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
Wed Oct 04 2023
This week the median list price for Rancho Mirage, CA is $1,149,500 with the market action index hovering around 40. This is an increase over last month's market action index of 39. Inventory has increased to 100.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
The market remains in a relative stasis in terms of sales to inventory. Prices have not been moving higher for several weeks. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up persistently, prices are likely to resume an upward climb.
Real-Time Market Profile
| Median List Price | $1,149,500 | |
| Median Price of New Listings | $1,549,000 | |
| Per Square Foot | $468 | |
| Average Days on Market | 85 | |
| Median Days on Market | 56 | |
| Price Decreased | 34% | |
| Price Increased | 3% | |
| Relisted | 16% | |
| Inventory | 100 | |
| Median Rent | ||
| Market Action | 40 | |
| Slight Seller'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 |
|---|---|---|---|---|---|---|---|---|
| $2,475,000 | 4,322 | 0.25 - 0.5 acre | 4 | 4.5 | 25 | 3 | 4 | 77 |
| $1,475,000 | 3,052 | 0.25 - 0.5 acre | 3 | 3 | 32 | 5 | 5 | 28 |
| $975,354 | 2,187 | 6,500 - 8,000 sqft | 3 | 2.5 | 20 | 1 | 0 | 63 |
| $739,900 | 1,832 | 6,500 - 8,000 sqft | 2 | 2 | 20 | 1 | 5 | 49 |