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 our 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 Sun City Palm Desert? The number of units sold and median home prices in SCPD both increased approx. 5% (to 383 units & $335,000 respectively), while days on the market decreased about a week to 90 days. If the inventory stays consistently low as it has the last several months (currently 73, as of 1/17/18) we can expect a significant increase in home prices in 2018.
The table below shows all homes sold in 2017 with a complete breakdown by model. The Jelmberg Team would like to note that picking a price from this data alone may cause issue with the sale or purchase of a home and cautions clients to get a full Comparative Market Analysis (CMA) done by a real estate professional prior to settling on a price point for a home.
| Golf Course | Green Belt | Privacy | Total | ||||||||||||||
| Row Labels | # of Homes | Avg. Sale Price | Units w/ Pool | Avg. Sale Price w/ Pool | # of Homes | Avg. Sale Price | Units w/ Pool | Avg. Sale Price w/ Pool | # of Homes | Avg. Sale Price | Units w/ Pool | Avg. Sale Price w/ Pool | |||||
| Amethyst | 1 | $365,000 | $2 | $263,500 | 1 | $269,000 | 4 | ||||||||||
| Antigua | 4 | $294,500 | 4 | ||||||||||||||
| Baccarat | 2 | $375,000 | 12 | $287,000 | 14 | ||||||||||||
| Barbados | 12 | $265,401 | 1 | $240,000 | 13 | ||||||||||||
| Casablanca | 1 | $299,000 | 1 | ||||||||||||||
| Cayman | 1 | $420,000 | 8 | $301,938 | 1 | $369,000 | 10 | ||||||||||
| Christofle | 3 | $256,000 | 3 | ||||||||||||||
| Custom | 1 | $235,000 | 1 | ||||||||||||||
| Dublin | 1 | $288,273 | 1 | ||||||||||||||
| Emerald | 2 | $397,000 | 3 | $402,467 | 5 | ||||||||||||
| Fostoria | 2 | $290,000 | 1 | $424,000 | 3 | ||||||||||||
| Gorham | $2 | $226,500 | 6 | $225,650 | 8 | ||||||||||||
| Hummel | $1 | $215,000 | 4 | $260,725 | 5 | ||||||||||||
| Jensen | 1 | $275,000 | 2 | $291,250 | 3 | ||||||||||||
| Lalique | 4 | $307,875 | 4 | ||||||||||||||
| Lanai | $3 | $240,333 | 14 | $251,357 | 17 | ||||||||||||
| Lenox | 1 | $339,000 | 3 | $332,333 | 1 | $283,000 | 5 | ||||||||||
| Marquis | 2 | $515,000 | 1 | $489,000 | $1 | $435,000 | 2 | $381,000 | 1 | $435,000 | 7 | ||||||
| Marrakech | 3 | $352,500 | 1 | $375,000 | 4 | ||||||||||||
| Marseille | 2 | $715,750 | 1 | $847,500 | 1 | $580,000 | 1 | $590,000 | 5 | ||||||||
| Maui | 3 | $233,333 | 3 | ||||||||||||||
| Monaco | 4 | $509,750 | $1 | $370,000 | 11 | $407,350 | 3 | $463,667 | 19 | ||||||||
| Montego | 2 | $429,950 | 8 | $337,313 | 2 | $371,250 | 12 | ||||||||||
| Monterey | 1 | $649,500 | 1 | $499,500 | 2 | ||||||||||||
| Morocco | 8 | $436,250 | 1 | $335,000 | 23 | $340,561 | 3 | $347,000 | 35 | ||||||||
| N/A | 1 | $307,500 | 1 | ||||||||||||||
| Newport | 5 | $218,500 | 5 | ||||||||||||||
| Opal | 1 | $320,000 | $1 | $274,900 | 2 | $228,750 | 4 | ||||||||||
| Orrefors | 5 | $354,200 | 1 | $380,000 | 7 | $281,286 | 1 | $259,000 | 14 | ||||||||
| Pasadena | 13 | $224,858 | 13 | ||||||||||||||
| Pave | 1 | $510,000 | 3 | $428,333 | 2 | $447,500 | 6 | ||||||||||
| Portofino | 3 | $651,333 | 5 | $697,400 | 2 | $461,500 | 1 | $650,000 | 11 | ||||||||
| Provence | 1 | $607,500 | 1 | $670,000 | 2 | ||||||||||||
| San Carlos | 2 | $342,500 | 1 | $309,000 | 3 | ||||||||||||
| San Remo | 1 | $600,000 | 2 | $555,000 | 10 | $400,200 | 3 | $465,000 | 16 | ||||||||
| Solitaire | 2 | $407,500 | 1 | $480,000 | 4 | $317,000 | 7 | ||||||||||
| Sonora | 1 | $405,000 | 1 | $405,000 | 2 | ||||||||||||
| St. Croix | 10 | $450,300 | 1 | $460,000 | 1 | $325,000 | 41 | $346,523 | 2 | $406,750 | 55 | ||||||
| St. Maarten | 18 | $291,171 | 3 | $333,967 | 21 | ||||||||||||
| St. Tropez | 4 | $555,000 | 1 | $715,000 | 2 | $481,370 | 1 | $457,500 | 8 | ||||||||
| Tangier | 2 | $402,500 | 2 | $359,750 | 1 | $269,000 | 5 | ||||||||||
| Topaz | 1 | $240,000 | 1 | ||||||||||||||
| Towle | 1 | $260,000 | 1 | $236,000 | 3 | $257,000 | 5 | ||||||||||
| Victoria | 1 | $450,000 | 6 | $445,086 | 3 | $495,000 | 10 | ||||||||||
| Villa | 1 | $196,000 | 1 | ||||||||||||||
| Waterford | 4 | $263,500 | 4 | ||||||||||||||
| Custom | 1 | $325,000 | 1 | ||||||||||||||
| Grand Total | 56 | 17 | 12 | 1 | 260 | 37 | 383 | ||||||||||