Indian Ridge On-Site Sales
2016 3rd Quarter Report
Dear Indian Ridge Resident:
Not since 2005 have we sold 23 homes in a third quarter here in Indian Ridge. That equates to 45% of the homes sold so far this year closing escrow in the 3rd quarter: 10 homes in August and 9 homes in September. Our team was awarded the On-Site Sales office on October 14, 2015 and since then we have continued to represent more buyers and sellers. We represented 65% of all sales that occurred in the 3rd quarter that breaks down to 91% of the homes that sold in the PUD and 42% of the homes sold in the HOA. Our team has represented Buyer, Seller or both for all homes selling over $1 million dollars this year. We currently represent approximately 51% of the homes on the market. The successful growth of our business occurred faster than our expectations. The reason for this growth is due to our team members being dedicated to working for our client’s best interests. Each team member comes with real estate, marketing and management experience and all are dedicated to providing the best service to our clients. Their exposure to so many transactions and clients in just this year alone gives them the expertise to handle listings, showings, feedback, sales and escrows and follow-up. The team also works extremely well with the administrative staff and as a result brings in more qualified buyers and more prospective members who join the country club. This is a win-win situation for the club, members and residents.
Currently there are 66 homes active on the market. A number of properties that are available that have not gone active in the MLS because re-seeding delays our ability to take professional photos that are necessary to make a major impact when agents see the new home on the market and homes being staged to receive better buyer response to those homes. There are some wonderful homes at great values that should be selling – especially the Acacia’s that have experienced slower sales this summer and many at already reduced prices. Last summer the Acacia’s represented the majority of the properties that sold during the summer months. Year to date the HOA is in line to sell the same number of homes as in 2015 due to the demand for single-family HOA homes this year. While we have seen a drop in the values for the Acacia floor plans, the average sales price for HOA properties remains unchanged from last year. The number of homes sold in the PUD to date are the same as in 2015 so we expect 2016 to exceed last year’s total sales. The average sales price for the PUD homes has dropped approximately 12% primarily due to the competitive pricing of similar sized homes in other competing golf course communities.
When comparing other golf course communities to Indian Ridge, Ironwood sold 9 homes in the 3rd quarter with a drop in price per square foot of $46. This drop may be a result in the price point of homes sold this summer and the fewer sales. Desert Horizons realized an increase in number of sales and the average sales price. While Indian Wells Country Club is showing an increase in the average sales price, it appears they will not sell as many homes this year compared to 2015. Four of the nineteen clubs I track realized an increase in average sales price. Thirteen of the clubs are more than likely to sell more homes in 2016 compared to a year ago.
During this past year, the biggest demand was for single-family homes between $600,000 and $1,300,000. Our Indian Ridge Sales report shows that to be true. In review of the Coachella Valley Total Home Sales Evaluation, there was a 31% increase in sales over $500,000 in the 3rd Quarter of this year compared to a year ago and homes selling for more than $1 Million are up 28%. Referring to the Average Price Range of Homes Sold in Country Clubs for the 3rd quarter, the highest priced home selling in any of the first twelve country clubs did not exceed $1,300,000.
On the Million Dollar Luxury Home Market Report, it shows a high likelihood that we will sell more homes over $1 Million this year than in 2015. What is even more important to note is that there have been 10 homes sold for $7 Million or higher this year to date and only one of these homes was in one of the luxury high-end country clubs. These numbers are based on reported sales in the Multiple Listing Service (MLS) so there may have been more high-end sales than is indicated on this report.
The sales in Indian Ridge are in line with the California Association of Realtors statistics that show August to have been a strong month in pending sales across the region with an increase from 113.9 to 121.3 units comparing last August to this August. For Southern California, this shows a 9.7% increase in pending sales.
For August, the median price for a single family home in California sold was $355,000, up 6% year with the number of home sales up 12% compared to a year ago. Inventory is down to a 4.1 month supply, a 10% drop from a year ago. Days on market is down 6% to 48 days. Keep in mind days on market is not always an accurate number due to home being cancelled and expired out of the MLS for a multitude of reasons that affect the true days on market.
It is projected that nationally we will see a 3% increase in the number of homes sold in 2016. In California that projection for single-family homes will be 1.3% with median price up 5%. California total dollar sales were up 12.9% in 2015 and up 6.3% in 2016.
We continue to remain on a steady path in the real estate market. Interest rates remain low for now and prices in the desert are still very good buys with all nine cities from 8.6% to 41.4% off the all time high sales prices in 2006.
You are welcome to stop by the Indian Ridge On-Site Sales office and meet the team. If you would like a free market analysis of your home we are happy to meet with you. We encourage calling to schedule for an appointment so we can give you the time you deserve. Our entire team looks forward to working with many of you this season and seeing our winter residents return to Indian Ridge
Diane R. Williams
Associate Broker/Executive Luxury Director
Bennion Deville Homes
Indian Ridge On-Site Sales Office and Luxury Homes and Estates Division
Click here to view the 2016 Third Quarter Real Estate Report.
If your home is currently listed with another Broker, please disregard. It is not our intention to solicit other Broker's listings.