Jeannie Niles Real Estate Investment
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Palm Springs Market Watch: January 2008
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 | 5612 | 290 | 1387 | 4.8 to 1 | 5.2% |
| Condos | 1868 | 81 | 430 | 5.3 to 1 | 4.3% |
| Multi-Family | 201 | 9 | 42 | 4.7 to 1 | 4.5% |
Unfortunately, the statistics for January are not good. Inventory increased in all categories. New Listings of Single Family Homes increased by 77% over December 2007. Probably a bit overstated because some sellers held off until after the holidays. This most likely will level off during February.
The number of properties going into escrow (pendings) increased in all categories, however inventory is still coming on around five properties for every one that goes into escrow. Prices will continue to fall until the market returns to a more equal number of sales to new inventory.
The recent interest rate cut by the Federal Reserve Board has not had an impact either way on the real estate market. Mortgage rates are set by the 10 year treasury auction, therefore any increase/reduction was already factored into the market at an earlier date. The only upside to the interest rate cut is a psychological one, i.e., positive news for a change rather than more statistics on sub prime foreclosures.
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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
