December 2019 Valley Overview
Our valley`s median detached home price at the end of the year was $425,000, which is 9% above last year and the highest on record, according to the December Desert Housing Report. Area inventory has been declining, the report concluded, which continues to make the overall housing market a "seller`s market."
Hank & Bonnie Steele | CalDRE# 01701506 | 760-219-1450
|SALE PENDING -- 80672 Avenida Santa Carmen, Sun City Shadow Hills: Highly upgraded, bright and spacious San Benito model. Expanded patio offers waterfall, peek mountain views and big BBQ island. Easy-care home with Italian porcelain tile and bamboo plank floors throughout, newer stainless steel appliances, slab granite countertops, rich wood cabinets. Huge master retreat with en suite jacuzzi, shower stall and walk-in closet. Guest room, a second bath and a den plus a bonus room. Two-car + golf cart garage. SCSH is a top-rated 55+ community with some of the lowest HOA dues in the area. Offered at $374,500.|
Median Sale Price Rises
Our valley`s median detached home price at the end of the year was $425,000, which is 9% above last year and the highest on record, according to the December Desert Housing Report. On a city-by-city basis, median prices continue to rise for detached homes. Eight of the nine cities in our region had positive gains in 2019, while one city - Indian Wells - was down. Rancho Mirage had the highest year-over-year gain of almost 12% followed by Cathedral City at almost 10%, Indio at 8% and Palm Desert at 6%. Palm Springs is now almost 12% above its 2006 all-time high median price of $600,000 for a detached home. Indio is next closest to its median high of $385,500 and is only about 8% below that peak.
Attached Median Home Prices Are Up
The valley`s median attached price at the end of 2019 was $279,000, which is only 2% above last year, said the housing report. Prices for condominiums in attached homes that began to accelerate about two years ago are slowing down. This is made clear by the 2% gain mentioned above. The report shows that over the long-term our, area`s median attached home prices have been have been on track for about a 3% growth rate. However, the report states that we are entering the strong seasonal period for attached homes and we should study carefully what happens to prices over the next four to five months.
|SOLD IN 12 HOURS -- 81033 Avenida Pamplona, Sun City Shadow Hills: Stunning desert resort home. Deep private lot draws you out from the open plan great room to expanded stone-faced patio, a cool inviting pool and spa and a rock waterfall; And there`s a fire pit, too. Inside the 1,753 SF is a spacious great room, gourmet kitchen and 2BR/2BA + den layout that has made the Avalino model one of the most popular at Shadow Hills. Sold for asking price of $398,900|
Months of Sales" & D.I.M.Decrease
"Months of sales" is a technical ratio that measures how long it would take to sell the entire inventory at the current sales rate. With inventory lower than a year ago and with higher sales, the current ratio of 3.7 months is slightly lower than the 4.1 months on January 1 of last year. Such a low ratio usually points to the higher prices of a seller`s market. The average Days In Market (DIM) is now about 50 days, which is the lowest number in the last five years.
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 mean to solicit that business.
To Backsplash or Not To Backsplash
Part II of III
Bonnie has been asked by numerous clients what a backsplash might cost and if it would enhance the value of their new home. As a guide for your consideration, we provide below a recent article published by Houzz.com.
How much do backsplash materials cost?
Backsplash installation cost per square foot is largely determined by the material you choose. There are a number of different materials to choose from, all of which come with different price points. Ceramic is one of the most common and affordable materials, but high-end options like granite, quartz or marble can look particularly stunning. Even for the same types of materials, prices can be much lower or higher depending on the quality.
|Backsplash with honey oak cabinets, which are found in many local homes. Image credit: pinterest.com|
Backsplash Material Cost per Square Foot:
-- Ceramic Tile: $6 to $26 per square foot
-- Granite: $40 to $60 per square foot
-- Quartz: $65 to $95 per square foot
As you can see, prices range widely depending on the backsplash material. While some materials, like ceramic or porcelain, come in backsplash tiles, you can also opt for a solid slab backsplash of granite, quartz or another stone.
Let Bonnie Steele and her team declutter, pack and stage for you.