How is the real estate market in Rancho Mirage, Ca 92270?

Since I am asked this question at least 5 times per day, I would like to share a quick analysis with you and give you some key statistics about the current market. Many buyers have come back into the market and are looking to take advantage of the lower prices and low interest rates. Another key reason is the decline in prices has stopped and has been very consistent for the last four months now, and that has been during the hot Summer season in the Desert. I can’t remember when I have had a busier Summer.

Rancho Mirage Single Family Home sales:

# of Homes sold YTD 2009 vs. YTD 2008: -25%

# of Homes sold Aug 2009 vs. Aug 2008: + 8%

Median Price YTD Aug 2009 vs. YTD 2008: –20%

Average Price YTD AUG 2009 vs. Aug 2008: –13%

Foreclosures as % of YTD Aug 2009 sales: 23%

Short Sales as % of YTD Aug 2009 Sales: 8%

The median price for Single Family Homes has been holding steady at about the $600k-$650k range for most of 2009, with the exception of 2 months.

Rancho Mirage Condo sales:

# of Condos sold YTD 2009 vs. YTD 2008: –27%

# of Condos sold Aug 2009 vs. Aug 2008: +33%

Median Price YTD Aug 2009 vs. YTD 2008: –26%

Average Price YTD Aug 2009 vs. Aug 2008: –20%

Foreclosures as % of YTD Aug 2009 Sales: 19%

Short Sales as % of YTD 2009 Sales: 1%

The median price for Condos has been in the $280k-$360k range for most of 2009.

The graphs below illustrate the patterns of the numbers I have summarized above.

For further information and lots more up-to-date statistics on all of the major Desert Cities, please visit www.JerryShea.com.

As so many of you know, I love living and working in the Desert and have a passion for working with buyers and sellers to meet and exceed their real estate needs. Please do not hesitate to call me at 760-567-9296 or email jerry (at) jerryshea (dot) com.