Real estate housing statistics and news in Southern California.
Wednesday, September 1, 2010
Rancho Mirage, CA Housing Statistics
When comparing the most recent 6 month period with the same period last year the median $/Sqft of properties decreased 8.3% but when comparing the most recent 6 month period with the previous 6 month period the median $/Sqft increased 6.6%. The market area is subject to seasonal purchasing trends with summer historically being the least desirable buying period due to high desert temperatures. Because of this, it is my opinion the the recent change in property values indicates a market stabilization. There are currently 11.3 months of housing inventory indicating a balanced supply and demand trend. Over the past 3 months, properties sold after an average cumulative marketing period of 184 days and a median of 126 days, indicating a borderline marketing time trend of 3-6 months with over 6 months.
Statistics indicate historically high foreclosure activity which suggests that future declines from bank sales and other potentially distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable. A continuing supply of potential foreclosures indicates that the risk of property value declines will continue into the near future.
Sales & Foreclosure / Short Sale Related Statistics:
Past 30 Days (MLS)
* 43 Total Sales
* 14% of all sales were bank sales
* 12% of all sales were short sales
1 Year Ago (MLS)
* 54 Total Sales
* 13% of all sales were bank sales
* 6% of all sales were short sales
* 88 Bank owned homes (CoreLogic)
* 334 Properties in foreclosure (CoreLogic)
* 85 Properties with mortgages 60+ days late but not in foreclosure (CoreLogic)
* 48 Bank owned property listings in MLS (active, in escrow, and awaiting bank approval)
* 45% of bank owned homes not actively listed in the MLS
* 46 Months of current and potential bank sale and short sale inventory from bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last month’s sales in the local MLS.