(As posted from my blog at http://joshuatreeagent.wordpress.com)
Twentynine Palms Real Estate Market Update June 2008
Yesterday we touched on the Joshua Tree Market and a bit of the California Market. Today, we'll touch on what is going on in Twentynine Palms.
Twentynine Palms has a couple of good things going on for the town. The Marine Corps Air Ground Combat Center seems to be growing. Which always keep a new pool of renters and buyers coming in the local real estate market. Additionally, there is a new casino going in town. The NUWU Casino Resort & RV Park is being built by the 29 Palms Band of Mission Indians. (You can find out more about the tribe on the tribal government website). There are plenty of good investment opportunities in Twentynine Palms, including some great foreclosure listing that I have. (See Featured Listing below).
Let's get to the meat and potatoes ...
The year to year, June 2007 compared to June 2008, as far as number of sold homes and median price is mixed. For June 2008 there were 14 homes sold, compared 27 in 2007 (a decrease of 48%). Bucking the trend, only 2 of the 14 were short sales or bank owned sales. The median price for June 2007 was $153,953, and it increased 11% to $173,607 in June 2008.
Here is a look at the changes from May 2008 to June 2008:
In the less than $119,900 range, we saw an increase of homes for sale in the market, average days on market and remaining months of inventory. Average number of sales per month decreased. You would think this would be one of the stronger segments of the market, but from May to June this segment weakened a bit.
In the $120,000 to $179,999 segment, we also saw an increase in the number of homes for sale, average days on market and remaining month of inventory. Though the number of sales per month increase, as well as the sales price to listing price.
The $180,000 to $274,999 segment, followed the trends of the less than $119,999 segment.
The results of the $275,000 to $449,999 segment were mixed. Currently for sale homes remained the same, while the average number of sales per month increase slightly. Days on market increased while the remaining number of months inventory decrease.
There was no change in the greater than $450,000 segment.
In the next day or two, we will discuss the Yucca Valley Real Estate Market Update for June 2008.
Dave Haworth, Realtor ®
JT Village Realty