All the happenings that 2017 brought us both nationally and abroad were a bit overwhelming at times. Trying to keep up with the daily news (or fake news, depending on your political leaning) cycles covering tweets, nukes and hermit kingdoms was nearly impossible. No doubt this is an incredibly important time for our economy and nation, but the year left me feeling a bit battered and off balance like I just disembarked from a rough week at sea.
One thing that is hard to debate is the health of the US economy according to key economic indicators. According to the average estimate of 52 economists surveyed by Wolters Kluwer Blue Chip Economic Indicators in early December, GDP growth is to remain between 2-3% in 2018, while consumer spending and industrial production are to increase 2.5%. Growth in business investments is also to increase by 4.5%. All the while unemployment is projected to inch down from 4.1%, and the Dow is above 26,000 today (1/17/18). All indicators seem to point to a healthy and robust economy in 2018.
Has the momentum of the economy translated to a positive outlook on home prices in La Quinta golf communities? The number of units sold increased 20% to 362 units in 2017, while median home prices decreased approx. 4% to $850,000 respectively. Average days on market decreased by almost 2 weeks to 135 days.
I believe that due to the overall health of the economy and the relative value that can be still found in La Quinta golf communities (as compared to California’s costal communities) points to a strong La Quinta luxury real estate market in 2018.
The table below shows all single-family homes and lots sold in select golf course communities 2017 with a complete breakdown of the year over year change for each community.
| 2017 | Year over Year % Change | ||||||||||
| COMMUNITY | Count | Med. Sale Price | Med. Sq Ft | Av. Med. $/sqft | DOM | Count | Med. Sale Price | Med. Sq Ft | Av. Med. $/sqft | DOM | |
| The Tradition | 13 | $2,312,500 | $4,581 | 505 | $174 | -13% | 19% | 4% | 14% | 55% | |
| The Quarry | 3 | $1,700,000 | $9,200 | 185 | 112 | -40% | 7% | 152% | -58% | -12% | |
| The Palms | 11 | $729,000 | $3,547 | 206 | 87 | 83% | 16% | 28% | -9% | -66% | |
| The Madison | 3 | $7,800,000 | $7,667 | 1,017 | 87 | -50% | 8% | 9% | -1% | 53% | |
| The Hideaway | 22 | $2,050,000 | $4,763 | 430 | 199 | 47% | -27% | -10% | -19% | 114% | |
| The Citrus | 53 | $700,000 | $3,069 | 228 | 108 | 47% | -7% | -7% | 0% | -14% | |
| Rancho La Quinta CC | 73 | $820,000 | 2,924 | 280 | 95 | 62% | 4% | 3% | 2% | -13% | |
| PGA West Signature | 1 | $600,000 | $3,451 | 174 | $149 | -75% | -17% | 39% | -41% | -31% | |
| PGA West Monterra | 2 | $749,000 | 3,370 | 222 | 15 | N/A | N/A | N/A | N/A | N/A | |
| PGA Weiskopf | 15 | $800,000 | 3,320 | 241 | $142 | -17% | -5% | -2% | -4% | 46% | |
| PGA Stadium | 8 | $795,000 | 3,740 | 213 | 115 | 33% | 24% | 11% | 12% | -36% | |
| PGA Palmer Private | 12 | $572,500 | $2,585 | 221 | $106 | 50% | -5% | -9% | 4% | -38% | |
| PGA Nicklaus Trnamnt | 21 | $760,000 | 3,142 | 242 | 79 | 5% | -5% | -7% | 2% | 4% | |
| PGA Nicklaus Private | 20 | $642,500 | $2,883 | 223 | $80 | 5% | -4% | -3% | -1% | -26% | |
| PGA Legends | 22 | $903,750 | 3,359 | 269 | 89 | -15% | 14% | -2% | 17% | 3% | |
| PGA Greg Norman | 19 | $1,010,000 | $3,829 | 264 | $105 | 46% | 2% | -3% | 4% | -45% | |
| Mountain View CC | 38 | $824,500 | $2,975 | 277 | $122 | 41% | 8% | 0% | 8% | -23% | |
| Andalusia at CM | 26 | $1,442,500 | $3,612 | 399 | $130 | -19% | -14% | -14% | -1% | 233% | |
| LOTS & LAND | |||||||||||
| 2017 | Year over Year % Change | ||||||||||
| COMMUNITY | Count | Med. Sale Price | Med. Sq Ft | Av. Med. $/sqft | DOM | Count | Med. Sale Price | Med. Sq Ft | Av. Med. $/sqft | DOM | |
| The Tradition | 7 | $380,000 | N/A | N/A | $77 | 40% | 35% | N/A | N/A | -59% | |
| The Quarry | 4 | $347,500 | N/A | N/A | 12 | 100% | 17% | N/A | N/A | -95% | |
| The Palms | 0 | N/A | N/A | N/A | $0 | -100% | -100% | N/A | N/A | -100% | |
| The Madison | 10 | $1,325,000 | N/A | N/A | 28 | 25% | 6% | N/A | N/A | -81% | |
| The Hideaway | 15 | $550,000 | N/A | N/A | $138 | 67% | 38% | N/A | N/A | -22% | |
To see other stats, visit our January monthly sold data.