Jeannie Niles Real Estate Investment
 |
Market Watch: December 2006
Palm Springs Area
| Type | New Listings | Pendings | Listings/Sales Ratio |
|---|---|---|---|
| Single Family Homes | 696 | 202 | 3.5 to 1 |
| Condos | 218 | 51 | 4.3 to 1 |
| Multi-Family | 30 | 5 | 6.0 to 1 |
San Diego
| Type | New Listings | Pendings | New Listings/Sales Ratio |
|---|---|---|---|
| Downtown Condos | 91 | 36 | 2.5 to 1 |
San Diego's ratios of new product to pendings are continuing to decline, while the desert remains constant, as reflected above.
The numbers for all inventory/properties placed in escrow are down from November which is to be expected. Who wants to purchase/sell real estate during the holidays?
January 2007 would be expected to have rising numbers of both new inventory and properties going into escrow. Hopefully a clear trend will emerge by the end of January. As stated last month, the desert area (Coachella valley/Palm Springs area) continues to follow San Diego by about six months, whether it be a rising or declining market.
In the current market, a property needs to be the best one available at the lowest price for comparable product.
In my experience, prices have not fallen dramatically. I personally have tendered offers at 70% of asking price on over 10 properties. I have not received one counter offer in return. I had the idea of waiting two months, then trying my offer again, but ALL the properties I was interested in have sold within 5% of their asking price.
The current market does not seem to be generating doomsday scenarios or panic selling. Another interesting aspect of this market is that lots of people have cash but are waiting on the sidelines.
-
Seven properties went into escrow in October.
-
For Coachella Valley
-
Multi-family properties have been the hardest hit segment in the desert area for number of sales during the current real estate downturn.
-
I am always frustrated how the media and other trade groups use statistical data to prove the point they want to make, thus I like to do my own statistical research.
-
It can be very profitable purchasing bank owned properties in the current real estate market.
-
Some of the most outrageous episodes in property ownership that the owners lived to tell about.
-
Only 5% sales agents or brokers actually own investment property, and only 10% actually sell a property.
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
