La Quinta's home prices were down slightly, with the median sales price for December for a single family residence at $269,000, down 2.2%. The condo sales were down 6%, posting a $249,000 median sales price.
2011 ended much the way it began with drum-tight credit, record investor activity, and low new-home sales.
Last month, sales of homes priced at $500,000 or more made up 17.8% of all the Southland transactions. The low point for sales of homes in the price range was January 2009.
Foreclosure resales made up 32.5% of the Southland resale market in December, down from 35% a year earlier. The combination of foreclosures and "short sales" accounted for 52.5% of the resale market last month.
The median price paid for a Southland home was $270,000 last month, down 6.9% from last year. A total of 19,247 new and resale houses and condos closed escrow in the six-county Southland this December down 1.4% from last year.
Some of the economic vital signs have improved lately and that has sparked a sense of optimism in housing circles. Coupled with low mortgage rates, it suggests 2012 pricing might be near the bottom. The biggest concern remains the high unemployment rates.
Take advantage of the opportunity to invest in a property in La Quinta. Come find that ideal vacation home today.
ZIP Code: 92253 Location Characteristics: The City of La Quinta has something for everyone. There's golfing at the City's spectacular public course - SilverRock Resort, dining and shopping in the quaint Village area or along the Highway 111 commercial corridor, biking along the Bear Creek Trail, and hiking in the Santa Rosa and San Jacinto mountains, just to name a few. No matter your pleasure, you're sure to find plenty of reasons to come and enjoy the "Gem of the Desert—La Quinta."
