The number of high end homes in the desert that sold in 2008 continued to drop, compared to previous years. The figures below will show.
| Year |
Homes Sold Over $1M |
Homes Sold Over $2M |
Homes Sold Over $3M |
| 2008 |
407 |
119 |
39 |
| 2007 |
590 |
132 |
63 |
| 2006 |
717 |
166 |
61 |
| 2005 |
726 |
131 |
44 |
| 2004 |
498 |
69 |
13 |
| 2003 |
216 |
31 |
7 |
This shows that 2005 & 2006 were the best years for home sale above $1M, 2006 was the best year for home sales above $2M and 2007 was the best year for homes sales above $3M. And, even though the numbers of sales are down across the valley, there are some areas that are better than others.
| For Sale |
Over $1M |
Over $2M |
Over $3M |
| 1/1/2009 |
1,098 |
417 |
177 |
The number of active listings on 1/1/2009 shows, that at the 2008 sales rate, and with NO new listings coming on the market, the time it would take to sell all of the listings (this is known as the absorption rate) is:
| $1M+ |
32 months |
| $2M+ |
42 months |
| $3M+ |
54 months |
These figures are from the Desert Area MLS, and although not perfect, are probably consistent enough for comparison purposes. |
