"The median price for detached homes in October was $387,000, which is down $2,000 from last month but up $37,000 from a year ago, for a percent gain of 10.5%," according to the monthly Desert Housing Report. When the California Desert Association of Realtors compares three-month sales in October to last year, they get marginally smaller sales numbers -- down about 1.5%. "We think this means that long-term sales are beginning to stabilize at current high levels," CDAR said.
Hank & Bonnie Steele
As we saw last month, the active home inventory is still stair-stepping up and is now at 76 units compared to 65 last month. However, the total is four homes lower than a year ago for a 5% change. Sales dropped again last month from 18 to 12 units. Twelve months ago, there were 28 homes sold, which is a decrease of more than 57%. Pending sales also are down, from 26 to 18, a drop of almost 31%. We think that the drop in home sales is probably due to an increase in listing prices created by our sellers` market, much the same as the area`s past three months of "marginally smaller sales numbers" cited above in the Desert Housing Report.
The average sold price last month just missed hitting a 12-month high. October`s sold price average was $385,000, just $1,000 less than the high in May. But better yet, the average sold price last month was 14% higher than a year ago. Average active listing prices edged up almost 2% in the same period to $444,000 from $437,000. Although down $50,000 from the previous month, October`s median price of $330,000 was up 3% from a year ago. The absorption rate has plummeted to a 12-month low and now stands at 15.8%. The absorption rate represents how much of the current active listings (as a percentage) on average are being "absorbed" each month.
For a free estimate of your home`s current market value, call Bonnie at 760-219-1450.
If you`re already working with an agent, this newsletter is not meant to solicit that business.