2023 concluded on a bit of an optimistic note. With interest rates beginning to decline from their October highs of more than 8% and construction costs beginning to stabilize, the market seemed poised to rally, and with it, sales activity. The first quarter of 2024 jumped out to a strong start, more than doubling the prior year’s volume of lot sales — sentiment was high. Then came one of the most interesting and chaotic election seasons our country has ever seen. The uniqueness of that voting cycle, coupled with monetary policy that continued to keep interest rates elevated, ultimately led to a very cautious environment that adopted a much more “wait and see” approach to real estate purchases, especially within the luxury market. That is until we reached early November when there was a notable shift not only in optimism, but activity as well, signaling the release of pent up demand created by the Presidential Election.   

Before we get into the numbers, it should be mentioned that the surge in activity experienced between 2020 and 2022 was a “perfect storm” in a lot of ways, spurred largely by the COVID pandemic. During the last two years, we’ve seen the return to a more normal pace of sales across lots and homes, similar to what the community saw in the pre-pandemic years. So, while it may feel as though things have slowed, the reality of normalization within the market seems to be what is occurring. 

Now on to the data…

2024 saw a total of 77 lot and home sales throughout Cordillera Ranch, off 26% from the 2023 total of 104 sales. Average homesite prices moved back slightly to $589,000 from an all-time high of $612,000 in 2023. Still, at $589,000, that’s nearly double the average price between 2017-2022 and the second highest average on record by more than 50%. Home sale prices continue to climb, posting an average of $2,131,000, which is 18% higher than 2023 and 75% greater than what the community saw just five years ago. 

New home construction has continued the strong pace seen over the previous five years. With nearly 100 homes either under construction, approved to start, or in architectural review, new home development has continued with an upward trajectory. Additionally, of those new homes, almost 70% are made up of Cordillera Ranch’s Preferred Builders, demonstrating the value driven by that group of excellent folks continues to be realized by current and future residents.

It’s important to note, even with the pare down in activity across some of the key segments, Cordillera Ranch saw its fifth straight year of total real estate activity eclipse the $150 million mark at more than $155 million for sales of all lots, homes and new home starts in 2024. That’s an incredible feat and marks the ninth year in a row of exceeding the $100 million threshold. 

Progress on the development front continues to roll along with roads being fully completed in Unit 305 in The Springs and Hawk Canyon near the Highway 46 Main Gate. Both of those new units have also seen homes begin construction as well, so we’re excited to welcome new residents to those neighborhoods very soon. Unit 220 in Clubs Village is moving along nicely as well, with almost 40% of the homesites already purchased. Road construction is ongoing and we’re excited to see the first homes break ground in Unit 220 this spring.  

In many ways, 2024 turned out to be a fascinating year. And while it may be difficult to top some of the storylines, we look forward with an optimistic eye to 2025 and what it has in store for our wonderful community. 

For more information on our 2024 Market Report, visit 

www.cordilleraranch.com/market-report

The CR Realty office is open 7-days a week in the Visitor’s Center near the Highway 46 Main Gate and can be reached at 830-330-3570 to help with any Cordillera Ranch-related real estate assistance you need. CordilleraRanch.com