(As posted from my blog at http://joshuatreeagent.wordpress.com)
Today we'll continue out look at the June 2008 Real Estate Market by addressing Yucca Valley.
Interestingly, looking at the number of homes sold from June 2007 to June 2008 shows no change. There was 21 homes sold this year and last year (9 of the 21 were foreclosures). The median price has decreased from $228,671 to $185,630 (-19%).
In the May 2008 to June 2008 comparison, I have divided the market in to five price segments. Here is the data:
In the less than $119,999 segment, we saw an increase in the number of homes for sale (25 to 37) and in the remaining number months inventory (4 to 7.52 months) from May to June. (Remaining number months of inventory is how many months it would take to sell the current inventory of unsold homes, based on the current average of homes sold per month, if nothing were to change). While the average days on market remained unchanged (128 days), the average number of sales per month (6.25 to 4.92 homes) and selling price percentage of list price ( 92% to 91%) decreased. This indicates further softening in this segment.
In the $120,000 to $179,999 segment the homes for sale increased to 92 from 72 homes. Average number of sales per month increased to 7.83 homes from 6.5 homes. Remaining number of months inventory increased to 11.75 months from 11.23 months. All else remained the same. In short, it was mostly stagnant though there was a slight softening.
In the $180,000 to $274,999 segment homes for sale increased to 104 homes from 81 homes. Average number of sales per month increased to 9.17 homes from 8.75 homes. Days on market was extended to 153 days from 146 days. Remaining number months of inventory increased further to 11.34 months from 9.26 months, indicating further softening of this segment.
In the $275,000 to $449,999 segment we see much of the same slight softening. Current homes for sale increased to 85 homes from 70 homes. Average number of sales per month, selling price percentage of list price and average days on market all mostly remained the same. Remaining number of months inventory increased to 19.63 months from 16.17 months. Once again a slight softening of this segment.
In the final segment, $450,000 or greater, the homes for sale increased to 35 homes from 29 homes. Average number of sales per month remained the same. Selling price percentage of list price decreased 1% from 92%. Average days on market (127 to 148 days) and remaining number of months inventory (43.28 to 52.24) both increased. Please keep in mind that this segment is showing high fluxuations because of the low number of sales, but is has slightly softened.
Overall, through all segments we have seen slightly more softening of the real estate market, which is not uncommon for this time of year. Historically, as it gets hot through the summer, the real estate market gets cooler, with a pickup in mid-September.
Dave Haworth, Realtor ®
JT Village Realty