Indian Ridge Country Club 2019 1st Quarter Report
*CLICK HERE to view my entire 2019 1st Quarter Report including STATISTICAL REPORTS, or view the report by clicking “View PDF Document” located to the right of this page under my photo.
Having written these real estate market reports since 2004, there were years and quarters where the market remained unchanged and it was difficult to actually predict anything but more of the same. At the end of 2013 moving into 2014, it appeared that the market was finally coming off dead center and starting to move in a more positive direction only to find that we were going to remain flat in the average sales prices in the desert for another three years. Then in 2017, we realized a 25% increase in the number of sales for homes over $ 1 million dollars. This truly began to then affect the total number of home sales as the desert went from selling just under 9,000 homes a year to over 10,000 with 75% of the homes selling for $500,000 or less. If you refer to the Coachella Valley Total Home Sales Evaluation document included in this report, you will note the number of homes selling for over $500,000 started to steadily increase as the home values continued to rise starting in 2017.
Million-dollar home sales represent 7.9% of all the homes that have sold in the first quarter of 2019. This is the highest it has been since the second quarter of 2018 and 2007 before then. Million-dollar home sales are at 28.2% of last year’s total sales so we are on target to sell more million-dollar homes in 2019 than in 2018. During the first quarter of this year, 191 homes sold for more than $1 million. There are over 830 homes over $1 million on the market. The Million-dollar luxury market stats included in this report show by city where these homes are located, the number of homes active and the percentage of those homes that are million-dollar plus properties.
While a slowdown was predicted, we actually have seen an increase in average sales price in all the desert cities ranging from 2.9% in Palm Desert East (area of Indian Ridge, The Lakes and Palm Valley) to a high of 22% in Palm Springs South in the first quarter of this year. The average price of homes sold in the desert was up 3.1% with 11 of the 13 areas down in the number of sales. The two areas where home sales are up are Palm Desert East and Palm Springs North. Even with low inventory, sales are up about 4.7% this quarter compared to a year ago with an increase in sales for homes over $500,000 up 3.2% in the Coachella Valley. We have seen a 12% increase in the number of homes sold over $1 million as well.
According to the Desert Housing Report for March, it shows single family home sales up 5.9% in sales price with a median price of $415,000. Condos up 7.8% and with a median price of $290,000. Palm Desert realized a 2.8% increase from $411,000 to $422,500 for single family homes and a 6.4% increase from $275,000 to $292,500 for attached homes. Palm Desert remains the city selling the most homes followed by Palm Springs.
As of April 1st, there were 3,772 homes actively listed for sale in the desert, down 17 from a year ago. The biggest drop in home sales are those homes selling for under $400,000. This is more than likely due to the lack of inventory in homes under $400,000. The average days on market is 70 days with a 4.7 months supply of homes.
In review of the country club stats for the nineteen clubs we track, only six of the clubs show a drop in average sales price. The seven high-end country clubs show five with appreciation with the other two basically flat. The twelve remaining clubs show Indian Ridge, Ironwood, Mission Hills, Palm Valley, PGA West and The Springs all up in average sales price in 2019 compared to the end of 2018. Clubs on target to sell the same or more homes than in 2018 are Indian Ridge, Ironwood, Morningside, Palm Valley, Rancho La Quinta, The Lakes and all of the 7 luxury country clubs.
Indian Ridge is on target to sell the same number of homes (85) this year as in 2018. This number of homes sold in a year has not occurred since 2005 when 104 homes sold. For history sake, 163 homes sold in 2004 and 122 in 2003. The average sales price for all homes sold in Indian Ridge during the first quarter of 2019 is $818,448 at $292 per square foot. The average number of days on the market is 105 days and list to sale price is almost 96%. With 16 homes currently in escrow, we should see the average sales price increase to approximately $879,600 or higher within the next few months based on the current list to sale price average.
The Indian Ridge Quarterly Homes Sales activity report shows a total of $17,187,400 in home sales year to date; the highest volume in the first quarter since 2008. The average price per square foot for both the HOA and PUD showed a significant increase. The number of homes sold has been the same as it has been in the first quarter for the past two years.
With only 47 homes actively listed for sale, this the lowest inventory of homes on the market since the boom market in the mid 2000’s when approximately 14 homes were on the market and most took less than a week to sell. We will not likely see that kind of market again, but the housing market remains strong in the desert as the number of remote buyers continue to purchase a second homes in the desert.
In the resale market across the valley and in Indian Ridge, homes with upgrades that show like a model will sell faster and for a higher price than those homes that show their age or in need of repair. Pride of ownership goes a long way in helping get a home sold. Buyer’s first impressions of a home should be one that lets them know the owner has taken good care of their home. Once buyers see things in need of repair, they begin to wonder what else is wrong with the home and it affects their opinion of the home and its value.
As we are now well into our 4th year as the team for your On-Site Sales Office, we continue to grow our market share and dominate the market representing buyers and sellers throughout the year. The buyers we meet are serious buyers who have chosen Indian Ridge as the golf course community where they want to buy a home. We work hard to show them their options so when they make their final choice, it is made with assurance that they are buying the right home that meets their short term and long-term needs.
As the top selling agents in Indian Ridge and a team always in the top ten out of approximately 4,000 agents, we go above and beyond in servicing our clients. If you are considering selling your home, we would love the opportunity to meet with you to provide a market analysis. Thank you for allowing us the opportunity to contribute to this great community. We look forward to hearing from you. We always love to hear your opinion on our quarterly reports and if you should find some information that you would like to know that isn’t in the report, just let us know.
Diane R. Baxter, Associate Broker/Executive Luxury Director
Diane Williams Team ~ Allison Renz, Heather Wong, Terrie Pena, Frank Montiforte, Kristeen Kidd, and Laura Flannery