Jeannie Niles Real Estate Investment
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Palm Springs Market Watch: November 2007
Palm Springs Area - (Palm Springs, Cathedral City, Rancho Mirage, Desert Hot Springs, Palm Desert, La Quinta, Indio, Bermuda Dunes)
| Type | Total Inventory | Pendings | New Listings | New Listings/Sales Ratio | Sales As Percent Of Inventory |
|---|---|---|---|---|---|
| Single Family Homes | 5405 | 233 | 1080 | 4.6 to 1 | 4.3% |
| Condos | 1849 | 81 | 354 | 4.3 to 1 | 4.4% |
| Multi-Family | 216 | 5 | 26 | 5 to 1 | 2.3% |
Total inventory increased by 5%. Pendings increased by 28% over last month. Even though this sounds good, sales are down 40.6% last year at this time, according to California Association of Realtors statistics.
The statistics for multi-family reflect a HUGE improvement, however the actual numbers are so small a few sales change the percentages dramatically. This is the same thing I keep harping about… when looking at statistics in the current real estate climate, view the actual numbers as well as the percentages.
Riverside-San Bernardino is #3 in foreclosures in the United States. The Coachella Valley has 12% of the total foreclosure filings for Riverside County.
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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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The trend has continued to improve, not by a huge amount but this is the summer months, the temperature is well over 100 degrees and property sales are only slightly less than May of this year.
Every investor's situation is unique, and I have over 25 years experience solving problems. Use the form below to ask me about your unique needs.
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
