The City of La Quinta, home sales for the fourth quarter of 2016 (October thru December) was very interesting. As mentioned in our 3rd quarter post, after a very slow start to the year, the 3rd quarter was one of the strongest we have seen.
The 4th quarter of 2016 finished 7.3% ahead of the same period from 2015 but down 8.1% from the 3rd quarter of 2016. Here are the unit sales by quarter for 2015/2014 and 2016/2015.
Unit sales in La Quinta:
Quarter 2015/2014 2016/2015
1 -20.1% -2.3%
2 -2.6% +9.5%
3 +3.9% +14.1%
4 +22.0% +7.8%
Total -1.9% +7.3%
Price/Square Foot in La Quinta:
Quarter 2015/2014 2016/2015
1 +10.0% -5.0%
2 -0.5% -2.4%
3 +0.0% +4.5%
4 +2.0% -0.9%
Total +3.0% -1.3%
2016 sales of unit sales increased by 7.3% over 2015 but the price per square foot decreased by 1.3% from the previous year.
2016 has been similar to 2015 except the January sales were even less than 2015, and the inventory started growing at a rapid pace. The inventory continued to grow and the sales were slow, which turned the market into a buyer’s market with prices dropping. Buyers finally started to appear in April and the momentum continued growing throughout the summer making September the second strongest September we have ever had.
The Palm Springs Life sponsors an annual Market Watch for the entire Coachella Valley and compiled br the Palm Springs Regional Association of Realtors (PSRAR) publishes monthly statistics for the entire Coachella Valley. That report can be seen by clicking here.
Below are some Graphs representing the City of La Quinta.
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 – 1,537 – 567
2014 – 1,284 – 576
2015 – 1,259 – 512
2016 – 1,351 – 572
* 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.
For more information about the Coachella Valley Real Estate market,
Please call us at (760) 203-2621!
Source: DesertAreaMLS