Jeannie Niles Real Estate Investment
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Palm Springs Market Watch: May 2007
| Type | Total Inventory | New Listings | Pendings | New Listings/Sales Ratio | % of Inventory Sold |
|---|---|---|---|---|---|
| Single Family Homes | 4689 | 899 | 231 | 3.9 to 1 | 5% |
| Condos | 1917 | 359 | 111 | 3.2 to 1 | 6% |
| Multi-Family | 246 | 42 | 5 | 8.4 to 1 | 2% |
Since we continue to have rising inventory in all areas, I have added the sales percentage of total inventory to my monthly statistics.
I am being redundant in my monthly comments, however sellers and agents need to realize that properties should be market priced with the correct information, both as a description of the property and with accurate financials. I continue to see new listings come on the market priced mid to high range of available inventory. Why would anyone put a property on the market that was higher in price than other similar properties that aren’t selling? Recently an accurately priced apartment building came on the market with solid financial information. It sold in 35 days with multiple offers.
National Association of Realtors (NAR) says home prices dropped 1.3%. The Office of Federal Housing Enterprise Oversight (OFHEO) says prices grew 4.3% in the 1st quarter of this year. With all the statistics floating around, be sure to understand how each article is calculated. http://money.cnn.com/2007/05/31/real_estate/agency_home_price_up/index.htm?postversion=2007053115
It’s impossible to rely on everything we read in the media. Real Estate potential can be localized by geographical area as well as type of product. It’s still possible to do lucrative transactions, even though we are no longer in the heyday frenzy of 2004/2005.
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The declines were very minimal, in fact November was almost identical to October.
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Inventory increased, sales declined and new listings increased in all types of property this month. I expected this because of all the bad news in the credit markets, government bailouts, declining stock market.
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Inventory increased by 600 properties; however sales increased by 54%!!!!
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Total available properties decreased again this month 9 percent when compared with July.
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Total available properties decreased again!!!
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Jeannie Niles Real Estate Investment
P.O. Box 317
Palm Desert, CA 92261
P: (760) 360-4020
F: (760) 340-9069
E: jniles@realestate-investment.com
