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December, 2013 Sales Ananlysis

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 December, 2013.

The current inventory of “Active Listings” remains tight. The Coachella Valley has transitioned from a buyers market to a sellers market but not all buyers seem to relize this :-). Most of the popular segments of the market have already moved to the sellers favor. The point at which the market changes from buyer to seller is determined by the months supply of homes for sale.
According to the National Association of Realtors (NAR) the market is defined by the number of months supply of homes currently for sale. The dividing line between a Buyers / Sellers market is 6 months supply. Months Supply is determined by dividing the total number of sales in the last 6 month period by 6 to get the average number of sales per month and dividing that number into the current number of active listings.
For example: If the total homes sold in the past 6 months = 18 then 18/6 = 3 sales in the average month. If the current active “for sale” inventory was 21 then 21/3(Avg Mo Sales) = 7 Months Supply which would qualify as a weak buyers market. 6 months supply is considered a “Normal” market and anything less than 6 months supply is defined as a sellers market.

Here is a breakdown of current months supply in the City of La Quinta:

November, 2013:                                                                         December 2013:
:MoSup11-13         MoSup12-13

Here are some historical charts showing the present market and how it compares over the last five years and beyond.

allunitssold12-13

golfunitssold12-13

All-PSQFT12-13

Golf-PSqFt12-13

Bubble12-13

 

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.

LaQuintaHomesSold 2000-2013

Forclosues

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

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

657

* 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

 

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“A few houses selling like hotcakes”

This was the title on the lead story in the Desert Sun Monday, June 18, 2012.  The article went on to say that if the home is priced right, in many developements we are now seeing multiple offers and bidding wars.  The buyers are realizing that the inventory is way down (almost 2000 less homes on the market in our Valley than this time last year), the interest rates are unbelievable, and if they see a home that they like they need to act quickly.  These bidding wars are happening in the homes that are priced under $500,000.  In any real estate recovery, the rebound usually begins with the moderately priced homes, so this news is extremely encouraging.  In La Quinta we have noticed that the homes in the Cove are selling rapidly and many have had multiple offers resulting in bidding wars.  We are even beginning to notice that in the price range of up to $700,000–but only if the home is priced at what is perceived as an unbelievable value.

Please click on this link for the entire story: http://www.mydesert.com/apps/pbcs.dll/article?AID=2012206180302