Rancho Mirage Single Family Home Sales - 54% overall increase, 60% Sold for ALL CASH
The first half of 2010 was very busy for the real estate market in Rancho Mirage, CA. The number of single family homes sold in the first half of 2010 (227) increased by 54% over the first 6 months of 2009 (147). One of the big reasons for this dramatic increase was that the median price for homes barely changed from 2009 ($558k) to 2010 ($555k) indicating that the sharp slide in prices had stopped from the previous 2 years. Sellers were more realistic with their asking prices, dropping the median list price from $675k in 2009 to $598k in 2010 or a 11% decrease in asking price. Buyers who had been anxiously waiting on the side lines for some indication of prices bottoming out stepped back into the market. The number of homes sold for ALL CASH increased from 50% in 2009 to 60% in 2010.
When it comes to buying foreclosed properties, CASH is still king. 31 of the 41 foreclosed properties that sold were for ALL CASH representing 76% of all foreclosed purchases. These homes also sold on average for 95% of list price with many selling for 100% or more of list price. The 27 Short Sales sold on average for 97% of list price and 56% of those buyers were ALL CASH. This is a good message to those buyers who want to write low ball offers and do not have cash. The market is stacked against them.
Rancho Mirage Listing Statistics for Single Family Homes:
54% increase in the Number of Homes sold in the First 6 months of 2010 vs. the First 6 months of 2009:
- 16 are foreclosures from $231k - $480k
- 41 are short sales from $146k - $1.1 Million
54 Single Family Homes are in the Contingent Status from $170k - $3.950 Million
- 6 are foreclosure from $317k - $1.095 Million
- 28 are short sales from $170k - $1.750 Million
20 Homes are Pending from $200k - $1.825 Million
- 6 are foreclosures from $350 - $1.825 Million
- 5 are short sales from $200k - $800k
227 Homes Sold in the last 6 months from $157k - $2.850 Million
- 41 were foreclosures from $183k - $2.5 Million
- 31 for All Cash = 76%
- 27 were short sales from $290k - $925k
- 15 for All Cash = 56%
For detail information on any of the properties in Rancho Mirage or anywhere else in the Desert or to set up a private showing, please call me at 760-567-9296 or visit my website at www.JerryShea.com.