Sales of $1M Homes are Smokin'
Apparently, the dog days of July weren’t enough to keep big ticket homes from being snatched up faster, and at higher prices than in July 2018. Trendvision® July stats reflect a (+14%) increase in the number of 1+ million dollar homes sold, and, it gets better as homes pending sale were up (+200%)! What’s more, these luxury homes are selling at prices (+4%) above last July, and they are selling on average in 123 days, (-7%) fewer days on market.
Sales of homes $500,000 to $999,999 also increased by (+10%), but, pended homes (future sales), decreased by (-3%), prices took a slight dip (-1%), and they took 83 days on average to sell, or (+5%) more time to sell than July 2018.
What Now? Going forward, volatility is the name of the game in all things global, whether it is, politics, weather, business, and real estate related. While there is almost never a best time to buy or sell a home, there is never a bad time to buy a home or investment property if, A. you love it, and B. you plan to keep it for at least 5+ years.
Cities by the Numbers, July 2019 vs. 2018, Year-Over-Year Comparison:
• Number of Homes Sold: Home sales increased dramatically in all but 3 cities. Bermuda Dunes, Indian Wells, Indio, and Palm Desert, had chart topping increases of from (11%) to (80%)!
• Pending Home Sales: The cities with the largest increases in year-over-year sales, (Indian Wells, Indio, and Palm Desert) also lead the pack in pending sales (future closings).
• Average Home Sold Price: Home prices in July were up across the board with only Bermuda Dunes seeing a slight (-1%) drop in the Average Home Sold Price.
• Number of Homes for Sale: Inventory of homes on the market increased for 3 cities, decreased for 4.
79378 Calle Prospero, La Quinta-2292 S.F., 4BD, 3BA, Den
Convenience, Location, Style, This Home Has it All! New A/C. Located in a quiet cul-de-sac w/open floor plan, kitchen, Island, nook combined with family room. Inviting family room w/FP, formal dining room w/coffered ceilings. Master BR Suite (oversized tub, walk-in shower. Lush, private rear yard, 3 car garage! Sonrisa is near top- rated schools in the Desert Sands Unified School District. Close to restaurants, shopping, golf, world class tennis and entertainment. In the IID District for low electric rates, low monthly maintenance fees. $429,000
A Look at La Quinta Neighborhoods
On average, La Quinta homes are selling faster and at higher prices than last year at this time. Clearly, the area is growing as new stores and restaurants pop up at every turn. New local business development is increasing employment and incomes, fueling an improving local economy.
60422 Juniper Lane, La Quinta-1359 S.F., 2BD, 2BA; Pool/Spa/FP
Perfect Retirement or Vacation Oasis. This superbly updated MAUREA is captivating. The great room, large bright spaces, and wall of windows reveal a private backyard oasis with pool, spa, and built-in barbecue, ideal for relaxing or lively entertaining. Indoor features a newly great room, kitchen and dining area, high ceilings, pendant lighting, bar area, fireplace. New dishwasher, 1-yr new refrigerator, double pane energy-efficient sliders and windows, and epoxy garage floor. Furnishings are available for purchase. $349,000
When you are ready to buy or sell, call a trusted REALTOR®. My family and I have been serving the real estate needs of friends and neighbors in La Quinta, Indian Wells, and Palm Desert for generations. Call (760) 625-6043 for a free consultation and personal home and neighborhood market report.