Posted on

Mid-2013 La Quinta Real Estate Community Comparison

Here’s a look at active listing numbers and sales (from the past 6 months) in the 7 golf communities we track in South La Quinta.

Name Active Listings Sold Listings (Past 6 Mos.) Total # Homes
# Homes Price Range # Homes Price Range Avg. $/SQFT
The Citrus 6 $595,000 – $899,000 26 $545,000 – $1,525,000 $238.48 519
The Hideaway 32 $1,695,000 – $6,950,000 18 $1,075,000 – $4,550,000 $477.84 248
Mountain View 17 $424,000 – $1,699,000 14 $350,000 – $1,200,000 $251.26 451
Rancho La Quinta 31 $419,000 – $1,399,000 43 $387,000 – $1,450,000 $263.36 979
The Quarry 6 $799,500 – $4,995,000 2 $1,750,000 – $2,037,500 $393.09 42
The Tradition 26 $1,495,000 – $7,995,000 12 $1,250,000 – $3,450,000 $460.51 215
PGA West 94 $159,000 – $1,795,000 154 $207,500 – $1,997,500 $212.00 2,941
Posted on

April & May, 2013 Sales Analysis

Here are the latest sales numbers for all homes sold within the City of La Quinta as well as all Golf Course homes in La Quinta from January, 2008 through May, 2013.

We continue to have the same “new” problem, a lack of listings to sell. Even the summer months are busier than years past. Here is an idea of how tight inventory is. Normally a gated community has 10% of the homes available for resale. Here are the stats for 3 La Quinta communities:

Mountain View CC: 426 homes, 22 for resale – 5%
Rancho La Quinta CC: 960 homes, 31 for resale – 3%
Citrus Club: 576 homes, 6 for resale – 1%

Sales volume and price/sqft numbers show upward movement in the months of April and May 2013 compared to the same months in 2012. It will be interesting to see the numbers in the coming summer months as well as into the next season. Will the higher mortgage rates or any other economic factors have adverse effects on turning this positive movement into a real trend for 2013?

Here are some charts showing the present market.

 

allunitssold5-13

 

golfunitssold5-13

 

 

All-PSQFT5-13

 

Golf-PSqFt5-13

 

Bubble5-13
The pink line represents a 4.5% rate of appreciation, which is the historical rate of appreciation (going back to 1968) according to the National Association of Realtors.
 

Here are some yearly sales figures (units) for the City of La Quinta from 2002:

Year

All

LQ Golf Course

2002

1,356

259

2003

1,572

640

2004

1,938

785

2005

1,563

638

2006

1,118

483

2007

  942

444

2008

1,076

405

2009

1,202

409

2010

1,360

518

2011

1,446

510

2012

1,532

587

2013 YTD

762

335

* Remember that the sales numbers represent “Closed” escrows. Since the average escrow is between 45 and 60 days, the decision to purchase the homes that closed in June was probably made in March to early April.

Source: DesertAreaMLS

Posted on

Hot Summer & Low Inventory = Sales & Prices Rising!

Who would have thought that during these hot (115 degrees +) summer days we would still be having sales in the Desert?  But that is exactly what is happening.  The inventory has never been lower, so buyers are still coming out to find their Desert home while there might still be one available.  And if one goes on the market now, it is being sold quickly.  In addition, the prices are starting to come up due to this high demand and low inventory, and   unfortunately, we are starting to see an upward change in the interest rates as well.  One of the reasons for this rate increase  is the fact that there has been speculation that the Fed may begin to taper its Bond purchase program known as Quantitative Easing.  That is the Fed’s Bond purchase program that has helped Bonds and home loan rates remain attractive. Currently the interest rates are still historically low in the 4% range, but the fact that they have begun to rise, and could continue to go higher,  is a concern to potential buyers.   For all these reasons, it appears that now is a great time to grim and bear it—–come to the Desert even though the temperatures are not totally comfortable, and find that Desert Home you have been looking for while it is still available and affordable!