DEVELOPER’S CORNER
2020 CORDILLERA RANCH
MARKET RECAP By Charlie Hill, Cordillera Ranch Development President
Just when we thought the red-hot real estate market couldn’t get any hotter in 2020, December arrived and sales activity surged even further and continued into early 2021. By early November, home inventory had dropped to a 15+ year record low of only 12 homes available in MLS, approximately 75% below the historical average of 45 to 50+ homes on MLS in recent years. That shrinking supply seemed to create more of a buying frenzy in the last two months of the year, reducing the inventory of available homes on MLS to only four as of mid-February 2021. So, let’s take a quick look back at how we got there with a few highlights of 2020 sales data for Cordillera Ranch. HOME SALES After a drop in sales activity during the 2nd quarter of 2020, home sales (closings), excluding custom home starts, surged in the 3rd and 4th quarter to end the year with 63 total home sales — a 17% jump from the prior year. Two-thirds of the home sales occurred during the final six months of the year. The average home sales price in 2020 increased 10% to $1.33MM (only including resale and spec home sales) with an average price per square foot of $262/sf. The average price per square foot in the 4th quarter jumped 14% over prior year to $309/sf (again this does not account for current custom home construction costs). The chart to the right illustrates home sales price per square foot by quarter.
72 | MARCH/APRIL 2021
Average $/sf of home sales price by quarter
