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 July, 2014.
The inventory of “Active Listings” in the Coachella Valley decreased again from June to May which is usual as we enter the summer season. The number of Sold units decreased over the same period last year (July, 2013) which is the trend for the summer months. The main reason is that the inventory has decreased in June and July. The pace at which real estate prices increased in the October to January period seemed to slow to a more normal rate in February through July. The price rise slowed as did the home sales. The activity in the million dollar+ market seems to have picked up but prices have not increased as much as they have for the under a million dollar homes. The national real estate market been a little fluky over a leveling off in the late spring where the national sales actually dropped in August. Our market in the Desert usually slows during our hot summer months and the blogs and statisticians are still predicting a strong national 2015 market so we are looking forward to a great 2015 season.
Below is the chart depicting the “bubble” in sales versus the historical 4.5% annual appreciation. As predicted by the National Association of Realtors back in 2005. It will be interesting to see how close the actual sales prices stay to the “Normal Appreciation” line in the coming months. One of the reasons for the recent price increases is that we have seen more American buyers in the market than in the past few years which is a sign that our economic outlook seems to be improving.
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 – 924 – 450
YTD
* 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