Del Webb- Rancho Mirage- Sept. Update
Home sales (and values) have been on a strong uptick no only Nationwide, but also at Del Webb, Rancho Mirage, thanks to low interest rates, freer lending standards and a drop in the foreclosure rate.
It's always good news to see our real estate investments go up. I'm happy to report that home values in Rancho Mirage continue to increase= up 36.4% over last year, based on recent reports. The average price of a home in August 2020, was $660,000. The average price in August 2021 was $900,000. (Rancho Mirage has still not recovered as well as other cities in the Coachella Valley, from the pre-recession record highs, which had an average price of $950,000 in 2006. What that tells me, is that Rancho Mirage has room to grow and is considered a relative bargain compared to neighboring cities). Inventory remains tight- there was only a 2 week supply of homes available in Rancho Mirage in August 2021, compared to a 4.2 month supply in August of 2020.
Compare what you paid for your house (before upgrades) to the current homes for sale: A few months ago, there was very little new-home inventory at Del Webb- homes sold immediately, often with multiple offers and over asking prices. The buying frenzy has eased up a bit; currently the sales office reports they do have existing inventory available, and new homesites are being released every few weeks.
New homes available for sale at the time of this writing, which include lot premiums (but not upgrades): (As of 9/10/21)
104 PRESERVE $657,033
106 PRESERVE $ 654,091
107 REFUGE $678,227
111 SERENITY $775,990
141 EXPEDITION $536,990
137 SANCTUARY $572,990
148 PRESERVE $639,990
New lot releases accepting offers on 9/11/21
134 HAVEN $595,990
135 REFUGE $620,990
136 PRESERVE $ $584,990
150 PRESERVE $650,990
151 SANCTUARY $622,990
Currently as of this writing there are 4 resale properties available in Del Webb, ranging from $699,000 to $1,295,000.
There have been 21 resale properties that have sold in the last six months.
Median sales price: $749,000
Highest sales price: $955,000
Average sales price per square foot: $359/sf
Average days on the market: 42 days
Average sales price compared to list price: 99.2%
Interest rates have inched up slightly, but still at historic lows. Coupled with a lack of inventory, experts are predicting the market to remain strong over the next few months. As our season heats up again here in the desert, we can expect to see more listings and sales activity in the coming months.
Enjoy your homes! But if you do decide to sell, chances are you'll make a nice profit on your Del Webb home in our current market. I'm here to help and answer any of your real estate questions. Paul [email protected] 760-459-1396 www.PaulKaplanGroup.com