La Quinta, CA condominium property values have fluctuated throughout the past year but have declined 4.8% overall indicating a declining property values trend. There are currently 37 months of condominium inventory based on last month's total of 5 sales indicating a severely over supplied trend. The median marketing time over the past month was 135 days indicating a marketing time trend of 3-6 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:
(all residential properties, not just condominiums)
Past 30 Days (MLS)
* 83 Total Sales
* 31% of all sales were bank sales
* 35% of all sales were short sales
1 Year Ago (MLS)
* 111 Total Sales
* 40% of all sales were bank sales
* 17% of all sales were short sales
Currently:
* 274 Bank owned homes (CoreLogic)
* 327 Properties in foreclosure (CoreLogic)
* 273 Properties with mortgages 60+ days late but not in foreclosure (CoreLogic)
* 85 Bank owned property listings in MLS (active, in escrow, and awaiting bank approval)
* 69% of bank owned homes not actively listed in the MLS
* 16 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.
Brian Ward
