Real Estate Update for 3rd Quarter 2023

Page 1

3rd Quarter 2023 REAL ESTATE UPDATE 760.776.7070 DIANEWILLIAMSANDASSOCIATES.COM DRE# 01991637 | 01325548

DW & Associates (AKA Diane Williams & Associates) serves as your community expert and lifestyle liaison providing exceptional service to homeowners, members, and potential buyers in Indian Ridge. As the exclusive on-site real estate sales office at Indian Ridge Country Club, DW & Associates are uniquely positioned to provide unparallel expertise and customer service. Located in the main clubhouse, we work closely with membership to ensure your experience is both smooth and enjoyable. We are available 7 days a week and can show homes or provide a club tour with a moment’s notice. We are proud to be one of the top two real estate teams in the Greater Palm Springs Area with over 1,160 transactions representing buyers and sellers for a sales volume of approximately $975,000,000. In Indian Ridge alone, we represented 712 buyers and sellers since 2004 with over $679,000,000 in sales volume making our team the top agents in Indian Ridge.

Allison
Diane
Katie Career Sales $679M 34 2023 Total Transactions DIANEWILLIAMSANDASSOCIATES.COM DRE# 01991637 | 01325548 2023 Closed Volume $46M Career Sales $975M 57 2023 Total Transactions 2023 Closed Volume $60M 2023 MLS Team Ranking 2nd Indian Ridge Ranking 1st INDIAN RIDGE SALES FOR 2023 VALLEY WIDE SALES FOR 2023
Frank Laura Kristeen
Terrie Barry Heather

All information gathered from the California Desert Association of REALTORS® FlexMLS is deemed reliable but not guaranteed.

WHAT OUR CLIENTS SAY

We recently purchased a house in Palm Desert and highly recommend the DW & Associates team. We worked with Allison Renz and Heather Wong for over two years, looking for a house in a difficult real estate market due to limited inventory. Allison and Heather were always extremely helpful, knowledgeable, patient, and overall terrific to work with. Allison was our agent for the house purchase and has also been very helpful afterwards, with great contacts for various work that we’re having done, as well as advice in general. Prior to purchasing we had leased houses through DW & Associates, working with Barry Goldstein who was also outstanding to work with. Every DW team member we had contact with was very helpful, knowledgeable and a pleasure to work with.

Wonderful agency to work with! We worked mostly with Terrie and she was amazing. Everyone went above and beyond which made selling our house an enjoyable, seamless process. I would highly recommend DW & Associates.

Katie, you and your team have went over and above for us and we so appreciate having you as our Realtor and now our friend.

DEAR INDIAN RIDGE RESIDENTS,

I hope this letter finds everyone in good health and eagerly anticipating the arrival of a new season at Indian Ridge. We are just a few weeks away from the return of many of our residents and the club buzzing with activity. It’s hard to believe we are quickly approaching the end of the year entering 4th quarter of 2023.

As we approach the end of the summer season, evidence shows that the real estate market has followed its customary pattern of a slowdown in home sales during our hottest summer months. The summer real estate market in the Coachella Valley has historically been characterized by a deceleration, and this trend was seen here this summer at Indian Ridge.

In the latter half of 2022, numerous experts made forecasts of a looming housing market crash in 2023, attributing it to factors such as inflation and high mortgage rates. However, contrary to these predictions and negative market factors, the real estate market has demonstrated resilience, surpassing the expectations of many. The attached chart (from Keeping Current Matters) provides evidence from three reputable sources, all indicating a slight but notable rebound in prices after a brief nationwide dip.

Based on our Sales Appreciation report, numerous country clubs are currently tracking to match or potentially exceed their 2022 home sales figures. If the next few months follow the seasonal trends, clubs such as Indian Ridge, The Springs, Morningside, and Toscana are poised to finish the year on a strong note. Notably, several other high-end clubs like Andalusia, Hideaway, and Tradition have already outperformed their 2022 sales. In contrast to last year’s home price predictions, our Sales Update by City report reveals that numerous cities are experiencing an increase in average sales prices when compared to the third quarter of the previous year. Notable cities in this category include Indian

Wells, La Quinta South, Palm Desert North, Palm Springs South, and Rancho Mirage. Meanwhile, some other cities have seen relatively minor price decreases, with the most significant being 11.53% in Palm Desert South.

In the third quarter of 2023, Indian Ridge had a slight increase from the 10 homes sold during the same period in 2022. Among these sales, 10 homes were within the HOA while the remaining 3 homes were in the PUD. Indian Ridge is on pace to sell equal or more homes in 2023 than in 2022. In 2022 there were 60 homes sold and the number currently sits at 50 homes sales year to date. Despite the average home price in Indian Ridge for 2023 standing at $1,250,000, which represents a roughly 20% decrease compared to the average price in 2022, it’s important to highlight that these prices remain significantly higher than those observed in previous years. Specifically, there has been a remarkable 41% increase in home prices since 2019, a solid 28% rise from 2020, and a respectable 13% uptick from 2021. An ongoing issue continues to be limited inventory, leaving buyers with fewer options to consider. Indian Ridge currently has 16 active homes on the market, with just one of them priced below $1,000,000.

As we transition into the season, it’s common to see more homes being listed for sale. It will be interesting to see if this trend is realized this year. Indian Ridge remains highly sought after, yet prospective buyers in this market are patient and highly selective when it comes to finding their ideal home, favoring properties that have been recently remodeled and upgraded.

I believe the key takeaway from the current market situation is that despite some claims of falling prices, and contrary to popular belief, we’re not witnessing a significant decline. When homes are priced accurately, they continue to sell well, particularly given the shortage of available properties not only in the Coachella Valley but also across the nation. While buyers may exercise patience in their search for the perfect home, a pool of potential buyers remains. Sellers currently enjoy a favorable position due to the substantial equity in their homes and limited competition. This is precisely why, if you set the right price for your home, it will surely find a buyer.

Our office is always available for discussions about real estate and the current market. We take pride in our expertise within the community, as our impressive track record can attest. Over the past two years, we have consistently outperformed the market average by selling homes 25% faster than our closest competitor. As the #1 sales agent in Indian Ridge and #2 throughout the Coachella Valley, we understand what it takes to successfully sell your home. Whether you’re looking to sell your property or buy a new one, we’re here to assist you every step of the way. Please let us know how we can be of service, as we eagerly anticipate another fantastic season ahead!

Warmest

team has a deep understanding of Indian Ridge’s housing market. We

INDIAN RIDGE COUNTRY CLUB SALES

JANUARY 1, 2023 TO SEPTEMBER 30, 2023

YELLOW highlighted homes indicate DW & Associates Represented Buyer or Seller

BLUE highlighted homes indicate DW & Associates represented BOTH Buyer and Seller

All information gathered from the California Desert Association of REALTORS® FlexMLS is deemed reliable but not guaranteed.

34 TOTAL TRANSACTIONS IN IRCC

2023

18
HOMES SOLD BY DW & ASSOCIATES REPRESENTING SELLER
16
HOMES SOLD BY DW & ASSOCIATES REPRESENTING BUYER 2023

INDIAN RIDGE QUARTERLY HOMES SALES ACTIVITY

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $12,642,000 18 $300 53 $9,719,000 8 $462 37 $10,667,000 10 $447 61 $23,941,400 28 $341 33 $16,605,000 14 $489 32 $8,354,000 8 $430 102 $10,147,000 11 $389 33 $5,275,000 4 $595 42 $10,863,000 10 449 66 $13,603,500 13 $431 30 $3,670,000 3 $495 38 - -$24,598,792 21 $365 56 $13,000,000 8 $542 51 $9,525,000 6 $542 69 $19,077,500 15 $373 76 $19,865,000 11 $589 30 $19,041,000 13 $508 87 $10,568,000 8 $441 42 $11,870,000 6 $616 60 $4,050,000 3 468 71 $15,735,000 11 $448 47 $10,689,000 6 $581 20 - -TOTAL SALES VOLUME UNITS SOLD AVG. PRICE PER SF AVG. DOM 2021 2022 2023 HOA PUD

3RD QUARTER COMPARISON

$922,454 $1,318,750 $1,086,300 HOA AVERAGE SALES PRICE HOA AVERAGE SALES PRICE HOA AVERAGE SALES PRICE $1,295,428 $1,978,333 $1,350,000 PUD AVERAGE SALES PRICE PUD AVERAGE SALES PRICE PUD AVERAGE SALES PRICE 19 10 13 TOTAL UNITS SOLD TOTAL UNITS SOLD TOTAL UNITS SOLD $20,715,000 $17,145,000 $14,913,000 TOTAL SALES VOLUME TOTAL SALES VOLUME TOTAL SALES VOLUME 2021 2022 2023

SALES UPDATE BY CITY

Information compiled from the California Desert Association of REALTORS® FlexMLS. All information is deemed reliable but not guaranteed due to the new system. 2022 3RD QTR SALES 2023 3RD QTR SALES % CHANGE QTR SALES COACHELLA VALLEY 1,737 1,587 -8.6% BERMUDA DUNES 34 29 -14.7% INDIAN WELLS 44 45 2.3% INDIO CENTRAL 58 52 -10.3% LA QUINTA NORTH 43 31 -27.9% LA QUINTA SOUTH 197 178 -9.6% PALM DESERT EAST 121 122 0.8% PALM DESERT NORTH 83 82 -1.2% PALM DESERT SOUTH 80 52 -35.0% PALM SPRINGS CENTRAL 98 94 -4.1% PALM SPRINGS NORTH 143 95 -33.6% PALM SPRINGS SOUTH 168 141 -16.1% RANCHO MIRAGE 136 160 17.65% SUN CITY 66 70 6.1%
2022 3RD QTR AVG PRICE 2023 3RD QTR AVG PRICE % CHANGE AVG PRICE $783,180 $785,292 0.3% $786,323 $747,652 -4.9% $1,207,656 $1,434,007 18.7% $510,962 $488,938 -4.3% $643,486 $608,296 -5.5% $1,180,461 $1,258,139 6.58% $641,404 $607,135 -5.34% $643,202 $661,944 2.9% $1,187,302 $1,050,432 -11.53% $958,842 $919,570 -4.10% $709,863 $686,613 -3.28% $837,787 $854,378 1.98% $1,018,184 $1,089,162 6.97% $632,225 $556,635 -10.68% INTERESTED IN COUNTRY CLUB HOME SALES? Visit this link or scan the QR code above to see full Quarterly Update. dianewilliamsandassociates. com/advertising 3RD QUARTER OF 2022 COMPARED TO 3RD QUARTER OF 2023

COACHELLA VALLEY TOTAL HOME SALES EVALUATION

SALES UNDER $500K SALES UNDER $1MIL SALES OVER $500K SALES OVER $1MIL Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1,009 ....... 36.7% 877 31.3% 1,305 ....... 49.6% 546 .......... 39.7% 2,161 78.7% 2,187 ........ 78.0% 2,259 ....... 85.9% 1,140 ........ 82.9% 1,770 ........ 65.4% 1,924 68.6% 1,350 ........ 51.4% 835 .......... 60.7% 596 21.7% 615 ............ 21.9% 383 ........... 14.6% 237 ............ 17.2% 2022
Q1 1ST QUARTER Q2 2ND QUARTER Q3 3RD QUARTER Q4 4TH QUARTER SALES UNDER $500K SALES UNDER $1MIL SALES OVER $500K SALES OVER $1MIL Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 630 ........... 37.4% 824 35.3% 604 .......... 38.1% ......................... % 1,319 78.4% 1,835 ........ 78.7% 1,285 ............ 81% ......................... % 1,068 ....... 63.5% 1,529 65.5% 994 .......... 62.6% ......................... % 369 21.9% 512 ............ 21.9% 308 ........... 19.4% ......................... % 2023

760.776.7070

76-375 Country Club Dr. Palm Desert, CA 92211

realestate@dwateam.com

dianewilliamsandassociates.com

DRE# 01991637 | 01325548

If your home is currently listed with another Realtor, this is not intended as a solicitation. It is not our intention to solicit an other agents active listing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the listing and/or selling agent. Broker does not guarantee the accuracy of square footage, lot size or other information concerning the condition or features of property provided by seller or obtained from public records or other sources, and the buyer is advised to independently verify the accuracy of that information through personal inspection and with appropriate professionals. Sales may not represent all brokers.

Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.