May 2009 sale statistics and information for the Morongo Basin
Last post I included the April sale statistics for the Basin. The new statistics came out this week for the month of May 2009 so I thought I would bring us up to date on the information included in the reports published by the County Assessor and provided by Vicki Bishop at Fidelity National Title.
YUCCA VALLEY
May saw the sale of 35 homes in the area compared to 34 in 2008. More importantly the average price of a home sank by almost 40% from $170,221 in 2008 to $102,357 in 2009! The most expensive home sold was $228,000. The least expensive was $36,500. The average price per square foot was $71.00 (the most expensive per square foot was $138 and the least was $28). The average square footage of a house sold in Yucca Valley was 1417. Over half were bank owned and one sale was a short sale.
TWENTYNINE PALMS
May saw the sale of 11 homes in the area compared to 19 in 2008 (A drop of more than 42%). The average price of a home dropped by more than 42% from $133,637 in 2008 to $95,182 in 2009! The most expensive home sold was $219,000. The least expensive was $48,500. The average price per square foot was $78.00 (the most expensive per square foot was $167 and the least was $46). The average square footage of a house sold in Twentynine Palms was 1204. Over half were bank owned and one sale was a short sale.
JOSHUA TREE
May saw the sale of 7 homes in the area compared to 18 in 2008. The average price of a home sank by a modest 11% from $123,000 in 2008 to $109,429 in 2009! The most expensive home sold was $185,000. The least expensive was $44,000. The average price per square foot was $80.00 (the most expensive per square foot was $115 and the least was $37). The average square footage of a house sold in Joshua Tree was 1344.
LANDERS
May saw the sale of 2 homes in the area. One home was sold for $50,000 and the other for $45,000. Because of this low amount of sales all other statistics are irrelevant.
MORONGO VALLEY
May saw the sale of 5 homes in the area compared to 7 in 2008. The average price of a home decreased by over 50% from $118,857 in 2008 to $56,200 in 2009! The most expensive home sold was $67,500. The least expensive was $34,000. The average price per square foot was $55.00. The average square footage of a house sold in Morongo Valley was 1058.
SUMMARY
By looking at the above numbers we can see our market starting to correct its self to competing markets like Victorville, Hesperia, the Low Desert, Las Vegas, and Phoenix. Last month prices in Victorville hit $55 per square foot! Vegas and Phoenix are at or below that point. Even the Low Desert is getting to the $70 to $80 per square foot point! I think we will see a slowdown in sales over the remainder of the year. I think June sales for the Morongo Basin will be below 75 total units. This will be well above May but way behind for the season. Overall look for a further decline in price points in the Morongo Basin by at least 15% and as high as 30% by the year’s end.
Bob Armstrong
Broker
