Rancho Mirage, Market Report for the Week August 27, 2012

The median list price in RANCHO MIRAGE, CA 92270 this week is $785,000.

Inventory has been lightening lately and the Market Action Index has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market.

Supply and Demand

Home sales have been exceeding new inventory for several weeks. While still a Buyer’s market, prices seem to have responded by moving upward. If the demand trends continue, expect prices to keep marching upward, especially once we see a Seller’s Market.

Price

The market for this zip code continues its bounce again this week. We’re a long way from the market’s high point so watch the Market Action Index to predict how long this trend will last.

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For more information regarding luxury homes in Rancho Mirage, CA, contact Claudine Messika.



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