year.
- Price gains in individual subdivisions varied, ranging from a remarkable +13.8% in Nicklaus Private (Detached) to a decline of 13% in Nicklaus Tournament (Attached).
Sales:
- March saw an average of 11 units sold per month, a slight decrease of two units compared to the same period last year, translating to a 15.3% decline.
- Dollar sales averaged $12 million per month, reflecting a notable 20% decrease from the previous year.
Inventory:
- Listings in the eight PGA West subdivisions totaled 44 units at the end of March, marking a substantial 52% increase from the previous March.
- The “months of sales” ratio, an indicator of market balance, stood at 4.0 months, compared to 2.3 months last year. This places the current ratio in the lower-center of the normal range for PGA West, which typically ranges from four to six months.
Days on Market:
- The average number of “Days on Market” for detached homes in March was 61 days, down from 68 days the previous year.
- For PGA attached homes, the average was 68 days, compared to 56 days a year ago. Both metrics remain considerably below their pre-COVID averages, indicating a brisk market.
Price Discount/Premium:
- Detached homes in PGA West sold with an average discount of 3.3% in March, an improvement from the 5.2% discount seen last year.
- Attached homes sold with an average discount of 3.7%, slightly higher than the 3.5% discount observed last year.
In conclusion, the real estate market in PGA West continues to demonstrate stability and resilience, with prices maintaining a mild correction, sales volume stable, and inventory increasing but within historical norms. Buyers and sellers can find opportunities in this market, supported by favorable conditions compared to pre-COVID times.
We extend our sincere gratitude to Walter Neil at Franklin Loan Center for providing this insightful report that have contributed to this market analysis. Walter Neil is a trusted resource for all your loan needs, and his expertise and assistance have been invaluable. Whether you're a buyer seeking financing options or a seller looking to understand the market better, Walter Neil is there to help.
For the most accurate and up-to-date information on PGA West real estate, please visit our website to view the full report and explore listings in PGA West communities.