Wasserman Real Estate Group Blog

This month's PGA West report highlights key trends and insights into the current state of the real estate market. Despite some mild price corrections, the market remains stable and offers opportunities for both buyers and sellers. Let's delve into the data to understand the dynamics at play in one of the most prestigious golf communities in the Coachella Valley.

Price Trends

Subdivision-wise, price movements varied, with average gains ranging from +10.1% in Greg Norman (Detached) to -17.4% in Nicklaus Tournament (Attached).

Sales Activity

Despite the price adjustments, sales remained robust, averaging 12 units per month in May, just one unit less than the previous year, but down 7.7%. Dollar sales averaged $21 million per month, showing a significant increase of 50% compared to last year.

Inventory Levels

Inventory levels saw an uptick, with 43 units listed in the eight PGA West subdivisions at the end of May, representing a 34% increase over the same period last year. The "months of sales" ratio stood at 3.5 months, compared to 2.5 months last year, indicating a balanced market. Historically, the normal range for PGA West is from four to six months, placing the current ratio in the lower-center of the normal range.

Market Activity

In terms of market activity, the average number of "Days in the Market" for detached homes was 60 days, similar to last year's 61 days. Attached homes saw an increase to 63 days compared to 51 days a year ago. Both metrics remain considerably below their pre-COVID averages, indicating a strong demand for properties in PGA West.

Price Negotiations

Price negotiations also showed some interesting trends. In May, detached homes sold with an average discount of 3.5%, slightly lower than the 4.2% discount observed last year. Attached homes sold with an average discount of 2.9%, compared to 2.4% last year, indicating a slight increase in seller confidence.

In conclusion, the PGA West real estate market continues to exhibit stability and resilience, with moderate price adjustments in certain segments. Despite these adjustments, sales remain steady, inventory levels are healthy, and days on the market are below historical averages. These factors, combined with favorable pricing dynamics, make PGA West an attractive destination for homebuyers and investors alike.

We would like to extend a special thank you to Walter Neil at Franklin Loan Center for allowing us to use these insightful reports. Walter is available for all your loan needs and provides valuable expertise in navigating the real estate market.

For more detailed insights into the PGA West real estate market, feel free to explore our website's market reports and listings. If you're considering buying or selling in PGA West, don't hesitate to contact us for personalized assistance.

Nestled in the heart of Rancho Mirage, Morningside Country Club offers an exceptional residential experience characterized by luxury and community. This prestigious enclave features a range of exclusive amenities designed to enhance every aspect of residents' lives.

Premier Amenities and Activities

From championship golf courses that cater to avid golfers to state-of-the-art tennis courts and a modern fitness center, Morningside provides opportunities for both relaxation and recreation. Fine dining options and a bustling social calendar further enrich the community atmosphere, fostering connections among neighbors.

Diverse Real Estate Options

Real estate options within and near Morningside cater to various preferences. They include spacious single-family homes boasting panoramic views and private amenities, stylish condominiums offering convenience and access to communal facilities, and custom estates designed with meticulous attention to detail.

Prime Location and Investment Potential

Morningside's prime positioning in Rancho Mirage, ensures easy access to shopping, dining, and cultural attractions, adding to its appeal as a desirable residential destination. Properties near Morningside also hold their value well over time, making them a sound investment choice.

Exclusive Membership Benefits

Membership at Morningside offers residents access to a refined lifestyle and prestigious amenities that elevate their quality of life. For those interested in exploring available properties or scheduling a private tour, our dedicated real estate team specializes in matching clients with their ideal home.

Discover More

Visit the official website of Morningside to explore membership options, and our website to explore listings in Morningside and other similar clubs in the area. Whether you're seeking a luxury home or investment property, we provide comprehensive resources to assist you in finding the perfect fit. Embrace the opportunity to live in luxury at Morningside Country Club and discover a lifestyle where sophistication meets community spirit.

We are excited to share the latest insights into the luxury real estate market in Coachella Valley, courtesy of the Franklin Loan Center(FLC) Luxury Price Index provided by Walter Neil at Franklin Loan Center. This report offers a comprehensive overview of key metrics shaping the market today among the top fifteen country clubs.

• Andalusia at CM
• Andreas Hills
• Bighorn Golf Club
• El Dorado Country Club
• Indian Canyons
• Movie Colony
• Old Las Palmas
• Tamarisk Country Club
• The Hideaway
• The Madison
• The Reserve
• Thunderbird Heights
• Toscana Country Club
• Tradition Golf Club
• Vintage Country Club

Prices on the Rise

The FLC Luxury Price Index reveals that the average price of a 4,500 square foot home in fifteen of the top luxury country clubs reached $3,902,431 by the end of May, marking a significant 5.8% increase compared to last year. Individual country clubs showcased varying performance, with gains ranging from a notable 25.6% at El Dorado Country Club to a decrease of 16.8% at Tamarisk Country Club.

Active Sales Environment

Luxury home sales in May averaged 17.9 units per month, reflecting a 7.8% increase from the previous year. Over the last three months, the market saw consistent dollar sales of $110 million per month, mirroring figures from last year.

Inventory Insights

As of May, total inventory in the fifteen luxury country clubs stood at 105 units, marking a substantial 46% increase from the previous year. The "months of sales" ratio, which indicates the time required to deplete current inventory at the current sales pace, rose to 5.9 months from 4.3 months a year ago.

Market Dynamics

The average "Days in the Market" for luxury homes in May was 70 days, slightly up from 65 days last year but significantly lower than the pre-pandemic average of 120 days. Selling times varied across country clubs, ranging from an astonishing four days at El Dorado Country Club to 193 days at the Vintage Country Club.

Pricing Strategy

Luxury homes in May sold at an average discount of 4.1%, compared to 3.5% the previous year. Discounts ranged from 0.9% at El Dorado Country Club to 13.6% at The Madison, reflecting diverse pricing dynamics within the region.

Explore Listings on Our Website

Interested in exploring available luxury listings in these prestigious areas? Visit our website to browse current properties and view the full market conditions report. Whether you're buying or selling, our comprehensive listings and expert advice are designed to meet your real estate needs.

We extend our gratitude to Walter Neil at Franklin Loan Center for providing us with these invaluable market insights.

The US Open Golf Championship, held from June 13-16 at the historic Pebble Beach Golf Links, stands as one of the most prestigious events in the golfing world. Renowned for its rigorous course setups, the US Open demands precision, skill, and resilience from its participants. This year, the tournament attracts the finest players, including legends like Tiger Woods, Rory McIlroy, and Brooks Koepka, to compete on one of the most iconic and challenging courses in the United States. As golf enthusiasts and professionals gather for this elite tournament, it's the perfect time to explore the Coachella Valley's own world-class golf courses.

Coachella Valley: A Golfer’s Dream Destination

Nestled in Southern California, the Coachella Valley is a golfer’s paradise. Known for its stunning desert landscapes, year-round sunshine, and luxurious lifestyle, the valley boasts some of the finest golf courses in the country. Among them are:

PGA West:

Home to nine renowned golf courses designed by legends such as Arnold Palmer, Jack Nicklaus, and Greg Norman, PGA West offers a golfing experience like no other. The Stadium Course, in particular, is famous for its challenging layout and dramatic scenery.

Indian Wells Golf Resort:

Featuring two championship courses, Indian Wells Golf Resort provides a perfect blend of beauty and difficulty. The Celebrity Course and the Players Course challenge golfers while offering stunning views of the surrounding desert and mountains.

La Quinta Resort & Club:

With five top-rated courses, including the famous Mountain Course and Dunes Course, La Quinta Resort & Club is a haven for golfers seeking both challenge and luxury.

Conclusion

As the world watches the US Open , take a moment to discover the exceptional golfing opportunities available in the Coachella Valley. Embrace the elegance and prestige of these world-class courses and explore what this golfer’s paradise has to offer.

Visit our website to view our listings and learn more about the unique lifestyle that awaits you in the Coachella Valley. Contact us for personalized assistance with all your real estate needs.

As we dive into the latest real estate trends in the Coachella Valley, it's essential to compare the dynamics of detached and attached homes. Understanding these differences can provide valuable insights whether you're a buyer, seller, or simply curious about the market.

Detached Homes: A Slight Retreat from an All-Time High

In May, the median price of a detached home in the Coachella Valley slightly receded to $710,000 after reaching an all-time high last month. This represents a 3.6% increase year over year. Historically, prices for detached homes tend to peak in May or June due to seasonal patterns, and we anticipate that this pattern will hold true this year as well. 

However, it's worth noting the current market conditions. With inventory rising and sales growing at a slower rate, the balance of supply and demand may soon start to favor buyers. This shift could lead to more opportunities for those looking to enter the market or upgrade their current home.

Attached Homes: Steady Growth with a Seasonal Pattern

In contrast, the median price for attached homes in the Valley ended May at $494,000, marking a 1.9% increase. The seasonal price range for attached homes is typically broader than that of detached homes. As the chart illustrates, prices for attached homes are following their usual seasonal pattern. 

We expect the three-month median prices for attached homes to continue to advance for one or two more months, aligning with the historical trends. This consistency offers a predictable market environment for both buyers and sellers of attached homes.

Key Takeaways

1. Detached Homes: Prices have slightly declined from an all-time high, but a year-over-year increase of 3.6% signifies continued growth. The seasonal peak is expected soon, with a potential market shift favoring buyers as inventory rises.

2. Attached Homes: A steadier growth pattern with a 1.9% increase. The broader seasonal range suggests further price advancements in the coming months.

For a more detailed analysis and to stay updated on market trends, you can view the full Desert Housing Report on our website. This comprehensive report will provide you with in-depth insights and help you make informed decisions in the dynamic Coachella Valley real estate market.

As the desert sun continues to shine, so does the vibrant real estate market in our beautiful desert cities. The latest market data reveals some exciting trends and insights for both buyers and sellers. Let’s dive into the rankings and see which cities are leading the way in average unit sales.

Top Performing Cities by Average Unit Sales

1. Palm Desert: Leading the chart with 172 units sold, Palm Desert attracts buyers with its scenic beauty and vibrant community.

2. Palm Springs: Following closely with 164 unit sales, Palm Springs remains a hot spot for its iconic architecture and luxurious lifestyle.

Cities with Notable Sales Increases

Four standout cities have seen significant growth compared to last year:

- Palm Springs: High demand and increased sales highlight its appeal.

- La Quinta: Known for its stunning golf courses, La Quinta has seen a sales boost.

- Desert Hot Springs: Rising popularity due to its hot springs and affordable options.

- Indian Wells: Notable sales uptick, drawing buyers seeking a tranquil, upscale lifestyle.

Most other desert cities have maintained sales levels comparable to the previous year, showcasing a stable market.

Explore Listings and Full Reports

Curious about available properties in these thriving cities? Visit our website to explore current listings and view the full market report for deeper insights.

Ready to take advantage of the real estate market? Our resources help you make informed decisions, whether buying or selling. Check out our home valuation tool and stay updated with market conditions. Contact us today to start your journey in the desert’s dynamic real estate market!z

Are you considering buying a home in the beautiful Coachella Valley? Our latest market report provides key insights to help you make an informed decision. Discover the latest trends in prices, sales activity, and more to find your dream home in this desirable region.

Price Trends

In May, the median price of a detached home in the Coachella Valley settled at $710,000, a slight decrease after reaching an all-time high last month. However, prices have still risen 3.6% year over year, indicating a strong market. The median price for attached homes also increased, ending May at $494,000, up 1.9% from the previous year. Whether you’re looking for a detached home or an attached property, now is a great time to explore the market with a range of price options available.

Sales Activity

The three-month sales average shows a slight decline from last year, with May recording 763 units sold per month compared to 777 units last year. However, sales in popular cities like Palm Desert and Palm Springs remain robust, with 172 and 164 units sold respectively. Notably, cities such as Palm Springs, La Quinta, Desert Hot Springs, and Indian Wells have experienced higher sales compared to the previous year, making them attractive options for prospective buyers.

Inventory and “Months of Sales” Ratios

As of June 1st, the Valley’s inventory stood at 2,610 units, the highest in four years. This increased inventory means more options for buyers to choose from. The “months of sales” ratio, which indicates how long it would take to sell the current inventory, was 4.2 months on June 1st, up 1.2 months from last year. With most cities maintaining ratios between three and four months, buyers have a balanced market with ample opportunities to find the perfect home.

Days on Market (DIM)

The median number of days a home stayed on the market in May was 45 days, just five days longer than the same period last year. Coachella had the shortest average selling time at 27 days, followed by Desert Hot Springs at 36 days and Indian Wells at 39 days. These quick selling times highlight the high demand and competitive nature of the market, making it crucial for buyers to act swiftly.

Price Discounts and Premiums

Currently, detached homes are selling at an average discount of 2.1%, while attached homes are selling at a 2.6% discount. Desert Hot Springs boasts the lowest selling discount at 0.2%, whereas Rancho Mirage has the highest at 3.4%. In May, 15.3% of homes sold above their list price, reflecting the competitive nature of the market. Buyers should be prepared to act quickly and make competitive offers to secure their desired property.

Find Your Dream Home

Ready to find your dream home in the Coachella Valley? Explore our listings to discover the best properties available. Our comprehensive database and expert insights will help you navigate the market and find the perfect home that meets your needs.

Stay Informed

For more detailed information on current market trends and to stay updated on the latest real estate news in the Coachella Valley, visit our website. Explore our comprehensive reports and find out how the market is performing in your area. Your dream home awaits in the Coachella Valley—start your search today and take advantage of the current market conditions.

Are you curious about the latest real estate trends in the Coachella Valley? Whether you're considering selling your home or simply staying informed, our May market report provides key insights into price trends, sales activity, and more. Read on to discover how the market is performing and how you can leverage this information to make the best decisions for your real estate needs.

Price Trends

In May, the median price of a detached home in the Coachella Valley slightly decreased to $710,000 after reaching an all-time high the previous month. Despite this dip, prices have still risen 3.6% year over year. The median price for attached homes also saw an increase, ending May at $494,000, up 1.9% from the previous year. Yearly price changes for detached homes varied significantly, with Coachella experiencing a notable 14.1% increase, while Bermuda Dunes saw a 10% decline. For attached homes, Bermuda Dunes saw a substantial gain of 23.7%, whereas Desert Hot Springs experienced a 7% decrease.

Sales Activity

The three-month sales average is slightly behind last year's numbers by fourteen units, with May recording 763 units per month compared to 777 units last year. Sales are currently 20.2% below historical norms. Palm Desert leads in unit sales with 172, followed closely by Palm Springs with 164. Interestingly, four cities—Palm Springs, La Quinta, Desert Hot Springs, and Indian Wells—have higher sales compared to the previous year.

Inventory and “Months of Sales” Ratios

As of June 1st, the Valley’s inventory stood at 2,610 units, the highest in four years. Despite this improvement, the inventory is still about 1,000 units below pre-pandemic levels. The “months of sales” ratio, which indicates how long it would take to sell the current inventory, was 4.2 months on June 1st, an increase of 1.2 months from last year. Most cities maintain ratios between three and four months, suggesting a balanced market.

Days on Market (DIM)

The median number of days a home stayed on the market in May was 45 days, five days longer than the same period last year. Coachella had the shortest average selling time at 27 days, followed by Desert Hot Springs at 36 days and Indian Wells at 39 days. Rancho Mirage had the longest average selling time at 51 days.

Price Discounts and Premiums

Detached homes are currently selling at an average discount of 2.1%, while attached homes are selling at a 2.6% discount. Desert Hot Springs boasts the lowest selling discount at 0.2%, whereas Rancho Mirage has the highest at 3.4%. In May, 15.3% of homes sold above their list price, slightly lower than the previous year.

Find Out What Your Home Is Worth

Curious about what your home is worth in today’s market? Use our home valuation tool to get an instant estimate. Our tool provides an accurate assessment based on current market trends, helping you make informed decisions whether you're looking to sell or just curious about your home's value.

For more detailed information on current market trends and to stay updated on the latest real estate news in the Coachella Valley, visit our website. Explore our comprehensive reports and find out how the market is performing in your area. If you're considering selling, now is the perfect time to understand your home's potential and take advantage of the current market conditions.

In the vibrant real estate market of La Quinta, California, understanding the nuances of property sale prices is crucial for both buyers and sellers. Two key metrics, the sale price compared to the final list price after all price reductions, and the sale price compared to the original list price before any reductions, provide valuable insights into the market dynamics specific to this area.

1. Sale Price vs. Final List Price

In La Quinta, the sale price compared to the final list price stood at 99% in April 2024, reflecting a 3.4% increase compared to April 2023. This figure suggests that properties in La Quinta are selling close to their final listed price, indicating a market dynamic that favors sellers.

2. Sale Price vs. Original List Price

The sale price compared to the original list price in La Quinta was 98% in April 2024, up by 4.6% compared to April 2023. This increase suggests that properties in La Quinta are being priced more accurately from the start, reducing the need for significant price reductions.

Market Implications for La Quinta:

- These statistics indicate a strong seller's market in La Quinta, with buyers willing to meet or exceed asking prices.

- The increasing ratio of sale price to original list price suggests that properties in La Quinta are being priced more accurately, benefiting both buyers and sellers.

How We Can Help:

If you're interested in selling or buying a home, understanding these key metrics can provide valuable insights. Our team is here to provide expert assistance with our in-depth knowledge of the local market, and guide you through every step of the buying or selling process.

Visit our website to take advantage of our comprehensive tools and resources. Use our home valuation tool to get an accurate assessment of your property's worth, explore the latest listings available in La Quinta and surrounding areas, and stay informed about market trends in the Coachella Valley region. Whether you're looking to buy or sell, we're committed to helping you achieve your real estate goals.

10 Via Montagna, Rancho Mirage, CA 92270

Nestled within Rancho Mirage's esteemed Estilo gated community, a breathtaking desert escape recently changed hands, with our team proudly representing the new homeowners. As we reflect on the allure of this remarkable residence, we invite you to join us on a virtual journey through its modern elegance.

This captivating abode boasts 3 bedrooms, an Office/Den, and 3.5 bathrooms, offering generous space for relaxation and entertainment alike. The great room sets the stage for cozy gatherings with its sleekfireplace, while the kitchen exudes culinary sophistication with its stylish cabinetry, Quartz counters, and top-of-the-line appliances. Adjacent, a wet bar adds a touch of glamour to any soirée.

The Master Suite serves as a private sanctuary, featuring a sliding door to the rear yard, a spacious walk-in closet, and a lavish freestanding tub—a true indulgence for moments of tranquility.

Outside, the allure continues with a private courtyard offering a secluded retreat, while the rear yard presents captivating mountain views against a backdrop of luxury amenities. A shimmering pool, raised spa, and inviting fire pit set the scene for relaxation and entertainment beneath the desert sky.

With its low HOA dues and advantageous location within the IID district for reduced electric bills, this home epitomizes the essence of desert living.

Whether you're seeking your own desert sanctuary or considering listing your current property, our team is here to guide you every step of the way. Explore available listings and unlock the potential of your desert dreams by visiting our website today.

Luxury living in the desert awaits—let us help you find your perfect retreat.