Rancho Mirage median home sales price for December was $390,000 down 36.5%, according to DataQuick. Condo sales were down slightly, posting a median of $288,000.
2011 ended much the way it began with drum-tight credit, low new-home sales, and record investor activity.
Last month sales of homes priced at $500,000 or more made up 17.8% of all Southland transactions. Buyers paying all cash accounted for 29% of all sales.
A total of 19,247 new and resale homes and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties this past month. That number was down 1.4% from last year. The median price paid for a Southland home was $270,000. That was down 6.9% from last year.
Riverside County sales volume was down 3% to last year with 3,584 units sold, at a median price of $194,000.
Some of the economic vital signs have improved lately and that has sparked a renewed sense of optimism in housing circles. Coupled with low mortgage rates, it suggests 2012 pricing may be at the bottom. The biggest concern is the high unemployment rates.
Our beautiful Coachella Valley will always be a desirable place to live and play. Location is always important when investing in real estate. Thanks to our strong tourism, the Coachella Valley has a different economy than other Southern California cities. This is a perfect time to purchase a home or condo.
ZIP Code: 92270 Location Characteristics: Rancho Mirage has a population of 16,416. This community is a national leader in luxury residential developments. Known as the "Playground of the Presidents", Rancho Mirage is the home of three world-class, award-winning destination resorts.Rancho Mirage offers five-star health care at renowned medical facilities such as Eisenhower Medical Center and The Betty Ford Center.The River at Rancho Mirage is one of the new outdoor malls, and features a unique mix of outdoor concerts, art shows, galleries, upscale shops, and fine restaurants.
