Joshua Tree Real Estate Market Update

By
Real Estate Agent with JT Village Realty

(this is from my blog at http://joshuatreeagent.wordpress.com/)

It is impossible to not hear some news about the real estate market being in trouble. It's a nightly staple on the major news networks. The problem with most of these stories is their generic nature.

Many potential buyers are just sitting on the fence (how many times have you heard that phrase?) waiting for the stars to align or for the bottom of the market. Timing the market is extremely difficult, and the people who nailed the top or bottom most likely just got lucky. But you can make an educated and smart purchase with the right information.  

If you're buying for the right reasons, you plan on living in the property for a while, it is a long-term investment and you make a smart purchase (you get a good deal), then it is very unlikely that you are going to get financially hurt. 

So what is going on in the Joshua Tree Real Estate Market? (By the way, I will be addressing the Twentynine Palms & Yucca Valley Markets in coming updates). Let's take a look at some numbers. 

In the first five months of this year (through 5/31/08, based on local MLS data) there were 60 homes sold in Joshua Tree. At least 12 of these sales were REO (Real Estate Owned - Bank Owned) or short sale (selling the property for less than the loan amount) properties. It may very well be more, but our MLS system didn't track REO/Short Sale properties from the beginning of the year. As of 5/31/08 there were 146 homes for sale in Joshua Tree. Based on the above information, there is 12.16 months of inventory. (If there were no other homes listed, it would take 12 months to sell the current homes on the market, based on current average sales). That is the short version. 

Here is a little more detail: 

Month: May 2008

           

Price Range

Current # of Listings

Avg. # of Sales/Month

Selling Price % of List Price

Avg. Days on Market

Remaining # Months Inventory

< $119,999

38

3.92

88%

112

9.69

$120,000 - $179,999

40

3.92

95%

142

10.20

$180,000 - $274,999

38

2.83

96%

200

13.43

$275,000 - $449,999

24

1.75

97%

98

13.71

> $450,000

6

0.17

92%

134

35.29

           
           

Previous Month's Statistics

           

Price Range

Current # of Listings

Avg. # of Sales/Month

Selling Price % of List Price

Avg. Days on Market

Remaining # Months Inventory

< $119,999

26

3.33

89.00%

112

7.80

$120,000 - $179,999

32

4.00

96.00%

138

8.50

$180,000 - $274,999

28

2.83

96.00%

193

9.89

$275,000 - $449,999

21

1.83

97.00%

112

11.48

> $450,000

6

0.17

92.00%

134

35.29

 

What we have above is the market statistics from five price segments for May 2008 compared to April 2008. The "Current # of Listings" is from the end of the respective month. The four other columns are data for the preceding year from the end of that month. 

One of the key figures to watch here is the "Remaining # of Months Inventory". In general, it is considered a buyer's market in excess of 6 months and a seller's market under 6 months. You can see in all segments that we are in a buyer's market. Additionally, you want to watch what way this inventory is tracking. For example, all the segments, except the >$450,000, have risen in inventory from April 2008 to May 2008, making it a bit more difficult for sellers. Conversely ... better for buyers. 

The two most active segments are the www.joshuatreeagent.com). 

Besides high inventory levels, another major factor influencing the market (beside the obvious low consumer confidence) is tighter lending standards. If you are getting a loan for your purchase, which the majority of us do, you first must get through the appraisal. And maybe a second appraisal right before closing. The appraisers are being ultra-conservative in this downward market. Not to mention appraisals are really tough with the lack of sales and good comparable properties.  

Then getting through underwriting is another chore. Your loan officer/mortgage broker, escrow officer, title officer and your Realtor will be instrumental in getting through this portion of the escrow process. Please be patient and understanding when you have are asked for the 1,000th time for more information. 

The pendulum has swung the other way!

 If you would like to discuss this information further, please feel free to call, email or comment.

__________________________________________________

Support Joshua Tree's Certified Farmer's Market!!!

 

Located at Turtle Island, every Saturday from 8 am until noon.

__________________________________________________

Featured Listing 

 

7552 Condalia Avenue, Yucca Valley, CA 92284

Bank Owned Property

$135,000

2 Bedroom/1 Bath, 864 sq. ft. on .43 acres

Yucca Valley Foreclosure. This home is close to schools, parks and shopping. If your looking for a good bargin, this is it. Good starter home, second home, or investment. Tile floors, natural gas, large lot and fully fenced. Don't end your search without previewing this home!. Call today for more details and preview appointment.

For more information and photos of this home and many others, visit www.joshuatreeagent.com and select "Featured Listings".

__________________________________________________

Home Cleaning Tips

courtesy of http://cleaning.lifetips.com/

Getting Rid of Odor From Washer

To remove the foul odor from your washing machine let the machine fill with water and when it starts to agitate add about three cups of white vinegar, with a half cup of baking soda. Let the machine run through it's cycles and it will not only get rid of the odor, but will also clean the machine.

__________________________________________________

Dave Haworth, Realtor ®
JT Village Realty
Mobile: 760.898.4188
Office: 760.366.8642
Fax: 760.366.0111
Email: dave@jtvillagerealty.com
Web: www.joshuatreeagent.com
Blog: http://joshuatreeagent.wordpress.com/
Twitter: https://twitter.com/JoshuaTreeAgent

Preview Joshua Tree and surrounding area properties at www.joshuatreeagent.com.

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Ambassador
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Eleanor Thorne
Equity Resources - Cary, NC
Equity Resources 919-649-5058

this is - no kidding - my favorite place on the planet!  Your little spot on the earth looks SO MUCH different from mine!  I always thought I was a "salt water in my viens chick" 

It's been 2 years since I've been there and I can "taste" the salty holly leaves (can't remember their real names) like it was yesterday.  The browns and reds and purples of the hills - oh my!  LOVE IT!

Jun 25, 2008 04:08 PM #1
Rainer
2,921
Dave Haworth
JT Village Realty - Joshua Tree, CA

Thank You ...

Was it the Creosote Bush you tried?

Jun 25, 2008 04:17 PM #2
Rainmaker
102,741
Neal Barnes
Starstate Realty - Killeen, TX
Broker, REALTOR, ABR, CRS, GRI, SRES, SRS.

Hi Dave-   I was just in Santa Ana California earlier this month.  I am going to check out MapQuest to see where Joshua Tree is located.  Welcome to ActiveRain.  I look forward to networking with you and reading your future post.  Have A Great Day!!!

Oct 19, 2008 06:22 PM #3
Ambassador
2,463,093
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

We invite you back to ActiveRain in 2017.

  Much has changed since your last blog post.

  Best to you!

Jun 24, 2017 07:22 PM #4
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Rainer
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Dave Haworth

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