La Quinta Communities – Gallaudet Properties

October 24, 2018

SALES ANALYSIS, THIRD QUARTER – 2017

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

February 14, 2018

2017 La Quinta Home Sales Analysis

The City of La Quinta, home sales for the year of 2017 were the strongest since 2004. The growing strength from the end of 2016 carried over through the first half of 2017.

As you can see from the numbers below, the unit sales increased in 2017, 15.8% over 2016 but the price per square foot decreased .08% Here are the unit sales and price per square foot by quarter for 2015/2014, 2016/2015 and 2017/2016 in the City of La Quinta.

Unit sales in La Quinta:
 Quarter   2015/2014   2016/2015   2017/2016
    1       -20.1%       -2.3%      +38.5%
    2        -2.6%       +9.5%      +15.4%
    3        +3.9%      +14.1%       +3.3%
    4       +22.0%       +7.8%       +7.9%
  Total      -1.9%       +7.3%      +15.8%

Price/Square Foot in La Quinta:
 Quarter   2015/2014   2016/2015   2017/2016
    1       +10.0%       -5.0%       -7.4%
    2        -0.5%       -2.4%       +6.2%
    3        +0.0%       +4.5%       +1.2%
    4        +2.0%       -0.9%       -2.6%  
  Total      +3.0%       -1.3%       -0.8%

2017 has seen a strong increase in sale which echos the increase in the national economy. As the stock market grows people are looking for other investments which might not be as volatile as the stock market. We look to 2018 to be a good year.

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
2017 – 1,565 – 699

* 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

November 13, 2017

SALES ANALYSIS, FIRST HALF – 2017

The City of La Quinta, home sales for the first half of 2017 (January thru June) were the strongest we’ve seen in the 9 years we have measured it. The second quarter was actually stronger than the first. A possible reason for this is the robust performance of the stock market. People may well be trying to preserve their portfolios by diversifying their investments into the real estate market.

The 2nd quarter of 2017 finished 115.4% ahead of the same quarter in 2016 and 117.8% above the average 2nd quarters since 2008.

The first two quarters of 2017 has been very strong finishing 122% ahead of the average first two quarters since 2008 and by the looks of the beginning of the 3rd quarter, this year should be one of our best. 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 year ever. Historically, the first six months (our “season”) produces about 55% of our annual sales and the second quarter produces about 45%.

Below are some Graphs representing the City of La Quinta through June, 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 – 893 – 429 through June

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

July 13, 2017

SALES ANALYSIS, FIRST QUARTER – 2017

The City of La Quinta, home sales for the first quarter of 2017 (January thru March) was the strongest we’ve seen in the 9 years we have measured it. A possible reason for this is the robust performance of the stock market. People may well be trying to preserve their portfolios by diversifying into the real estate market.

The 1st quarter of 2017 finished 137.8% ahead of the same quarter in 2016 and 126.8% above the average 1st quarter since 2008.

The beginning of 2017 has been very strong and by the looks of the beginning of the 2nd quarter this year should be one of our best. 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.

Below are some Graphs representing the City of La Quinta through March, 2017.

March 13, 2017

2016 Yearly Sales Analysis

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.

Below are some Graphs representing the City of La Quinta.

December 5, 2016

Sales Analysis, Third Quarter – 2016

The City of La Quinta, home sales for the third quarter of 2016 (July thru September) was different to say the least. As the heat goes up, sales and prices usually goes down. This year sales started slowly in April and continued to grow all summer. The sales in the 3rd quarter of 2016 improved by 13.7% over the same period in 2015 and prices rose 4.6%.

Below are some Graphs representing the City of La Quinta.

June 21, 2016

Sales Analysis – 2016 Season

The City of La Quinta, home sales for the 2016 “Season” (January thru May) were 0.7% higher than the same period in 2015. It seems like the “Season” never really materialized in 2015. We started that year with a tight inventory of homes for sale. That lack of homes for sale was a major contributor in the decrease in sales for the first half of the year. Another factor may have been the result of the announcement and press coverage of the state’s drought condition. This was a new hot topic and was a concern to a significant number of potential buyers. For these and other reasons, sales didn’t get started until April. A difference from the prior years was that the sales continued through June and July, dropped off in August, but then were strong again in October and November.

2016 has been very 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. Although the rumor mill has attributed this increase in listings and the decrease in sales to Canadians, we do not believe that to be the major reason. It probably accounts to 5% of the increase in inventory in certain areas of the Desert. As far as the decrease in buyers, the Canadians have not been purchasing here much in the last 3 years, since the fall of the Canadian dollar in 2013. Some other factors that are playing a huge role in our market are the current state of the world economy, and the down turn of the stock market. The Desert is a second home market, and when people see their portfolios decrease, the idea of that second home is put on the waiting list. The good news is that sales started picking up in April of this year and hopefully will continue throughout the summer.

Because of the above information the average price per square foot decreased 1.8% for the first 5 months in 2016 over 2015.

Below are some Graphs representing the City of La Quinta. The Palm Springs Regional Association of Realtors (PSRAR) publishes monthly statistics for the entire Coachella Valley. That report can be seen by clicking here.

allunitssold5-16

All-PSQFT5-16

golfunitssold5-16

Golf-PSqFt5-16

Bubble5-16

February 8, 2016

2015 Real Estate Sales Analysis in the Coachella Valley

The City of La Quinta, home sales for the year 2015 are 1.9% lower than 2014 with the second half finishing better than the first. This may have been because the announcement and press coverage of the state’s drought condition was new and plentiful and was a concern to a significant number of potential buyers. The fourth quarter of 2015 was 22% higher than the fourth quarter of 2014. We started 2015 with a tight inventory of homes for sale which is a major contributor to the decrease in sales throughout the first half of the year. When compared to 2014, sales picked up through the summer months which brought 2015 sales closer to those of previous year.

Even given the above information, as far as prices go, the average price per square foot rose 3% in 2015 over 2014. However, we must note that 2014 prices were below the annual average of the last three years.

As everyone is saying currently, we have noticed here in the Coachella Valley that since the fall of the Canadian dollar in 2013 and the first quarter of 2014, there has been a noticeable decrease in the number of Canadian buyers. After the crash of 2008, the Canadian dollar rose to be more valuable than the American dollar which spurred on the Canadian buyers. Since 2011, the Canadian dollar has returned to a more traditional level which means that a Canadian buyer would need close to one million Canadian dollars to purchase a $700,000 home in the U.S. So, this is definitely one factor in our current slow down but certainly not the only factor. The Canadian market was never 90% of our sales so we cannot simply blame this slow down on that one factor. Unfortunately, the current state of the world economy, the down turn of the stock market, and the large inventory of homes for sale that keeps growing have all contributed in turning this into a buyer’s market.

allunitssold12-15 golfunitssold12-15 All-PSQFT12-15
Golf-PSqFt12-15

This is a graph of the Real Estate “Bubble”. The red line represents the normal historical Real Estate appreciation rate of 4.5%

Bubble12-15

In January, the inventory has risen significantly and here are some numbers showing the age of that inventory. A 6 month inventory is considered normal. More than 6 months is considered a “Buyers” market and less then 6 months is considered a “Sellers” market.

Months Supply

Here are some yearly sales figures (units) for the City of La Quinta from 2002:

December 17, 2015

Golf in La Quinta

One of the many special aspects of living in La Quinta, is the availability of fabulous golf, on a variety of different style courses designed by world famous golf course designers, and players. Depending on your level of golf, and your style of living, there is much to choose from. When purchasing a home in a golf course community you should make certain that you play the course and enjoy its level of play. There are many communities that allow you to purchase a membership as a non resident as well; PGA West, The Citrus, The Tradition, The Quarry, Mountain View CC, Andalusia, La Quinta Country Club, and The Palms. These are all fabulous courses, and you can live anywhere in La Quinta, and still join them—-or you don’t even need to live in La Quinta to join them as a non-resident. In addition, as a resident of La Quinta, you can play the fabulous public course, Silver Rock designed by Arnold Palmer, for a substantially reduced rate. The price depends upon the time of year, but always a great reduction. If you have specific golf requirements in looking for a course, give me a call and I will help you find the one that is perfect for you. I guarantee that there is more than one!

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June 30, 2015

Featured Community: The Tradition in La Quinta

The Tradition Golf Club in La Quinta is a beautiful private equity Golf Club established in 1997 with the property’s origins dating back to 1902 as a ranch that hosted such names as Dwight D. Eisenhower. The location is special. Nestled at the foot of the Santa Rosa Mountain Range with breathtaking views from every direction. The community is made up of a select blend of custom homes including Spanish Revival, Early California, and Mediterranean architecture. In addition the beautiful Village area of semi custom homes situated on the bluff overlooking the golf course, offers views that take your breath away. The Prices of all these homes range from $1,495,000 to $7,000,000.

The private golf course is an Arnold Palmer designed 18 hole championship course. Arnold Palmer himself owns a home at the Tradition and can often be found on the course, or enjoying a delicious meal prepared by The Tradition’s Chief. He has even been known to give pointers to members he sees while on the driving range. in addition the club offers a nine-hole par 3 course and a challenging practice facility including seven target greens. The equity membership opportunities are by invitation only and limited to 250 members. Whether it be the Junior, Social, or the Golf Membership that is desired, included are the exquisite dining facilities in the main dining room, use of the private Eisenhower Cottage, the Kennedy Suite and the famous Hacienda Del Gato dating back to 1920, and the fitness center.

The Tradition Golf Club’s 5400 square foot Fitness Center offers advanced equipped facilities and world-class professionals. Included in the fitness center are private luxurious treatment rooms for restorative body therapies, Pilates reformers and a high-performance cardio and strength-training area. Fitness classes taught in the studio range from yoga to boot camps to Zumba.

The Tradition also hosts special guest speakers with a wide variety of wellness topics. There are a variety of different member groups that meet to bike, paint, and trail hike. The Tradition members also have bridge groups, Canasta afternoons, knitting and stitching groups and book clubs as well as a“Yappy Hour” for our four-legged friends.

Currently at The Tradition there are 21 homes for sale. In addition there are empty lots for sale ranging in price from $300,000 to $2,299,000. Most homes include pools and spas, and are on the golf course. The views from all these homes are spectacular. This is a special place in The Desert, and I would love to show it to you and tell you more about it. Just give me a call.