Jeannie Niles Real Estate Investment
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Palm Springs Market Watch: July 2008
Palm Springs Area - (Palm Springs, Cathedral City, Rancho Mirage, Desert Hot Springs, Palm Desert, La Quinta, Indio, Bermuda Dunes)
Total available properties decreased again this month by 11.8 percent when compared with June. In January of 2008 the total inventory for all categories totaled 7681 properties. We now have 5624 properties on the market reflecting 2057 fewer properties, a decrease of 27% in six months!!!!
We are being bombarded by bad real estate news in the media. Prices did not start falling substantially until around September 2007. This continued to May 2008 at which time it appears prices are stabilizing for quality property, clean condition and priced correctly.
I believe the best buys for this real estate downturn will be through the end of 2008. Declining Inventory…Low Interest Rates, Stabilizing Sales Activity = Opportunity. Prices are also well below replacement cost!
| Type | Total Inventory | Pendings | New Listings | New Listings/Sales Ratio | Sales As Percent Of Inventory |
|---|---|---|---|---|---|
| Single Family Homes | 4030 | 351 | 845 | 2.4 to 1 | 8.7% |
| Condos | 1418 | 72 | 206 | 2.9 to 1 | 5.1% |
| Multi-Family | 176 | 13 | 20 | 1.5 to 1 | 7.4% |
Each month I reiterate you have to understand the numbers to really see what is happening in the marketplace. Anyone can make a case for whatever they want to project if they use the right numbers.
*REO – stands for Real Estate Owned and is a term that means Bank Owned Real Estate…obtained from a foreclosure action.
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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
