MAYBE NOT QUITE YET…
Seller’s market. The term is fraught with mystery and intrigue. In the desert, it seems the concept is shrugged off as myth or legend, experienced once upon a time, in the far away land of Seattle, San Francisco or Orange County. Grandchildren all over the valley drift off to sleep to the tales of unicorns, giant bean stocks, and the home that once received 5 above ask price offers in Huntington Beach.
Pinch yourself, because although you aren’t in the middle of a fairy tale, some parts of the Coachella Valley find themselves in a seller’s market.
If you follow the real estate market in the Valley, it’s likely felt different than years past. Rightfully so. Several hot areas have seen inventory start low at the beginning of the season and stay consistently low throughout (some communities have 1/2 of the inventory then they normally carry this time of year). La Quinta golf course communities aren’t experiencing this type of scenario but have had a very strong start to the year. Since the beginning of the year (1/1/18 – 3/12/18), median price per sqft. is up a sizeable $34.12/sqft from this time frame in 2017, the days on market is down almost two weeks (to 87 days) and the number of homes sold is on par with 2017 (70 units sold).
The less then favorable stat, however, is the 10.9 rate of absorption. This indicates La Quinta golf course communities currently have 10.9 months of inventory. Well above the 6 month benchmark that would indicate a balanced market.
Read the full article here.
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