As we approach the year's end, it's time for our monthly deep dive into the detached country club real estate market. This month's comprehensive analysis is made possible by the invaluable report from Walter Neil at Franklin Loan Center, providing key insights into the evolving dynamics of the market.
Prices: A Closer Look at Market Values
The FLC Detached Country Club Price Index reveals that the average price of a 2,600 square foot home in fifteen top detached country clubs concluded November at $1,105,887. However, this figure notes a 6.5% year-over-year decrease. Delving into individual country clubs, gains and losses for average-sized homes exhibited a spectrum, ranging from a noteworthy 21% increase for Morningside Country Club to a challenging -29.4% for Ironwood Country Club.
Sales: Navigating Shifts in Transaction Volumes
November witnessed a recalibration in sales dynamics, with an average of 41 units sold per month across the fifteen clubs—a 25% decrease from the previous year. The three-month average of dollar sales for all fifteen clubs tallied $32 million, marking a 20% decline from the $40 million reported last year.
Inventory: A Market in Transition
At the close of November, the total listings in the fifteen detached country clubs reached 208 units, showcasing an increase from the 182 units recorded last year. The "months of sales" ratio stood at 5.1 months, compared to 3.3 months in the previous year, indicative of a more measured market.
Days in the Market: The Patience Game Continues
November saw an uptick in the average "Days in the Market" for detached country clubs, reaching 59 days compared to 38 days a year ago. Selling times varied, with Morningside Country Club boasting a swift 25 days and Desert Princess experiencing a more patient 95-day timeline.
Price Discount/Premium: Navigating Negotiation Realities
In November, detached homes in the fifteen country clubs sold at an average discount of 2.9%, an increase from the 1.2% observed a year ago. Diverging by country club, discounts ranged from an average of 0.4% in Terra Lago to a more pronounced 7.5% in Indian Ridge.
As you contemplate your real estate journey, we invite you to explore the array of available listings on our website, and delve into detailed reports on detached country club homes and other comprehensive home reports tailored specifically to the Coachella Valley region. Your dream home might be just a click away! We extend our sincere appreciation to Walter Neil at Franklin Loan Center for generously allowing us to leverage this insightful report. For expert loan needs, we highly recommend connecting with Walter to experience unparalleled dedication and expertise.