Indian Ridge CC 2007 2nd Quarter Report
Dear Indian Ridge Resident:
While the Resales in Indian Ridge appear to be slower than in the past, 2007 has not been a bad year for Indian Ridge. Sales were slightly off for the first quarter but as you can see, we are up significantly in the 2nd quarter over 2006. April and May were strong months with May historically being a good selling/buyer month.
Resale's in the second quarter for the past 4 years have been:
2004 63 Homes Sold 20 Condos Cost/SF $235.84 33 PUD Homes Cost/SF $300.91
2005 52 Homes Sold 21 Condos Cost/SF $329.47 31 PUD Homes Cost/SF $400.93
2006 20 Homes Sold 9 Condos Cost/SF $365.07 11 PUD Homes Cost/SF $427.58
2007 38 Homes Sold 20 Condos Cost/SF$341.02 18 PUD Homes Cost/SF $346.03
9 Homes Pending 6 Condos Cost/SF$304.57 3 PUD Homes Cost/SF$538.34*
*Two Jacaranda 1's are pending in this quarter with asking prices of $2595,000 and $2,695,000.
According to Real Data Strategies, Palm Desert Zip Code 92211 remains 3rd in units sold from April 1, 2006 to March 31, 207. It remains 5th in the desert in average sales price. This would make sense at some of the higher end communities are in Indian Wells, La Quinta, Rancho Mirage and Palm Desert South. Sales to List price ratios for our zip code averages 96%. There are 318 active agents actively working in the 92211 zip code with an average total sales for the year of $1,162,000. Obviously there are a few agents doing the lion share of the business and the rest doing a sale here and there.
According to John Seymour in his "What's Hot and What's Not" newsletter, new home inventories have shown a decrease as reduction in price and buyer incentives have been offered to the buyers. The median price for new home sales has seen a decrease of 10.9%. The inventory of resale homes nationally and statewide continue to grow with California showing a 10 months supply of homes compared to 5.7 months a year ago. In previous letters I had mentioned the high end market remained a stronger market and the manner in which the median price is based was providing misleading information on the lower priced homes. This has proved to be true.
The Bank of America's Monthly Real Estate Agent Survey shows falling prices with the greatest weakness continuing in Florida, Arizona, Nevada, California and Washington, D.C. In Riverside/San Bernadino, we have seen reduction is asking prices on 76% of the homes, 76% of the homes offer incentives and a 90% increase in time it takes for a home to sell.
Based on the data reviewed, the general concensus is when the sellers and buyers are more in agreement on the selling price, the inventory and days on market will decrease. It is more important now to remember the benefits of competitive pricing: greater agent and buyer enthusiasm on homes where they see great value; fewer days on market and rarely does that home end up as an expired listing; generally the higher the initial price, the lower the actual sales price; and many higher priced homes sell the properties where agents and buyers see better value.
So what's happening with buyers? What are their patterns and wants and needs? In 2000 only 28% of the buyers used the internet to search for homes. Today that number is 72%. While it takes more time for them to contact an agent, when they do, they spend less time looking for homes and visit fewer properties before buying. Buyers are now using the internet 74% of the time to find an agent. Sites they visit are 81% on the property they are interested in, 80% visit Realtor.com and 80% view the individual agent's website. The most important features the internet home buyer wants when doing their home search is multiple pictures, neighborhood information and agent contac t information. As if 3/20/2007.
I have sold over $12 million in sales to date. I represent 20% of the homes sold this first quarter in Indian Ridge. I remain the top agent with Windermere and have earned the Diamond Achievement classification as a top producing 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.
Diane Williams, GRI
Associate Broker, Premier Director