Its been an interesting season for Indian Wells real estate sales, here are a few up to date figures as of today.
There have been 50 homes/properties(not land) sold since January 1,2009. Ranging in price from $132,500, condo in Mountain Cove, to $2,900,000 in The Reserve. 7 of those properties were bank owned and 3 were short sales.
There are currently 315 homes for sale as of today, ranging from low of $139,900 to high of $20,000,000. Of those 315, there are 5 for sale that are bank owned, ranging from low of $489,000 to high of $1,100,000. There are 10 short sales ranging from low of $199,500 to high of $2,100,000. Lots of property to choose from. Call me if you'd like a current list.
Some interesting figures for our valley. Its a great time to buy, don't wait till the market prices head up. Call me for information on whats available.
Regional Sales & Price Activity - June 2008
Median price fell 37.7% and sales increased 17.5% compared to the same time a year ago for California statewide. Locally, median price fell 29.4 % & sales rose by 19.0 % from a year ago. The rise in sales also accounts for the drop in overall inventory - the July inventory is the lowest since September 2006. January 08 sales rate & inventory yielded 22.4 months of unsold inventory. July 08 sales & inventory stands at 13.1 months of unsold inventory.
"The significant declines in the median price over the past several months are largely due to a dramatic shift in the sales mix since the onset of the credit crunch and the increase in the share of distressed sales, said C.A.R. Chief Economist Leslie Appleton-Young. A year ago, the under $500,000 price range accounted for 40 percent of sales, the middle segment made up about 45 percent, and the over $1 million segment captured 15 percent of the market. As of June 2008, the shares had shifted to 67 percent, 24 percent, and 9 percent, respectively."
In the desert market buyers continue to take advantage of lower prices and reasonable interest rates, such that for June single family homes sold were only on the market for (median) 69 days down from 72 in May.
2006 2007 2008 Desert Area MLS Residential For Sale Inventory
Dec. 8,236 9,186
Nov: 8,598 9,593 The typical (median) single family home for sale in the MLS
Oct. 8,076 9,170 3 Bdrm. 2 bath 1,887 square feet listed at $325,000 and has
Sept: 7,723 8,599 been on the market for 96 days.
August 7,285 8,417
July: 7,420 8,600 7.935
June: 7,436 8,930 8,314
May: 7,497 9,108 8,469
April: 7,467 9,153 9,214
March: 7,351 9,005 9,300
February 7,046 8,852 9,476
January: 6,395 8,490 9,134
Median % Change % Change %Change Sales %Change Sales
Price Prior Month Prior Year Prior Month Prior Year
Some statistics for the Coachella Valley compiled from the local Desert multiple service. Even though the doom and gloom for most of California still resonates through out the local and national media. when you take a look at the numbers for our area it really isn't as bad as all that.
Its a good time to buy and there are alot of good mortgage programs out there, just ask.
REO "Bank Owned" Stats for February- Palm Springs/Cathedral City had 137 total sold, 5 REO or 3.6%. Desert Hot Springs- 42 total sold, 8 REO or 19%. Palm Desert/Rancho Mirage/Indian Wells/LaQuinta had 268 sold, 7 REO or 2.6%.
Riverside County had 1775 sold, 210 REO or 11.8%. Moreno Valley highest@ 22.7%
Here are some good basic rules I heard this week... For our Sellers..
#1 No amount of hype, color brochures and large ads will make a buyer pay 20% to 25% over market value for your home.
#2 Buyers are a lot better informed than you think.
#3 The size of your Realtor's company is no influence on the market value of your home -- bigger companies get no bigger prices than smaller companies.
#4 The cost of interior décor adds little to the market value of your property - except to make it more attractive and make it more salable. In some cases, it may detract.
#5 What your neighbor's home sold for six months ago (or longer) is not the only indicator of your property's value.
This is recent message from my local board of Realtors in the Desert or CDAR. Its good advice for buyers and sellers. The message should be clear now.
The most asked question right now is "where / when is the bottom of the market?" - many buyers now wait on the sidelines to buy at the bottom. Timing the market is dangerous ground. It's more about hindsight than foresight.
When will we announce the bottom of the market? After about 90 -120 days of an upward trend line. In other words, after you missed it. The bottom is not a pinpoint on a graph. It is more like a wide bumpy trough. It appears that is where we are right now. Here is a quick look at the Desert Market right now - Sept. 07 -- compared to a year ago.
Inventory of homes/condos for sale:
Up about 12%
Median Price:
Up 0.6%
Sales:
Down 33.6%
30 Yr. Fixed rate mortgage:
6.38% in 07, 6.40 in 06
Median Days on Market
81 in 07, 76 in 06
Other than a sizeable decrease in sales and a modest bump up in inventory the market has been flat year over year. This may be the "window" buyers have been looking for.
For Buyers:
Best time is now to find the neighborhood, development and house you want
Qualify for the 30 yr fixed. If rates rise your protected, if rates fall you decide when to refinance.
The "window" is open. There is no advance notice when it shuts.
Prices doubled over the last 7 years. No prediction on the next 7, but history says some will always look back to now and say, "wish I had."
For Sellers:
Get out of the market if you're not serious. Not the time to test the water.
Clean up, fix up, go for "curb appeal" and make it show well
Price it right up front - dropping the price every other week is not a winning strategy
Participate with your REALTOR® in the plan and cost of marketing
One final note: As a result of the recent So. Calif. fires there could be some upward pressure on rents and shrinking of inventory as fire victims rebuild and/or relocate.
This was interesting information I read in our local desert newspaper "The Desert Sun" dated 9-25-07. The catch phrase was "What They're Saying About Us"
This isn't your grandpa's Palm Springs anymore- not after more than a billion dollars in renovations and new construction. The streets may be named for past luminaries like Bob Hope & Frank Sinatra (kids might ask who is that?) and the place may be haven to golf playing retiress but..... and here's the interesting part.
There are 115 golf courses(probably more) and more under construction, with 40,000 swimming pools, probably more... but the article stated " there is plenty here for 21st century families whatever their budget or interest. The sun shines most days of the year so how can you go wrong.
Exactly, how can you go wrong? This is paradise country in the winter months plus the home & property values are some of the best in California for vacation and resort area.
This isn't about Real Estate but, its useful and in a round-about way will help in our business and our every day life. I credit this informative note from my web host of today... Advanced Access. As always your comments and input are welcomed...
"It's That SPAM Again!"
It's happening again. It's always happening, but lately my inboxes have been filled with them as if the spammers in all of us have been awakened. What's that, you don't spam? Never! You may be an indentured spammer but don't know it! Trying to pass along a boycott of gasoline to bring prices down? Or you think that 3 die-hard competitors made an announcement on the news that you can make money forwarding emails? So you pass along these chain letters because it's hard to resist the part of you that wonders if it's true. I think we've all been there. As people in an industry of service, we want to help people...clients...or potential clients. So we forward these emails to our entire address book, because we think, "hey, who wouldn't want to know what they can do to help lower gas prices ", right? What ends up happening is that you just gave yourself your own bad press. You did not investigate the truth of the claim on any of the popular email hoax verification websites, you just forwarded it along. And, if you didn't BCC (blind carbon copy) everyone, then your entire address book is now being forwarded to millions of others who continue to pass the message along. What's the harm, really? Well, aside from clogging email servers with these messages, and increasing the cost of managing email, you increase the risk to your computer, and the computers of others. The risk becomes a little more clear when we realize that the majority of these emails originate from spammers trying to get the message around and back to them enough that they will be able to gather some good email addresses to which they can send their junk email. Each time you hit that forward button, you are helping them win and clogging your own inbox! This is why using the BCC option is important whenever you send any email. Protect your family, friends, colleagues, and clients from more SPAM by simply deleting the email. As a courtesy, you may first want to reply to the person who sent it to you and refer them to an email hoax verification website such as Snopes.com (which is where we found the popular ";gas out " email used in our example today). Other risks include the ability for people to begin attaching viruses to the emails. So, your "virus warning " could become a virus email itself. Think about that scenario... "my real estate agent sent me an email that crashed my entire system... ". You don't want to be that agent! So, how can you be sure an email is a hoax? The first step is to be on the lookout for these characteristics:
The email says, "This is not a chain letter " or "This is not a hoax "
The email says to send it to "everyone you know " or to "as many people as possible "
The email contains technical sounding language to sound more credible
The author of the email identifies him/herself as a leader of a foreign country or part of the leader's family or staff
The author of the email claims that the original email was sent to them by someone who works for the company involved or is a lawyer or doctor or some professional who supposedly "backs " whatever is said in the email
The easiest way to check on a hoax if you are unsure is to visit a site like Snopes.com and search for the subject matter of the email. For example, we found the gas out email by searching for "gas prices " in the Snopes.com search engine. Another great site is Symantec.com where you can see a list of hoaxes collected by email subject line. So, the next time you get an email promising $800 from Microsoft for forwarding an email, think twice and use the delete button instead of the forward button. The people in your address book will be happy you did! You're welcome to forward this email to others for educational purposes...but alas, there will be no special reward for forwarding this to as many people as you can in the next 10 minutes. :)
I ran across a article about this subject the other day and looked in the blogs search to see if anyone had brought this subject up before. Couldn't find anything so want to credit the blogger where credit is due and share a great idea for all of us that either give or receive those gifts cards we either don't care about or have no way to use or give away.
Rooftop Realty in Denver wrote:
More and more people are giving gift cards in lieu of presents these days and while many of us appreciate the sentiment behind them we don't always appreciate the giver's taste in stores.
If Aunt Millie insists on giving you a $25 gift certificate for Toys "R" Us every year on your birthday even though you haven't set foot in the place since you were 10, don't just throw the card in a junk drawer along with all the others. You may be able to recoup the value.
There are now a number of Web sites that allow you to auction off unwanted gift cards or trade them in for cards from stores you regularly shop at:
Cardavenue.com. Registration for this site is free and takes less than five minutes. Once you're signed in, browse available gift cards being offered for trade, or post your own for sale or swap. If you're after a card from a particular retailer or restaurant, create a "wish list." You can even combine two or more cards and trade them in for one card of equivalent value. So, for example, if you have a Starbucks' card worth $50 and a Banana Republic card worth $100, you can swap them for one worth $150 at Bloomingdale's. Swapagift.com. This service allows you to trade or sell gift cards. Those looking to cash in their cards quickly should check out the site's "preferred merchant list." If your gift card comes from one of the retailers on the list, Swapagift will buy it from you for 60% to 70% of its original value. The only caveat: it has to be worth no less than $25 and no more than $500.
EBay. The online auction house doesn't allow users to trade cards, but it is the largest market for selling them off, according to Bankrate.com, a Web site offering consumers free cost-saving advice. To start your search, just go to the home page and select "gift certificate" from the category menu.
Mountain Center is in Riverside County, in the Riverside-San Bernardino metro area.
The latitude of Mountain Center is 33.704N. The longitude is -116.725W.
It is in the Pacific Standard time zone. Elevation is 4,518 feet.
Mountain Center,CA 92561, is the official place the postal service uses as its main address for the distribution of mail for several communities that make up this area.
The town it self is located on Highway 74, also known as the Palms to Pines Highway, and Highway 243.
Idyllwild, CA is not far from Mountain Center but the communities that make up Mountain Center will be highlighted in the communities.
Pinyon Crest, Pinyon Pines, Chapman Ranchos, Royal Carrizo to name a few.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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