For The Coachella ValleyArea
9706 total unit sales Homes/Condos
The year that just ended was a very busy year for Real Estate. While Short sales and foreclosures made up close to 50% of the market there were still many traditional sales taking place
Counting the Cities from Palm Springs to Mecca we saw 7,338 single family homes sell in 2011. Almost a quater of those – 24.05% – sold in 30 days or less. Another 34.98% – took between 30 and 90 days to sell.
The median sales price for single family homes was $190,750. Not surprisingly the homes that sold in 30 days or less achieved 97% of their asking price, however the bigger surprise may be that homes on the market for 120 days or more still achieved 92% of their asking prices.
To contrast these numbers with 2010 the percentage of list price achieved went up year over year – in 2010 it was only 93%, so 4% beter in 2011. The total number of homes sold was down but only by 25 units however, the median sales price was down 15K over 2010 when it was $205,000.
Looking at Condo sales in 2011: We saw 2368 total units sell The median price for those was $173,750. Asking price vs. actual sales price percentages were in a tight range between 92% and 94%. The most telling thing in this category was the days on market – or time it took to sell a condo. Almost half 48.3% of the units took over 120 days to sell. Buyer resistance to homeowners fees and more difficulty qualifying for a loan were the primary culprits here.
There were 5 homes sold in 2011 over 5 million dollars in the valley. One at the Hideaway one at Bighorn in Palm Desert and 2 at the Vintage. The winner for top sales price was a 7.6 million dollar estate in The Madison.
With the vastly reduced inventory (only 4858 homes and condos valley wide) 2012 promises to be a very competitive year for home buyers in the Coachella Valley especially in the more popular price points. Most well priced properties are once again seeing multiple offer situations.