Category Archives: General

Market Update February

Once again this is the time of the month to look at our numbers.

The charts and the numbers on the statistics page of the website

It is obvious we have a lot of green there…prices are holding up and even going up a bit. (for Palm Desert Single Family homes we have an exception because there was an $11,000,000 home sold and that did affect the median price)

But all in all, the numbers for January are showing the closing of escrows for homes that “sold” in December which is always a very slow month for home sales.

A real drop from 251 units to 177 units (this is for the cities I am looking at only).

The number of bank owned (REO’s) active on the market really jumped up– that means that we will have more buyers able to buy in the next couple of months. The Deals are there….

I am attaching two graphs showing

  • the “sales price to listing price ratio” and they do not go under 90%!!(what a surprise the sellers are not “desperate” in our area)
  • “one year average sales price trend comparing Q4/2008 to Q4/2007. Here too quite a surprise.

 

I hope you enjoy the updates and I would love to hear your comments

Sales of Resales Homes on The Rise

The National Association of Realtors reports that sales of existing home in the western US produced an overall increase in sales and reduced inventory.

Through the month of December, sales of existing single-family homes, townhomes, condos and co-ops increased by 6.5 percent, yielding a seasonally adjusted annual rate of 4.74 million units. Although the rate is up over the 4.45 million units sold in November, it represents a decline of 3.5 percent from December 2007, when 4.91 million units sold.

The chief economist for the NAR, Lawrence Yun, indicated that the price of homes continues to decline. According to Yun, “It appears some buyers are taking advantage of much lower home prices.” He believes the increase in sales and the decline in inventory are positive indicators, but he warns that the market is still out of equilibrium, suggesting it will be a buyer’s market for the next many months.

The total inventory of housing fell from an 11.2 month supply in November to a 9.3 month supply in December, with 3.68 million existing homes on the market.

Regional Sales of Existing Homes

Sales of homes in the West rose to an annual rate of 1.25 million in December, an increase of 13.6 percent over the prior month and 31.6 percent higher than a year ago. The median price of an existing home dropped to $213,100, a decline of 31.5 percent from December 2007.

 

The Time is Right for Buying a Home

 

Charles McMillan, president of NAR, points out that this is the perfect time for new home buyers with good jobs to get into their first homes. Conditions are right: low mortgage interest rates, plenty of homes on the market, willing sellers, and prices lower than replacement cost should encourage buyers to take action.

 

Mr. McMillan encourages first-time buyers to look into FHA financing for low down payments on a 30-year fixed-rate mortgage.

 

Freddie Mac reports that the national average for a 30-year conventional fixed-rate mortgage fell to 5.29 percent in December from 6.10 a year ago. Last week, the agency reported the 30-year rate was 5.12 percent.

 

Source: NAR

Elegant Living in Rancho Mirage

Apparently, folks in Palm Springs are choosing to make their own real estate news these days. According to analysts, the market for high-end homes is pretty steady. In the Rancho Mirage area of Palm Springs, homes in the million dollar plus market continue to sell and retain their value.

It’s easy to understand the strength of that market. After all, Rancho Mirage represents upscale living in every way. The Thunderbird Country Club and Tamarisk Country Club are among the oldest and grandest of the community’s golf clubs. The famed Ritz-Carlton will soon open a dazzling new property in town.

One indication that now is the right time to buy: the inventory of homes for sale in Rancho Mirage is falling. Currently, it is at its lowest level since 2006. What does that mean? It means that people continue to choose Rancho Mirage as the best place for their second home or retirement home. Wait too long and you could miss your chance to get into a magnificent custom property in this highly desirable area.

Start the New Year in Cathedral City

The new year is well started, so if you promised yourself to get out of that apartment and purchase a home this year, now is the perfect time. It is a buyer’s market for homes priced under $300,000 in Cathedral City, and there are plenty of great properties out there.

Do you want a home with a pool? You’ll find one. How about a view that overlooks the golf course? It’s here. Really, no matter what you’re looking for in a starter home, you’ll find it in the attractive selection of properties in Cathedral City.

A focal point of the community is the Cathedral Canyon Golf and Tennis Club. Members enjoy access to three magnificent golf courses. And you don’t need a membership to enjoy the natural backdrop of the San Jacinto mountains. Follow up on your resolution today and get into a new home in Cathedral City before spring.

Jasmine Homes in Palm Springs – It’s the Best!

Maybe you haven’t noticed, but there are some lovely properties for sale in Palm Springs, and these days, they’re more than affordable. In this city known for its brilliant winter climate and country club lifestyle, now is the ideal time to move into your own beautiful place in the Jasmine Homes neighborhood. You’ll be surrounded by the best that Palm Springs has to offer, including two country clubs (Mesquite Country Club and Seven Lakes Country Club).

The price per square foot is dropping and the number of homes sold in the last quarter of 2008 increased over the same period a year ago. The laws of supply and demand tell us that as the demand for homes increases, the price creeps up, as well. Don’t wait too long to take advantage of the favorable market! Make an offer soon on your dream Jasmine Homes property.

Demuth Park Neighborhood is Waiting for You!

Folks who live in the Demuth Park neighborhood in Palm Springs, California, are justifiably proud of their community. Just a stone’s throw from Tahquitz Country Club, homes in this area are within walking distance of great restaurants, and the Palm Springs Oasis Water Park is right around the corner.

It looks like the average price for homes in the Palm Springs area is beginning to level off after five years of advancing prices. Now is the time to find a reasonably priced home – by next summer, you can be sitting by your pool, looking out over the mountains. If you are ready to get into a unique place of your own, you’ll find some great properties in this neighborhood

La Quinta – Find Your Condo on the Links

It looks like the prices for condominium units are beginning to creep upwards once again in La Quinta near Palm Springs. What does this mean for home buyers? Now is the time to get into that house you’ve been eyeing before prices start to moving up again in a serious way.

The 12-month moving average of price and sales started rising this summer, and it could be that prices have seen their low. There are some great condos and single family homes on the market in La Quinta near the PGA West Country Club. Some of them actually back up against the fairways.

It’s always golf season in this part of the world, but there is no denying that winter months are the prime time to get out and swing your clubs. If it’s been your dream to end a round of golf on the patio of your own place overlooking the links, the country club communities in La Quinta are ready. Just don’t wait too long or the best deal might slip away.

The time to buy in Palm Springs is NOW!

The real estate market in Palm Spring is alive and well, and there has never been a better time to get into a new home in the city than right now. The biggest threat these days for buyers is that they’ll miss the opportunity to purchase their dream home waiting too long for the bottom.

Recent news suggests that now is a good time for buyers to stop watching and start working on a deal; some realtors report that year-over-year home sales started increasing earlier this year. In fact, the 12-month moving average of price and sales has been inching up in recent months.

There are some beautiful homes for sale now in Tahquitz River Estates, not far from Tahquitz Country Club and Mesquite Country Club. These spacious older homes are the ideal setting for your indoor/outdoor life in the desert. It’s time to settle into a comfortable lounge by your own pool and enjoy the benefits of home ownership in Palm Springs

It's time to make a move to Palm Springs

Palm Springs – the name makes you think of movie stars, golf and luxury living. If you have ever wanted to purchase a second home or retirement home in the Palm Springs area, this might be the time. Prices have come down somewhat from recent highs, and the right place is waiting for you.

A home in Mesquite Country Club brings its own rewards: sparkling pools, tennis courts, and golf. The homeowners association makes every effort to ensure the property is secure and safe for everyone.

You’ll find a number of elegant, reasonably priced condos and villas in the gated community surrounding Mesquite Country Club. Homes continue to sell in the area, and at today’s prices, you won’t want to wait too long to take advantage of the market in Palm Springs.

As for golf, the resort golf course at Mesquite Country Club is open to the public. There is plenty of water on this course, and much more when the Taquitz Wash is flowing!

 

Toscana Country Club Living – A Great Time to Buy

Palm Springs is wonderful this time of year, with average daytime temperatures in the mid-70s and plenty of sunshine. And when you consider what real estate prices are doing in the area, it’s pretty clear that now is a great time to get into a beautiful place near one of La Quinta’s exclusive country clubs.

Make no mistake, homes are selling in the Palm Springs area, and that’s the point —  prices have come down a bit recently, and buyers know a great deal when they see it. You can find a beautiful home on one of La Quinta’s championship golf courses and chances are, it’s more affordable now than it has been in the recent past.

Homes in La Quinta communities are selling fairly quickly, possibly in response to lower prices per square foot. Now is the time to set up housekeeping in one of these delightful properties tucked in to the foot of the Santa Rosa Mountains.