For the fifth straight year, Cordillera Ranch real estate sales transactions (including all lot sales, home sales and new home starts) exceeded $100MM, surging to a record $132MM in total real estate activity in 2019. Home sales and new home starts drove the record activity, largely due to continued increases in average home prices as well as a large jump in the number of homes sold during 2019. While total lot sales were below 2018’s record lot sales for the community, they remained on par with the prior five years of activity. Combined lot and home sales totaled 113 in 2019, down from 124 in 2018.
Tighter home inventory in Cordillera Ranch drove the average resale home price up 11% to $1.2MM and the average price per square foot of resale homes jumped 15% to $267 per square foot.
Lot sales during the first three quarters were below 2018 figures but a strong 4th quarter of lot sales – 56% above the prior four years average for the period – finished the year off strong with 60 total lots sold (of which pricing was available on 58) in the community during 2019 at an average sales price of $253k. The Springs experienced increased sales in 2019, and the second phase was recently platted with numerous lots in this phase already sold. Phase 2 of the Springs offers home sites that are 70% larger on average than Phase 1 and many view and creek-front home sites.
As has been the case for several years, Clubs Village lots and homes sold at a higher average price than areas outside Clubs Village. Lots in Clubs Village have averaged $340k over the past three years, 67% higher than the average lot price outside Clubs Village, while Clubs Village resale homes averaged $1.4MM, a 37% premium over non-Clubs Village homes in recent years. Also consistent with prior years, the majority of the home sales have been in the Ranch community (73%) versus the rest of the community capturing 27% of the home sales. This is primarily due to the fact that there is typically a greater inventory of homes in the Ranch as there are approximately three times as many home sites in the Ranch community.
As was the case in prior years, homes built by Preferred Builders continued to command the highest resale value in 2019, with an 18% higher resale value over homes built by non-Preferred Builders.
In addition to the value added for homes built by Preferred Builders, homes with Master Full Golf Memberships also influenced the average sales price during 2019, with a 28% premium in home sales price for homes sold with a Master Full Golf Membership ($1.51MM) versus those without ($1.18MM).
Cordillera Ranch Realty continues to be the leader in real estate sales in Cordillera Ranch, representing 75% of the lot sales in the community and 32% of the home sales. With unmatched market knowledge, access to the largest list of prospective Cordillera Ranch buyers, and the most sophisticated real estate professionals located in the community and ready on short notice to open and show a home, Cordillera Ranch Realty listings sell for a higher average price per home than outside realtor listings.
New home construction activity remains strong with 46 homes currently under construction, 15 of which are in Clubs Village and 6 in the Springs. Additionally, there are currently another 38 homes in architectural review committee, indicating continued strong home construction activity for 2020.
If there are any real estate needs that CR Realty can help you with, please feel free to give us a call at 830.336.3570 or stop by the Visitor Center and speak with one of our Cordillera Ranch representatives.