AS OF 11/21/2008

Over the past year home values have declined 16%  but when comparing the two most recent 3 month periods, home values have declined an average of 0.2% per month which indicates a slowing in home value declines.  Pending sales indicate that houses will continue to decline by 2.1% over the next 30 to 60 days.  72.9% of properties are selling in 90 days or less and there are 15 months of housing inventory.

When comparing single family residences in Rancho Mirage over the most recent 3 month period with the same period last year, the median $/Sqft has declined 6.8%, the number of sales has declined 4.4%, and the total dollar volume of home sales has declined 24.3%.  When comparing the most recent 3 month period with the previous 3 month period, the median $/Sqft has increased 1% and the number of sales declined from 100 to 87.  There is currently 12.3 months of housing inventory and the typical marketing time is between 82 days (median) and110 days (average).  Current pending sales indicate that the market will declined in the coming months although the indication is not reliable due to a low number of pending sales. A further decline is consistent with the region, however.  These statistics are compiled from the local MLS.  The city of Rancho Mirage is significantly affected by seasonal purchasing trends with the summer months being the least desirable.

by Brian Ward of Cwift Appraisal - A Locally Owned And Operated Real Estate Appraisal Company

When comparing condominium sales from the most recent 3 month period with the same period last year in the city of Palm Springs, the median $/Sqft declined 18%, the number of sals declined 17.8%, and the total dollar volume declined 30.8%.  When comparing the most recent 3 month period with the previous 3 month period, the median $/Sqft declined 0.3%.  There is currently 7.7 months of condominium inventory and the typical marketing time is between 77 days (median) and 111 days (average).  Current pending sales indicate a further decline of 27.6% in the coming months.  These statistics are based on MLS data as of 08/05/2008.

When comparing single family residence sales in Indio, CA between the most recent 3 month period and that same period last year the median $/Sqft has declined 31.6%, the number of sales has increased by 116.7%, and the total dollar volume has increased by 29.1%.  When comparing the most recent 3 month period with the previous 3 month period, the median $/Sqft has declined 11.4% and the number of sales have increased from 248 to 273.  The current average sales price to ratio is 96.5%, the typical marketing time is between 45 days (median) and 71 days (average), and there are 8.1 months of housing inventory.  Current pending sales indicate that the market may continue to decline 13.2% in the coming few months.  These statistics are based on local MLS data.

by Cwift Appraisal - A Locally Owned And Operated Real Estate Appraisal Company

When comparing the most recent 3 month period with the same period last year, the median $/Sqft has declined 16.3%, the number of sales has declined 23.3%, and the total dollar volume has declined 39.2%.  There is currently 11.4 months of housing inventory and the typical marketing time is between 87 and 113 days.  Pending sales indicate that these trends will continue and the depreciation may become greater in the coming months.

When comparing the most recent 3 month period with the same period last year in the city of Palm Desert, the median $/Sqft declined 14.9% and when comparing the most recent 3 month period with the previous 3 month period, the median $/Sqft declined 10.5% indicating the the depreciation is accelerating and has been uneven throughout the past year.  There is currently 8.3 months of housing inventory, the average sales price to list price ratio is 94%, and the typical marketing time is 120 days.  Pending sales indicate that the market will continue to decline in the coming months.