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 September 2010.
City of La Quinta home sales since January 2008
The blue lines represent 2008 data, the orange lines represent 2009 data and the magenta lines represent 2010 data.
The chart above shows monthly sales of homes within the city of La Quinta*.
As the end of the hot summer months approaches, We see a continuing softening of the La Quinta home sales for September. Sales were lower in September than August and for the second time since June, 2009, lower than the same month a year earlier. Open escrows in September dropped 5.8% which is not terribly surprising during the hot summer months but is an indicator of the usual lazy sales for this time of year. Consumer confidence, which seemed to have steadied in the previous few months has turned into a wait and see attitude leading up to the November Mid-term elections. Prices seem to be stabilizing in the under $1,000,000 market. The above $1,000,000 market has not seen the improvement of the under $1m market but this is likely due to the unavailability of jumbo loans. The general attitude of the people we talk to at open houses is that the market has hit the bottom and that is backed up by current prices versus historical appreciation.
The sales-volume numbers in the higher-end market (which contains many of the golf properties in the chart above) have fallen off as expected with the arrival of the summer heat. The average price per square foot dropped 11.5% in August over July’s prices BUT it has come back 2% in September.
Overall, we are still seeing positive signs in the market place. There has been an increase in activity since Labor Day and, hopefully, buyers are getting ready for the upcoming season. The mortgage industry is the best it’s ever been for conventional loans but the “jumbo” loans continue to be a stumbling block in the higher end market.
A correction to be made…
Last month I mistakenly interpreted the inventory data to mean that 1,906 units out of the 5,115 Active listings were pending. The 1,906 units were in addition to the 5,115 unit totalling 7,021 active and pending units for sale in the Coachella Valley. That means that only 27% of the total units were were pending.
On September 30, there were 5,233 active listings, 1,825 units in escrow totalling 7058 unit available for sale which makes 25.9% of the total in Escrow.
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 YTD | 986 | 422 (Sept) |
* When looking at “sold” data, you have to remember that the numbers are generated on the date that the sale is recorded with the county but that the decision to buy was made about 45 – 60 days earlier.
Figures are from the Desert Area MLS