(As posted from my blog at http://joshuatreeagent.wordpress.com)
Well summer is here, and it is hot and humid! Along with summer, at least the last couple of summers, comes a slow down in real estate sales for our local area. It seems like people don't like to trek around in 100 plus degree weather. But should you decide to brave the heat to go house shopping ... you could be rewarded with a great deal!
As far as the June real estate activity ... as a whole ... wow, I'm sure some are glad it is over. In Joshua Tree, there were seven homes sold last month, compared to sixteen the year before. (A decline of 56%). Of those seven homes, two were my listings, and 4 of the 7 were bank owned properties. The average selling price for June 2007 was $223,406, while this June averaged $198,357 (a decline of 11%). Please keep in mind that this is a comparison of June 2008 to June 2007.
Here is a look at June 2008 compared to May 2008:
- Joshua Tree Real Estate Conditions for June 2008
Joshua Tree Real Estate Conditions for May 2008
Some items to note, is that the number of listings increased slightly in the more active three segments ($0 - 119,999, $120,000 - 179,999 and $180,000 - 274,999). In those segments, Average number of sales per month increased, the average days on market decreased and remaining number of month's inventory decreased, in all except the middle segment. Selling price % of the listing price remained constant.
In the two upper segments results were mixed. It got slightly better for the $275,000 - 449,999 range while the $450,000 and up range continued to really struggle.
What we really want to watch in these tables is the "Remaining Number of Months Inventory". Watch the way that that is tracking: down is good and up is not. (If we get back towards six months of inventory the market is considered balanced).
Tomorrow we'll take a look at Twentynine Palms numbers.
You can find the rest of this blog post at http://joshuatreeagent.wordpress.com/
Dave Haworth, Realtor ®
JT Village Realty
Preview Joshua Tree and surrounding area properties at www.joshuatreeagent.com.