All Things PS Real Estate

Friday, January 6, 2012

2011 Final Sales Numbers IN!

  2011 Sales Statistics


       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.

See Luxury Properties In The Desert

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.

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