Porter Ranch Real Estate Market Update: August 2024

The Porter Ranch real estate market showed some interesting trends in August 2024, as housing prices continued to climb while inventory and sales volume fluctuated.

Price Trends:

The median home sold price in Porter Ranch reached **$1,200,000**, marking a **9.1% increase** from the previous year. The price per square foot also rose, averaging **$521**. This upward trend indicates a strong demand for homes in the area, particularly in certain categories.

Breakdown by Bedroom Type:

Analyzing the data by bedroom count reveals significant variations:

- **1-bedroom homes:** No change in price.

- **2-bedroom homes:** A striking **31.7% increase**.

- **3-bedroom homes:** Up by **12.7%**.

- **4-bedroom homes:** Increased by **6.3%**.

- **5+ bedroom homes:** Rose by **5.5%**.

These changes suggest that buyers are particularly interested in larger homes, with 2-bedroom properties seeing the most substantial growth.

Inventory Insights:

In August 2024, Porter Ranch had **65 homes for sale**, representing a **7.1% decrease** from July. Here's how the inventory broke down by bedroom type compared to the previous month:

- **1-bedroom homes:** No change.

- **2-bedroom homes:** A complete **100% decrease** (none available).

- **3-bedroom homes:** Down by **18.2%**.

- **4-bedroom homes:** Increased by **10.3%**.

- **5+ bedroom homes:** Decreased by **11.8%**.

This decline in inventory, especially in the 2-bedroom segment, could be influencing the price increases observed.

Sales Activity:

A total of **10 homes** were sold or pending in August 2024, which is a significant **56.5% drop** month-over-month. Of those sold:

- **40%** went for less than asking price.

- **10%** sold at asking.

- **50%** sold above asking.

The competitive nature of the market is highlighted by the fact that half of the homes sold for more than the asking price, even with a reduced number of transactions.

Market Dynamics:

Homes in Porter Ranch averaged **25 days on the market**, which is an **82.8% increase** from last year. The sales timeline showed that:

- **50% of homes** sold within **30 days**.

- **50%** sold between **30 to 90 days**.

- **0%** sold beyond **90 days**.

This indicates a shift towards a slightly slower sales pace, despite the higher prices and strong demand.

Conclusion:

The Porter Ranch real estate market in August 2024 illustrates a complex landscape of rising prices amidst declining inventory and sales activity. Buyers continue to seek out larger homes, particularly 2-bedroom properties, while sellers may need to adjust their expectations based on current market dynamics. As we move into the fall, it will be crucial to monitor these trends closely to understand the evolving nature of this vibrant community.