Indian Ridge Country Club 2017 2nd Quarter Report
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Currently there are 3,526 homes on the market in the Coachella Valley communities I track. This is down from 4,724 at the end of the first quarter of this year. This drop is normal for the summer months as a number of Sellers take their home off the market during the summer season. This inventory equates to a three months’ supply based on the number of homes sold for the first six months of the year. In Palm Desert over the past three months, sales are up 14%. There are 28 homes currently on the market in The Lakes Country Club, 48 in Palm Valley Country Club and 67 in Indian Ridge Country Club. All well below 6.3% of the total homes in each community. All three communities have seen increased sales and inventory is much lower than a year ago. This reduced inventory should drive home prices up. For Palm Desert, there is currently a 4.8 months’ supply of homes, meaning it may take that long to sell a home if priced to sell and meets buyers’ desires and demands. Distressed sales in the desert are at 3.8% of all sales. Only 2.3% of the homes sold in Palm Desert and 2.9% in Indian Wells are distressed sales.
For the communities in the Coachella Valley I track for my quarterly reports, homes sales are up 15.1% for the first six months of this year compared to the first six months from a year ago. Homes under $500,000 are up 11%; homes over $500,000 are up 29% and homes over $ 1 million are up 28%. Homes selling for less than $500,000 currently represent 75% of all sales for the first two quarters of this year. During the down market from 2009 to 2013, homes under $500,000 represented from 81% to almost 89% of the total homes sold.
Million dollar home sales are already at 77% of last year’s total million dollar sales after only six months, so it would appear we are on target to sell more homes over $1 Million this year than in 2016. Five of the seven luxury golf course communities increased their average sales price with prices per square foot ranging from $371 to $582.
For the remaining 12 country clubs I track, only Mission Hills Country Club appears to be on course to sell fewer homes this year than last year. The remaining 11 are on track to exceed last year’s sales. The average price per square foot ranges from $153 at the Lakes Country Club to $284 in Rancho La Quinta Country Club.
In the first quarterly report of this year we stated, “Some country clubs are experiencing an increase in number of homes sold and higher prices while others are selling more homes but for less than a year ago.” This remains relatively unchanged except there are now 18 country clubs on track to sell the same or more homes than in 2016, up from 15 in the first quarter of this year, leaving only one country club well behind last year’s sales for the first two quarters. This quarter, 13 of the 19 country clubs show an increase in the average price compared to last year up from 10 country clubs three months ago. The four country clubs showing the largest drop in selling price this year to date, compared to a year ago, are Indian Wells, Morningside, Andalusia and Hideaway. The clubs showing double-digit gains are Desert Horizons, Ironwood, Bighorn and the Vintage.
Indian Ridge Country Club has a 9.2 months’ supply of homes on the market, unchanged from the first quarter of this year. This is higher than the average 3.2 months for the Coachella Valley. A total of 44 homes sold in the first two quarters of this year compared to 27 homes sold for the same time period in 2016. There were 23 home sales in the second quarter of this year compared to 18 in 2016. The price per square foot dropped for homes sold in the HOA by 4.6% while the PUD had an increase of 13.7%. This increase is due to the sale of a home for $2.2 Million this year skewing the prices somewhat. The average sales price for homes sold in Indian Ridge is up 3.9% from 2016, while the PUD home sale prices is up 11.5% and the HOA homes are down 7.3%.
Of the Indian Ridge homes sold this year, 23 are in the HOA and 21 in the PUD with prices ranging from $367,000 to $2,200,000. Six homes have sold for over $1 Million. There are 22 homes currently active in the Multiple Listing Service (MLS) asking over $1 Million. Of the 67 homes currently active in the MLS, 32 homes are in the PUD and 35 are in the HOA. Days on market average 140 and the average price per square foot is $296 and an average asking price of $894,795.
Since taking over the Indian Ridge Country Club On-Site Sales office on October 14, 2015, we have seen increased traffic of very serious buyers who are looking not only to buy a home but to also join the club. The caliber of the walk-in traffic is clearly a more affluent group. These people are seeking a lifestyle and not just a home. There is also a high demand for rentals for potential buyers wanting to take advantage of the prospective member program for one year.
Since my first sale in Indian Ridge in 2004, no one has sold as many homes as I have. Since 2004, I have sold 262 homes in Indian Ridge. My two nearest competitors have sold 189 and 150 respectively in that same time period. I have represented 321 buyers and sellers since 2004 compared to 226 and 185 for my two nearest competitors. To-date for this year, the On-Site Sales Team have been involved in 55% of all sales. Our sold listings are up 109% from the same time a year ago and we have represented 4 times more buyers. Our dollar volume in sales is up 93%. We have represented just shy of the total homes sold by our four nearest competitors combined. This clearly shows the value for the buyer and seller to use the Indian Ridge Country Club On-Site Sales office. Our team has been exposed to hundreds of buyers and sellers.
With a highly qualified and dedicated team, we can easily show our listings to potential buyers or agents with their clients and provide feedback from these showings. We find that personally showing properties gives us the opportunity to learn what the buyers are saying about the homes and the community, readily clarifying any discrepancy and making sure buyers don’t miss an opportunity to see a home that may better meet their needs if the home they are currently viewing does not appeal to them. We have a team that is readily available. Call our office number (760) 776-7070 and we will always answer or return your call promptly.
You are welcome to stop by the Indian Ridge Country Club On-Site Sales office and meet the team. If you would like a free market analysis of your home, we are happy to meet with you. We encourage calling to schedule an appointment so we can give you the time you deserve when we meet with you. Our entire team looks forward to working with you.
Diane R. Williams
Associate Broker/Executive Luxury Director
Bennion Deville Homes
Indian Ridge On-Site Sales Office & Indian Wells Luxury Homes & Estates Division