Toscana Country Club 2017 2nd Quarter Report
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Currently there are 3,526 homes on the market in the Coachella Valley communities we 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 month’s of the year. Indian Wells has experienced an increase of 46% in re-sales over the past three months. Currently there are 24 homes on the market in Toscana Country Club and 203 homes on the market in the city of Indian Wells. There is a 7.9 months supply of homes meaning it may take that long to sell a home if priced to sell and meets buyers’ desires and demands. Last year there was a 10.1 months supply in Indian Wells. Distressed sales in the desert are at 3.8% of all sales. Only 2.9% of the homes that sold in Indian Wells this year were distressed sales. Single-family homes’ median prices in Indian Wells are down 2.5% from a year ago and condominiums are off 6.6%.
For the communities in the Coachella Valley we track for our 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 under $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 that 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 we 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 reported, “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.
In the first six months of 2017, 12 homes sold in Toscana Country Club and already on track to sell the same or slightly more homes than in 2016. With the new membership programs being offered, there may be an acceleration in sales in the last half of the year. The average sales price for homes is up 12.8% compared to the end of 2016. Luxury golf course communities showing the highest increase in home sales for the first half of the year were The Reserve and The Vintage. Only The Hideaway and Andalusia had a drop in average sales price compared to the end of the 2016 with Andalusia the only club not on target to sell at least the same number of homes as in 2016. The number of homes sold in Toscana has been fairly consistent since 2011 with average sales prices fluctuating according to the floor plans sold during the year. Currently the average price per square foot is $420. This is lower than all the other luxury country clubs except Andalusia. The lowest priced home sold this year was at $1,250,000 with the highest priced home at $2,376,000. A custom home is in escrow at $3,495,000 that will raise the number upon close of escrow. There are four homes in escrow, all having gone into escrow after May 25th of this year. Three of these homes went into escrow during the month of June.
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.
If you would like a free market analysis of your home, we are happy to meet with you. Our entire team looks forward to working with you.
Diane R. Williams, Associate Broker/Executive Luxury Director
Bennion Deville Homes
Indian Wells Luxury Home Division