Despite lower sales in the broader housing
market, sales among the Top-50 MPCs remained relatively steady
compared to the top-performers of 2023, showcasing the relative
strength and continued appeal of Master-Planned
Communities.
BETHESDA, Md., July 31,
2024 /PRNewswire/ -- RCLCO Real Estate Consulting, an
advisory firm focused on the real estate industry, has released the
results of their mid-year survey of the top-selling master-planned
communities (MPCs) of 2024. The survey shows that new home sales
among the 50 Top-Selling Master-Planned Communities remained
relatively steady, declining by less than one percent compared to
the top-selling communities of mid-year 2023.
"Master-Planned Communities remain a 'haven' for consumers amid
elevated interest rates and economic uncertainty," said
Gregg Logan, Managing Director at
RCLCO. "Sales among top-MPCs outperformed the broader new home
market, as sales of single-family homes nationally were 1.1% lower
compared to sales in the first half of 2023."
Key takeaways from this year's results include:
- New home sales among the 50 Top-Selling Master-Planned
Communities continued the pace set by the top communities in the
first half of 2023.
- Sales among top-MPCs outperformed the broader new home market,
as the pace of single-family home sales nationally was 1.1% lower
through the first half of 2024 compared the prior year. June new
home sales nationally experienced a 7.4% decline compared to 2023,
while master planned communities held strong.
- Florida's Lakewood Ranch is the top-selling all-ages
community in the country with 1,238 sales, while it is estimated
that The Villages retains
its place as the top-selling community overall, with sales
predominantly to 55+ buyers.
- Sunterra in Houston, TX
has earned the third-place rank with 774 sales – a 16% increase
over the same time last year.
- The Houston MSA was the top-performing metropolitan area
with 13 communities in the Top-50, representing over
4,500 sales, or almost 24% of all sales among
ranked MPCs.
The state of Texas
represented about 39% of sales among
ranked communities, followed by Florida at 36%, Nevada at 11% and South Carolina at 6%.
RCLCO's national survey of master-planned communities has been
conducted since 1994, and it identifies the top-selling MPCs
through a rigorous search of high-performing communities. The
ranking is based on total new home sales as reported by each
individual community and establishes updated rankings from the
previously released 2023 year-end report. This initiative exists
not only as a way to commend the most successful communities, but
also as: a tool for monitoring the overall health of the for-sale
housing industry; a means of locating markets with residential
momentum; a process for highlighting trends affecting communities;
and a medium through which to learn development best practices.
"New home sales in master-planned communities represent only a
fraction of total sales in the country, but the trends and patterns
we see there tell us a lot about the state of the housing market
overall," said Karl Pischke,
Principal at RCLCO. "Despite the current interest rate environment
and softening builder sentiment in the near-term, the long-term
strength of new home sales results from strong underlying
demographics, particularly millennial households in their prime
home buying years as well as retiring boomer households, and
domestic migration trends across the country."
About RCLCO Real Estate Consulting
Since 1967, RCLCO
has been the "first call" for real estate developers, investors,
the public sector, and non-real estate companies and organizations
seeking strategic and tactical advice regarding property
investment, planning, and development. Our team leverages
quantitative analytics and a strategic planning framework to
provide end-to-end business planning and implementation solutions
at an entity, portfolio, or project level. With the insights and
experience gained over 55 years and thousands of projects, RCLCO
brings success to all product types across the United States and around the world. RCLCO
has offices in Austin,
Denver, Los Angeles, New
York, Orlando, and
Washington, DC and offers an
array of consulting services across real estate economics and
management consulting. Learn more at www.rclco.com
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SOURCE RCLCO