Fall 2009 sale statistics and information for the Morongo Basin
Wow! Time does fly. I apologize. I did not realize that we had not updated the blog for some time. I will try to get back on track. I thought I would focus on the last three months in this week’s post. Next post I will make some market forecast for the winter/spring season. Let me say this though, Now is the time to buy! If you have been sitting on the sidelines and waiting, wait no more! I will expand that thought next post but keep it in the forefront of your thought process. OK…Let’s get 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
The last three months saw the combined sale of 137 homes in the area (less than 47 per month). The average price of a home by the end of October has sank by more than 30% from 2008 to $85,000. By October the average price per square foot was $68.00. Currently there at 742 homes in some state of foreclosure* in the 92284 zip code!
TWENTYNINE PALMS
The last three months saw the combined sale of 66 homes in the area (less than 22 per month). The average price of a home by the end of October dropped by more than 20% to $77,000! The average price per square foot by October was $68.00. Currently there at 474 homes in some state of foreclosure* in the 92277 zip code!
JOSHUA TREE
The last three months saw the combined sale of 52 homes in the area (less than 18 per month). The average price of a home by October sank by a huge 35% to $91,000! The average price per square foot increased to $76. Currently there at 377 homes in some state of foreclosure* in the 92252 zip code!
LANDERS
The last three months saw the combined sale of 12 homes in the area (less than 4 per month). By October the average price of a home plummeted from 08 by 53% to $59,000! The average price per square foot was $60. Currently there at 106 homes in some state of foreclosure* in the 92285 zip code!
MORONGO VALLEY
The last three months saw the combined sale of 28 homes in the area (just more than 9 per month). Almost 50% of the sales happened in October! The average price of a home decreased by over 7% to $115,000 in October! The average price per square foot was $66. Currently there at 139 homes in some state of foreclosure* in the 92256 zip code!
SUMMARY
As many of you know, I am also a licensed Broker in Nevada. I have an office in Henderson with a RE/Max Broker. I will elaborate in my next post, but, like I said at the beginning of this post, GET OFF THE SIDELINE AND INTO THE GAME!!! Foreclosures in our area are slowing, prices are well below the cost of replacement, and interest rates today (at this posting) are at an all time low! Even if prices slide a little more I believe the inventory of quality homes is also beginning to decrease so your choices by April may be limited. Till our next post…
Bob Armstrong
Broker
*information gathered from Trulia.com
