Now is the time to buy Homes at PGA West, La Quinta CA

Now is the time to buy Homes at PGA West golf community in La Quinta CA. 

Like most Realtors, I have been keeping an eye on the selling price of homes sold at PGA West, La Quinta CA and surrounding communities in the Palm Springs area for the last several years. In watching the average selling price as measured by the sales price per sq. ft., it looked like prices were actually holding fairly steady until the last half of 2007, so I decided to do further research.

Based on an analysis of data from the local MLS, there were 432homes sold in PGA West, La Quinta CA., from 1/1/05 through 12-21-07. The "yearly" average selling price (as measured on a price per sq. ft. basis) was $285 in 2005, increasing to $293in 2006 and dropping back to an average of $285 for 2007 year-to-date. Thinking selling prices were declining over the last several years, I was rather surprised to see this.

I then took a look at the last half of this year, and the results were quite different. The average selling price per sq. ft. during the last half of 2007 declined from the $285 average for the year to $262 for the period 6/1/07 through 12/21/07, declining further to $255 for the period 9/7/07 through 12/21/07, and declining still further to $239  for the period 12/4/07 through 12/21/07. This represents a 16% drop in selling price per sq. ft. as compared to the average for 2007, and 18.5% decline when compared to the 2006 average.

I am finding this analysis to be helpful in educating potential buyers (and sellers) that this may in fact be a good time to start buying (or if selling, what is actually happening right now in the market place). Buyers are waiting for what they perceive to be the "bottom" which as we all know, will be recognized only after it comes and goes, however looking at where selling prices are right now would lead me to believe that this is indeed an opportune time to be buying that home at PGA West, La Quinta CA.

Larry Hansen, Realtor, e-PRO

La Quinta, CA