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.
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