Today I thought I’d pull some numbers, charts & graphs for the Desert Ridge area, to see where the activity really is.
- # of Sales, 1/1/11 – 6/30/11: 404
- # of Current Listings: 253
- Months’ Inventory: 3.75
Overall it looks like homes are selling at a brisk pace; 3.75 months’ inventory is generally considered a seller’s market.
Activity by Price Range
Sales are heaviest in the $100,000 - $300,000 range, accounting for 276 of the 404 total sales (68%).
Listings are spread out a little more, although the $100,000 - $300,000 range still accounts for the largest share (62%).
Combining the Sold and Active data to look at Months’ Inventory by Price Range, I was surprised to see a fairly consistent inventory, at least for the prices < $600,000.
The market is just as hot between $400k - $600k as it is for homes < $200k, while it’s a little softer in the middle range of $200k - $400k. And forget about it once you get above $600k; the market deteriorates quickly.
My guess is that the sub-$200k market is being driven by investors & distressed activity, and the $400k - $600k market is made up of owner-occupied and second-home buyers snapping up formerly million-dollar homes, while the traditional mid-range move-up market is the soft spot in the middle.
Next time I’ll dig even deeper to see if my hunch is right. In the meantime, please give us a call if you want to see a particular neighborhood or have any other questions.
Your turning data into information Realtor,