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 February, 2012.
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, green lines represent 2011 data and the purple lines represent 2012 data.
Open escrows in La Quinta on February 29th increased over the previous month by 17.3%. This increase can be explained by the increase in unit sales activity for the month of February over January, decreasing the inventory. The number of escrows for the more expensive Golf Properties increased by 22.9% over the previous month while that demographics unit sales also increased. This increase in sales is allowing the valley’s inventory to shrink slightly decreasing the supply during an increased demand helps offset the overall market pricing over the lower priced short sales and bank owned properties.
The number of unit sales within the City increased in February over January but did not outpace February sales from last year. It appears that March sales will be the strongest single month since we started tracking these numbers in 2008.
The number of “short sales” and “bank owned” properties being offered at reduced prices seem to be remaining at high levels but the banks are improving their ability to handle these transactions and beginning to figure these transactions out. Most lenders seem to be dealing more efficiently with the inventory of distressed properties although short sales and/or foreclosures can still be a challenge and they are still affecting the prices in the entire market.
Closed home sales in La Quinta in February showed a 20.6% increase from the month of January. This increase, as you can see in the charts below, is an annual trend attributed to the beginning of our “season”.
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) increased 37.1% in February over January. The average price per square foot decreased 11.8% in February over January. This shows the affect of more short sales and bank owned “deals”.
Overall, we are still seeing positive signs in the market place and the media continues to be encouraged. We are anticipating a strong season and a good year ahead.
The mortgage industry is the best it’s been for conventional loans but the “jumbo” loans, although becoming more available, continue to be a stumbling block in the higher end market.
Coachella Valley Inventory: On February 29, there were 5,199 active listings (down 5.0% from January), 2,720 units were in escrow (up 14.7% from January) totaling 7,919 units (up 0.9% from January) available for sale which makes 34.35% of the total in Escrow (up 13.7% from January) –This trend is an indicator of increasing home sales for the month of March. 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 | 1,446 | 520 |
| 2012 YTD | 225 | 83 |
* 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