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