The City of La Quinta, home sales for the third quarter of 2017 (July through September) remained strong and were only surpassed by the 3rd quarter of 2011 when homes sold for the lowest price per square foot during this century. The third quarter was not as strong as the two previous but which is traditional for the summer months. Besides the recent success of the stock market leading to investors searching for new forms of deversification, we are now looking forward to tax cuts that might affect the mortgage deduction on second homes which will probably be grandfathered in for homes owned before January, 2018 which should positively impact our year end sales.
The 3rd quarter of 2017 finished 103% ahead of the same quarter in 2016 and 111% above the average 3rd quarters since 2008.
Although inventory has shrunk, price per square foot has not grown noticeably and in some cases has also shrunk. Based on last year’s summer months performance, 2017 could turn out to be our very best years ever. Historically, the first six months (our “season”) produces about 55% of our annual sales and the second quarter produces about 45%.
A Market Watch for the entire Coachella Valley is sponsored and compiled by the Palm Springs Regional Association of Realtors (PSRAR) and the California Desert Association of Realtors (CDAR) and published monthly. The September report can be seen by clicking here.
Below are some Graphs representing the City of La Quinta through September, 2017.
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
2017 – 1,235 – 573 through September
* 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
CATEGORIES: BUSINESS OF REAL ESTATE, FORECLOSURES, LA QUINTA COMMUNITIES, LA QUINTA HOME FOR SALE, MONTHLY SALES REPORTS, PRICE ANALYSIS, SHORTSALES
TAGS: CHRISTIES INTERNATIONAL REAL ESTATE, CITY OF LA QUINTA, COACHELLA VALLEY GOLF, GALLAUDET PROPERTIES, HK LANE REAL ESTATE, LA QUINTA GOLF, LA QUINTA GOLF PROPERTY, LA QUINTA HOME SALES, LA QUINTA REAL ESTATE, SALE REPORT