Single Family Homes

90-day stats for Single Family properties in
RANCHO MIRAGE, CA 92270 as of November 10, 2017
Median List Price:$838,173Average List Price:$1,369,088
Total Inventory:269Price per Square Foot:$264
Average Home Size:3,374Median Lot Size:13,387
Average # Beds:3.71Average # Baths:3.86
Homes Absorbed:16Newly Listed:20
Days on Market:204Average Age:24

Condominiums

90-day stats for Condo properties in
RANCHO MIRAGE, CA 92270 as of November 10, 2017
Median List Price:$340,269Average List Price:$365,531
Total Inventory:132Price per Square Foot:$185
Average Home Size:1,810Median Lot Size:n/a
Average # Beds:2.56Average # Baths:2.33
Homes Absorbed:9Newly Listed:11
Days on Market:146Average Age:38

From Altos Research –

“Residential house prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors.

The Market Action Index (MAI) illustrates the balance between supply and demand using a statistical function of the current rate of sale versus current inventory. An MAI value greater than 30 typically indicates a “Seller’s Market” (a.k.a. “Hot Market”) because demand is high enough to quickly absorb available supply. A hot market will typically cause prices to rise. MAI values below 30 indicate a “Buyer’s Market” (a.k.a. “Cold Market”) where the inventory of already-listed homes is sufficient to last several months at the current rate of sales. A cold market will typically cause prices to fall.

Keep in mind that an MAI value close to “30” probably means that the local market is balanced or neutral. So if the MAI for your local market is somewhere between 27-33, then it’s likely to be either a buyer’s market or seller’s market based on the individual street or home area that a particular property is in.