Kevin Stern / Town Real Estate
Rancho Mirage, CA
Single-Family Homes
www.TownCA.com | 760-250-1977 | kevin@kevinstern.com | CalDRE #01376548
Rancho Mirage, CA
Thu Nov 21 2024
This week the median list price for Rancho Mirage, CA is $1,268,665 with the market action index hovering around 29. This is less than last month's market action index of 30. Inventory has increased to 220.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Buyer's Advantage
Market Narrative
The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.
Real-Time Market Profile
| Median List Price | $1,268,665 | |
| Median Price of New Listings | $1,305,000 | |
| Per Square Foot | $467 | |
| Average Days on Market | 94 | |
| Median Days on Market | 56 | |
| Price Decreased | 28% | |
| Price Increased | 2% | |
| Relisted | 15% | |
| Inventory | 220 | |
| Median Rent | ||
| Market Action | 29 | |
| Slight Buyer's Advantage | ||
The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $3,399,999 | 4,631 | 0.5 - 1 acre | 4 | 4.5 | 18 | 3 | 4 | 49 |
| $1,545,000 | 3,115 | 0.25 - 0.5 acre | 3 | 3 | 36 | 4 | 3 | 35 |
| $1,095,000 | 2,673 | 8,000 - 10,000 sqft | 3 | 3 | 40 | 6 | 6 | 63 |
| $777,000 | 1,948 | 6,500 - 8,000 sqft | 3 | 2 | 21 | 1 | 7 | 91 |