December 2007
Regional Sales & Price Activity
Download the Stats PDF
Median price fell 16.5% and sales decreased 33.4 % compared to the same time a year ago for California statewide. Locally, median price fell 1.2 % & sales declined by 24.5 % from a year ago.
December is typically one the slower sales months due to the Holidays, plus there was no year-end tax advantage to closing in December 07 over January 08. Even so, the Desert prices jumped by double digits Dec 07 over Nov 07 and sales declined at a slower rate than the State as a whole.
"It will take some time for the Federal Reserve Bank's recent reduction of the federal funds rate to have an effect on the housing market, but should result in more favorable real estate finance rates as we move through the year," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young." Jumbo loan financing remains a serious problem. Just under half of the California market relies on jumbo loans, but funds are limited -- because of the liquidity crunch -- and the rate spread between jumbos and conforming loans is three to four times greater than normal."
Desert Area MLS Residential For Sale Inventory
| 2006 | 2007 | 2008 |
| Dec: 8,236 | 9,186 | |
| Nov: 8,598 | 9,593 | |
| Oct: 8,076 | 9,170 | |
| Sept: 7,723 | 8,599 | |
| August: 7,285 | 8,417 | |
| July: 7,420 | 8,600 | |
| June: 7,436 | 8,930 | |
| May: 7,497 | 9,108 | |
| April: 7,467 | 9,153 | |
| March: 7,351 | 9,005 | |
| February: 7,046 | 8,852 | |
| January: 6,395 | 8,490 | 9,134 |
The typical (median) single family home for sale in the MLS today is
3 Bdrm. 2 bath 1,980 Sq Ft. listed at 399,500 and has been
on the market for 92 days
|
| |
Median Price |
% Change Prior Month |
% Change Prior Year |
% Change Sales Prior Month |
% Change Sales Prior Year |
| Calif. (sf) |
475,460 |
-2.9% |
-16.5% |
4.7% |
-33.4% |
| Calif. (condo) |
383,950 |
-5.2% |
-8.9% |
0.2% |
-35.6% |
| Palm Springs Lower Desert (sf) |
364,660 |
14.6% |
-1.2% |
-0.3% |
-24.5% |
****************************************************
Median Price
| |
Dec 07 |
Nov 07 |
Dec 06 |
| United States |
208,400p |
208700r |
221,600r |
| Calif. (sf) |
475,460 |
489,570r |
569,350r |
| Calif. (condo) |
383,950 |
405,570r |
421,440r |
| Palm Springs Lower Desert (sf) |
364,660 |
318,180r |
369,090 |
*****************
Source: California Association of REALTORS® & National Association of REALTORS®
Prepared By: California Desert Association of REALTORS® r= revised p=preliminary
Desert median prices include Yucca & 29 Palms=lowers median price shown by 40-50K
Sales & Price Report Addendum: September 2007
Median Prices By Region
Current Month vs. Year Ago
| |
Dec 07 |
Nov 07 |
|
Dec 06 |
|
| Calif. (sf) |
$475,460 |
$489,570 |
r |
$569,350 |
r |
| Calif. (condo) |
$383,950 |
$405,200 |
r |
$421,440 |
r |
| CAR Region |
|
|
|
|
|
| Central Valley |
NA |
NA |
|
$342,480 |
r |
| High Desert |
$244,330 |
$262,650 |
|
$324,560 |
r |
| Los Angeles |
$487,190 |
$520,960 |
|
$586,540 |
|
| Monterey Region |
$661,760 |
$702,870 |
|
$702,300 |
|
| Monterey County |
$584,500 |
$592,500 |
|
$665,000 |
|
| Santa Cruz County |
$732,000 |
$715,000 |
|
$710,000 |
|
| Northern California |
$353,900 |
$354,600 |
|
$385,570 |
|
| Northern Wine Country |
$480,510 |
$518,060 |
|
$604,820 |
|
| Orange County |
$638,390 |
$661,580 |
|
$692,980 |
|
| Palm Sprs/Lwr Desert |
$364,660 |
$318,180 |
r |
$369,090 |
|
| Riverside/S. Bernardino |
$324,510 |
$344,140 |
|
$410,160 |
|
| Sacramento |
$285,140 |
$299,240 |
|
$363,170 |
r |
| San Diego |
$495,500 |
$535,780 |
|
$585,970 |
|
| San Francisco Bay |
$724,800 |
$793,930 |
|
$726,300 |
r |
| San Louis Obispo |
$527,780 |
$454,840 |
|
$537,740 |
|
| Santa Barbara County |
$492,860 |
$673,080 |
|
$607,140 |
r |
| S. Barbara S. Coast |
$925,000 |
$1,080,000 |
r |
$1,250,000 |
|
| No. S. Barbara County |
$323,810 |
$354,760 |
|
$431,710 |
|
| Santa Clara |
$800,000 |
$855,000 |
|
$738,000 |
|
| Ventura |
$604,730 |
$623,510 |
|
$670,830 |
|
The only comparable geographic areas in California with a lower median price than the desert are Central Valley, High Desert (Victorville, Lancaster) and Sacramento.
na - not available r = revised
|
IMC Inc.