Indian Ridge CC 2006 2nd Quarter Report
Dear Indian Ridge Resident:
In my review of the real estate market and quarterly data I sent to you in the past, I was surprised to see that 66 homes were sold in the 2nd Quarter of 2004 compared to 52 homes last year. This year, 20 homes have sold in the second quarter, down 39% from last year. What is interesting to note is the price for homes in Indian Ridge has remained fairly constant from the first quarter in 2006. Compared to a year ago, we see a 10.8% and 6.7% increase in prices for condos and private homes respectively.
The state real estate market shows existing home sales dropping 21.4% in April compared to April of 2005 with the median price up 10.2%. By desert communities, the median price of homes grew 10.0% for Palm Desert, 7.7% for Rancho Mirage, 13.9% for Indio, 6.2% for Palm Springs, 10.0% for Desert Hot Springs and 11.8% for Cathedral City.
According to Lou Hirsh in a Desert Sun Article dated June 27th, the median price of a home in the desert was $412,000, up 8.4% from a year ago. The median price for resale Condos was up 10.4%. The resale Home median was up 8.9%. In May of 2005, the rising annual rate was 24.9%. The number of homes on the market in May of 2005 was 3,350 according to the California Desert Association of Realtors. The number of homes on the market in May of 2006 was 7,497. We have, however, seen a flattening out in the past three months.
Homes are taking longer to sell. Sales counts in May for the valley were 19.7% lower than a year ago and a total of 1,131 homes sold in the desert in May. Condos led all categories in their sales count drop, down 34.1% from May of 2005. If you note on the Quarterly report included with this letter, days on market this past quarter was 190 days for Condos and 121 for Private homes in Indian Ridge. Overall average days on market is 158 up from 86 days last quarter and 52 days in the 2nd quarter of 2005.
According to John Seymour in his "What's Hot and What's Not" newsletter, the decrease in new home sales has led to a slight drop in job losses but believes we have seen the end of this decrease. The prediction is the job growth in Riverside and San Bernardino counties will grow by 3.2%, down 4.9% from 2005.
According to David Lereah, a Chief Economist, sales will fall with price appreciation to remain positive but slow until 2007, when he predicts home sales will bounce back with most metro markets posting modest increases.
If you are thinking of selling your home, please call me. This has been my best year ever and I have represented 75% of the top priced homes sold in Indian Ridge this past quarter. With over $28,000,000 in sales thus far this year, I am the top agent with Windermere and a top real estate professional in the Coachella Valley. I take my profession seriously and put my client's best interests first. As a full-time resident and equity golf member, I have extensive knowledge of the community and country club. Give me a call, I would love to talk with you.
Have a wonderful summer,
Diane Williams, GRI
Associate Broker, Premier Director
Windermere Real Estate