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November Real Estate Numbers Show Little Change

Posted by Morgan Miles Craft On 9:11 AM
Desert Area Home Prices Up Slightly in November, But Sales Drop

Trends at a Glance

   According to the Desert Real Estate Report, the median price for single-family, re-sale homes rose 14.5% from October. Year-over-year, the median price was down 3.8%. This is the lowest year-over-year decline since December 2007. The average price for homes was up 6.7% year-over-year. This is also the first time that has happened since December 2007. It points to increased activity in the move-up market, $500 to $1MM, and the upper end market of $1MM plus. (Click to read on..)

   After a strong October, driven in part by the first-time home buyers tax credit, which was set to expire October 31, sales fell in November: down 10.6% from October. Year-over-year, home sales were up 21.8%. With the extension and expansion of the home-buyers tax credit, we expect sales to pick up and for the first quarter to be very strong. Year-to-date, home sales are up 25.2%.
   The median price for the under $500,000 segment of the market rose 1.7% from October. This segment constituted 84% of sales last month compared to 87.6% of total sales in October. By contrast, the $500,000 to $1,000,000 segment of the market was 12.3% of sales. The median price was up 5.1% month-over month. The million dollar-plus market was 3.7% of total sales in November compared to only 1.2% of total sales in October. The median price for this segment of the market was off 12% month over month. The condo market, which is highly seasonal and mostly located within country clubs, saw sales rise 51.6% year-over-year. The median price for condos was off 11% compared to last November.
   Breaking the market down, the ratio for homes in the under $500,000 market was 97.8%. The ratio for the $500,000 to $999,999 market was 93.2%. The ratio for the over $1,000,000 market was 89.3%.Days on market for homes rose eight days to 87. Days on market for condos dropped thirteen day to 108 days.

   The following tables illustrate the median price, average price and the number of units sold for residential re-sale single family homes and condos in the entire Coachella Valley.
(Click on the graph to enlarge it...)

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