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Sun City Shadow Hills Real Estate News

November 2018

"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

CalDRE# 01701506

760-219-1450


 

Home Inventory Rising; SCSH`s Sales Slowing Down

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.


 

Avg. Active Listing Prices Up Along With Avg. Sold Prices

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.