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 June, 2014.
The inventory of “Active Listings” in the Coachella Valley decreased again from May to June which is usual as we enter the summer season. The number of Sold units decreased significantly over the same period last year (June, 2013) which was the best month since 2008. The main reason is that the inventory has decreased in May and June. The pace at which real estate prices increased in the October to January period seemed to slow to a more normal rate in February through June. The price rise slowed as did the home sales. The activity in the million dollar+ market seems to have picked up but prices have not increased as much as they have for the under a million homes. The national real estate market continues to improve over a leveling off in the late spring. This is good news as the Desert usually follows somewhat behind the national market so we are looking forward to a great 2015 season.
Below is the chart depicting the “bubble” in sales versus the historical 4.5% annual appreciation. As predicted by the National Association of Realtors back in 2005. It will be interesting to see how close the actual sales prices stay to the “Normal Appreciation” line in the coming months. One of the reasons for the recent price increases is that we have seen more American buyers in the market than in the past few years which is a sign that our economic outlook seems to be improving.
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
2014YTD 739 380
* 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