Jeannie Niles Real Estate Investment
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Palm Springs Market Watch: December 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 | 5265 | 236 | 782 | 3.3 to 1 | 4.5% |
| Condos | 1762 | 53 | 231 | 4.4 to 1 | 3% |
| Multi-Family | 182 | 2 | 20 | 10 to 1 | 1.1% |
Good News this month! Total Inventory and new listings declined in all categories, primarily from expired listings, however this is still good news. In order for the market to stabilize we must have inventory more in line with sales activity. Pendings increased for single family homes but decreased for condos and multi-family from November. October was our worst month for a very long time! While these statistics for December are not great, we have had two months of improvement.
Maybe I’m just hoping, but if we see another several months of improving statistics, we could be in the beginning of stabilization and an improving market.
I also do statistics for the San Diego Market. This market is showing an almost identical improvement as the desert. Traditionally the desert area is six months behind San Diego, either improving or declining.
Happy New Year and let’s hope the same trend continues in January of 2008.
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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.
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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
