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October 2011 Real Estate 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 through October, 2011.
City of La Quinta home sales by month since January, 2008*
The blue lines represent 2008 data, the orange lines represent 2009 data magenta
lines represent 2010 and the green lines represent 2011 data.
Open escrows in La Quinta in October increased over the previous month by 8.8% while the number of escrows for the more expensive Golf Properties increased by 26.1% over the previous month. This being the end of “summer”, the expected downturn should start to turn around and we should start to see activity pick up as we move into our “season”.
The number of unit sales within the City has remained stronger through the summer months then in years past but declined in October. The number of “short sales” and “bank owned” properties being offered at reduced prices seem to be remaining at higher levels then in the past and this is affecting the entire market.
Closed home sales in La Quinta in October showed a 29.2% decrease over September. This could well be attributed to the unusually high sales in the hot, summer months.
The slightly increasing mortgage interest rates may add some urgency to our industry. Remember that although you “may” get a home at a lower price if you wait, the mortgage interest rate will likely be higher so the purchase will wind up costing you more over time.
Golf Course home sales in La Quinta.
The sales-volume numbers in the higher-end market (which contains many of the golf properties in the chart above) decreased 34.4% in October over September. The average price per square foot decreased 16.6% in October over September. This shows the affect of the short sales and bank owned “deals” that made up a lot of those sales.
Overall, we are still seeing positive signs in the market place. Although not earth shaking, unit sales through the “Summer” months have been stronger than any “summer” since 2008.
The mortgage industry is the best it’s ever been for conventional loans but the “jumbo” loans, although becoming more available, continue to be a stumbling block in the higher end market. Most lenders seem to be trying to deal more efficiently with the inventory of distressed properties although dealing with a short sale of foreclosure can still be a challenge.
Coachella Valley Inventory:
On October 31, there were 5,303 active listings (up 5.2% from September), 2,275 units in escrow (up 1.7% from September) totaling 7,578 units (up 4.1% from September) available for sale which makes 30.02% of the total in Escrow (up 2.3% from September) – the reversal of this trend is an indicator of homes coming on the market for the new season ahead.
If buying property is something on your list (especially golf property), why not take advantage of the incredible prices and seller incentives now, when sellers will work with you, instead of in the future, when the demand starts to catch up with the supply? Especially if you’re buying and planning to hold for 5+ years.
Here are some yearly sales figures (units) for the City of La Quinta from 2002:
| Year | All | LQ Golf Course |
| 2002 | 1,354 | 259 |
| 2003 | 1,565 | 652 |
| 2004 | 1,931 | 813 |
| 2005 | 1,553 | 657 |
| 2006 | 1,098 | 491 |
| 2007 | 935 | 447 |
| 2008 | 1,063 | 416 |
| 2009 | 1,155 | 418 |
| 2010 | 1,355 | 530 |
| 2011 YTD | 1,215 | 429 |
* 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
Hot off the Press: New Membership Prices for The Citrus & PGA West!
The Citrus Club/La Quinta Resort and The PGA West Communities announced some unbelievable new prices for their golf memberships today! At the Citrus Club, the membership that formally cost $100,000 and was a refundable membership is still available. However, a new category has been added; a non-refundable membership priced at…..drum roll please…..$30,000! This still includes the 3 golf courses, the tennis facility at the Resort, the Spa, the exercise facility at the Resort, the exercise facility at The Citrus Club, and two different Club Houses. In addition, the social membership, which includes everything except golf has been lowered to $5000 instead of the previous $15,000. At PGA West, in addition to the refundable membership of $125,000, there now is also a non-refundable component which will cost $40,000 for all the same priviledges! This includes the 6 golfcourses at PGA West, the tennis, the exercise facility, all the Club Houses, etc! PGA West is also offering a non-refundable social membership of $5000. The monthly dues at both clubes will remain unchanged. What an exciting time to think of joining a wonderful golf club in the desert!
September 2011 Price Report
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 through September, 2011.
City of La Quinta home sales by month since January, 2008*
The blue lines represent 2008 data, the orange lines represent 2009 data magenta lines represent 2010 and the green lines represent 2011 data.
Open escrows in La Quinta in September decreased over the previous month by 18.2% while the number of escrows for the more expensive Golf Properties decreased by 25.8% from the previous month. This being the third “summer” month, the downturn is expected and sales most likely will start to rebound in October. The number of unit sales within the City has remained stronger through the summer months then in years past. The number of “short sales” and “bank owned” properties being offered at reduced prices seem to be remaining at higher levels then in the past and this is affecting the entire market.
Closed home sales in La Quinta in September showed a 9.6% decrease over August. We feel that although the general attitude of the majority of people we talk to is that the market has hit the bottom, we are beginning to hear some folks say they’re going to wait a little longer which is representative of the malaise in the consumer confidence level. The slightly increasing mortgage interest rates may add some urgency to our industry. Remember that although you “may” get a home at a lower price if you wait, the mortgage interest rate will likely be higher so the purchase will wind up costing you more over time.
Golf Course home sales in La Quinta.
The sales-volume numbers in the higher-end market (which contains many of the golf properties in the chart above) decreased 8.3% in September over August. The average price per square foot decreased 3.5% in September over August. This shows the affect of the short sales and bank owned “deals” that made up a lot of those sales.
Overall, we are still seeing positive signs in the market place. Although not earth shaking, unit sales through the “Summer” months have been stronger than any “summer” since 2008. The mortgage industry is the best it’s ever been for conventional loans but the “jumbo” loans, although becoming more available, continue to be a stumbling block in the higher end market. Most lenders seem to be trying to deal more efficiently with the inventory of distressed properties although dealing with a short sale of foreclosure can still be a challenge.
Coachella Valley Inventory:
On September 30, there were 5,042 active listings (up 1.7% from August), 2,237 units in escrow (down 4.4% from August) totaling 7,279 units (down 0.2% from August) available for sale which makes 30.73% of the total in Escrow (down 4.2% from August) – which means we are working on reducing the supply which will ultimately increase demand and improve the market.
If buying property is something on your list (especially golf property), why not take advantage of the incredible prices and seller incentives now, when sellers will work with you, instead of in the future, when the demand starts to catch up with the supply? Especially if you’re buying and planning to hold for 5+ years.
Here are some yearly sales figures (units) for the City of La Quinta from 2002:
| Year | All | LQ Golf Course |
| 2002 | 1,354 | 259 |
| 2003 | 1,565 | 652 |
| 2004 | 1,931 | 813 |
| 2005 | 1,553 | 657 |
| 2006 | 1,098 | 491 |
| 2007 | 935 | 447 |
| 2008 | 1,063 | 416 |
| 2009 | 1,155 | 418 |
| 2010 | 1,355 | 530 |
| 2011 YTD | 1,133 | 412 |
* 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
Foreclosures down in Coachella Valley
Foreclosures were down in September in the Coachella Valley. That is according to the Desert Sun, Oct. 14, 2011. click here to view article . This is a very interesting article. I wonder if the foreclosures are down because more people are doing short sales, and perhaps those are not included in the number? I will say that last season in La Quinta we sold many homes, in all price ranges, due to the pricing decline. The sales decreased the inventory substantially. During the summer months (which are always slow in the desert) the inventory was not built back up. People don’t want to put their homes on the market during the summer months if they don’t have to because it is so hot and it is believed (whether right or wrong) that the buyers that come in the summer are “bottom feeders”, out to negotiate lower than the market values. Now that the Golf Courses are being reseeded and the flowers are being planted and the winter snowbirds are returning, the inventory is slowly beginning to build again—-and at those same low prices. Regardless of whether we see more or less foreclosures than in prior years, my feeling is that we will continue to see the buyers in the desert because the prices are so incredibly in the buyers favor. The only problem may be that there will not be the number of homes available that there were in the past. I would say to any “would be buyer” that now is definitely the time to buy! Don’t wait too much longer or you may have waited yourself out of good inventory!
August 2011 Price Report
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 through August, 2011.
City of La Quinta home sales by month since January, 2008*
The blue lines represent 2008 data, the orange lines represent 2009 data magenta lines represent 2010 and the green lines represent 2011 data.
Open escrows in La Quinta in August decreased overall by 6.7% while the number of Escrows for the more expensive Golf Properties decreased by 10.1%. This being the second “summer” month, the downturn is expected and sales most likely will continue to decline through September. The number of “short sales” and “bank owned” properties being offered at reduced prices seem to be remaining at higher levels then in the past and this is affecting the entire market. Remember that although you “may” get a home at a lower price if you wait, the mortgage interest rate will likely be higher so the purchase will wind up costing you more over time.
Closed home sales in La Quinta in August showed a 9.8% increase over July making August the best August in the past 4 years. Although the general attitude of the majority of people we talk to is that the market has hit the bottom but we are beginning to hear some folks say they’re going to wait a little longer. The slightly increasing mortgage interest rates may add some urgency to our industry.
Golf Course home sales in La Quinta.
The sales-volume numbers in the higher-end market (which contains many of the golf properties in the chart above) decreased 10.5% in August over July. The average price per square foot decreased 8.9% in August over July. This shows the affect of the short sales and bank owned “deals” that made up a lot of those sales.
Overall, we are still seeing positive signs in the market place. There has been a steady increase in activity through June. The mortgage industry is the best it’s ever been for conventional loans but the “jumbo” loans, although becoming more available, continue to be a stumbling block in the higher end market. Most lenders seem to be trying to deal more efficiently with the inventory of distressed properties although dealing with a short sale of foreclosure can still be a challenge.
Coachella Valley Inventory:
On August 31, there were 4,956 active listings (down 2.8% from July), 2,341 units in escrow (down 2.0% from July) totaling 7,297 units (down 2.6% from July) available for sale which makes 32.08% of the total in Escrow (Up 0.17% from July) – which means we are working on reducing the supply which will ultimately increase demand and improve the market.
If buying property is something on your list (especially golf property), why not take advantage of the incredible prices and seller incentives now, when sellers will work with you, instead of in the future, when the demand starts to catch up with the supply? Especially if you’re buying and planning to hold for 5+ years.
Here are some yearly sales figures (units) for the City of La Quinta from 2002:
| Year | All | LQ Golf Course |
| 2002 | 1,354 | 259 |
| 2003 | 1,565 | 652 |
| 2004 | 1,931 | 813 |
| 2005 | 1,553 | 657 |
| 2006 | 1,098 | 491 |
| 2007 | 935 | 447 |
| 2008 | 1,063 | 416 |
| 2009 | 1,155 | 418 |
| 2010 | 1,355 | 530 |
| 2011 YTD | 1,014 | 376 |
* 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
July 2011 Price Report
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 through July, 2011.
City of La Quinta home sales by month since January, 2008*
The blue lines represent 2008 data, the orange lines represent 2009 data magenta lines represent 2010 and the green lines represent 2011 data.
Open escrows in July decreased overall by 5.7% while the number of Escrows for the more expensive Golf Properties decreased by 1.4%. Since this is the first “summer” month the slight downturn is expected and sales most likely will continue to decline through August and September. The number of “short sales” and “bank owned” properties being offered at reduced prices seem to be remaining at higher levels then in the past and this is affecting the entire market. Remember that although you “may” get a home at a lower price if you wait, the mortgage interest rate will likely be higher so the purchase will wind up costing you more over time.
Closed home sales in July showed a 27.0% decrease over June making July slightly lower than July 2010. Although the general attitude of the majority of people we talk to is that the market has hit the bottom but we are beginning to hear some folks saying they’re going to wait a little longer. The slightly increasing mortgage interest rates may add some urgency to our industry.
Golf Course home sales in La Quinta.
The sales-volume numbers in the higher-end market (which contains many of the golf properties in the chart above) decreased 27.0% in July. However the average price per square foot increased 7.3% in July over June..
Overall, we are still seeing positive signs in the market place. There has been a steady increase in activity through June. The mortgage industry is the best it’s ever been for conventional loans but the “jumbo” loans, although becoming more available, continue to be a stumbling block in the higher end market. Most lenders seem to be trying to deal more efficiently with the inventory of distressed properties although dealing with a short sale of foreclosure can still be a challenge.
Coachella Valley Inventory:
On July 31, there were 5,099 active listings (down 4.1% from June), 2,390 units in escrow (down 3.9% from June) totaling 7,489 units (down 4.0% from June) available for sale which makes 31.91% of the total in Escrow (Up 0.06% from June) – which means we are working on reducing the supply which will ultimately increase demand and improve the market.
If buying property is something on your list (especially golf property), why not take advantage of the incredible prices and seller incentives now, when sellers will work with you, instead of in the future, when the demand starts to catch up with the supply? Especially if you’re buying and planning to hold for 5+ years.
Here are some yearly sales figures (units) for the City of La Quinta from 2002:
| Year | All | LQ Golf Course |
| 2002 | 1,354 | 259 |
| 2003 | 1,565 | 652 |
| 2004 | 1,931 | 813 |
| 2005 | 1,553 | 657 |
| 2006 | 1,098 | 491 |
| 2007 | 935 | 447 |
| 2008 | 1,063 | 416 |
| 2009 | 1,155 | 418 |
| 2010 | 1,355 | 530 |
| 2011 YTD | 890 | 341 |
* 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
Categories: Business of Real Estate, Golf, La Quinta Communities, Monthly Sales Reports, Price Analysis
Tags: City of La Quinta, coachella valley golf, Gallaudet Properties, HK Lane Real Estate, la quinta, la quinta golf, la quinta golf property, la quinta home sales, la quinta real estate, sale report
Incredible Buying Opportunity In The Citrus
79615 Mandarina, in the Citrus Club in La Quinta, Ca. Priced at $489,000. Watch the Video to understand why this is such a tremendous deal.
The Canadians are coming…
… And that’s a good thing. WestJet, the Calgary, Alberta based airline, has added another route to Palm Springs for the upcoming winter season. Winnipeg has been added to the existing routes of Vancouver, Edmonton, Calgary and Toronto. The flights will operate twice weekly on Thursdays and Sundays. To read the press release in the Desert Sun, click here.
June 2011 Price Report
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 through June, 2011.
City of La Quinta home sales by month since January, 2008*
The blue lines represent 2008 data, the orange lines represent 2009 data magenta lines represent 2010 and the green lines represent 2011 data.
Open escrows in June decreased overall by 12.3% while the number of Escrows for the more expensive Golf Properties decreased by 23.1%. We seem to be in a period of retreat fueled by the uncertainty in the economic health of the country. Prices have started to decline again after almost two years of relative, seasonal stability. This can be attributed to three causes. First, historically, prices tend to decline in the hot summer months as demand lessens. Second, there seems to be an increase in the number of “short sales” and “bank owned” properties being offered at reduced prices affecting the entire market and third, consumer confidence has taken another hit from yet another debate concerning the nations economy. Real estate sales mirror the level of consumer confidence – when confidence goes up, our sales go up. Remember that although you “may” get a home at a lower price if you wait, the mortgage interest rate will likely be higher so the purchase will wind up costing you more over time.
Closed home sales in June showed a 10.3% increase over May making June the best month in La Quinta since before 2008. Although the general attitude of the majority of people we talk to at open houses is that the market has hit the bottom but we are beginning to hear some folks saying they’re going to wait a little longer. The slightly increasing mortgage interest rates may add some urgency to our industry.
Golf Course home sales in La Quinta.
The sales-volume numbers in the higher-end market (which contains many of the golf properties in the chart above) remained relatively steady in June (down just 1.8%). However the average price per square foot decreased 16.1% in June over May attributable to an increase in the destressed property inventory.
Overall, we are still seeing positive signs in the market place. There has been a steady increase in activity through June. The mortgage industry is the best it’s ever been for conventional loans but the “jumbo” loans, although becoming more available, continue to be a stumbling block in the higher end market. Most lenders seem to be trying to deal more efficiently with the inventory of distressed properties although dealing with a short sale of foreclosure can still be a challenge.
La Quinta Inventory:
On June 30, there were 5,319 active listings (down 9.0% from May), 2,486 units in escrow (down 7.7% from May) totaling 7,805 units (down 8.6% from May) available for sale which makes 31.85% of the total in Escrow (Up 1.0% from May) – which means we are working on reducing the supply which will ultimately increase demand and improve the market.
If buying property is something on your list (especially golf property), why not take advantage of the incredible prices and seller incentives now, when sellers will work with you, instead of in the future, when the demand starts to catch up with the supply? Especially if you’re buying and planning to hold for 5+ years.
Here are some yearly sales figures (units) for the City of La Quinta from 2002:
| Year | All | LQ Golf Course |
| 2002 | 1,354 | 259 |
| 2003 | 1,565 | 652 |
| 2004 | 1,931 | 813 |
| 2005 | 1,553 | 657 |
| 2006 | 1,098 | 491 |
| 2007 | 935 | 447 |
| 2008 | 1,063 | 416 |
| 2009 | 1,155 | 418 |
| 2010 | 1,355 | 530 |
| 2011 YTD | 777 | 304 |
* 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.