Single Family Homes

90-day stats for Single Family properties in
RANCHO MIRAGE, CA 92270 as of January 19, 2018
Median List Price:$869,346Average List Price:$1,439,230
Total Inventory:322Price per Square Foot:$274
Average Home Size:3,449Median Lot Size:13,872
Average # Beds:3.73Average # Baths:3.90
Homes Absorbed:17Newly Listed:20
Days on Market:178Average Age:24

Condominiums

90-day stats for Condo properties in
RANCHO MIRAGE, CA 92270 as of January 19, 2018
Median List Price:$358,769Average List Price:$379,450
Total Inventory:150Price per Square Foot:$186
Average Home Size:1,854Median Lot Size:n/a
Average # Beds:2.58Average # Baths:2.36
Homes Absorbed:10Newly Listed:12
Days on Market:149Average 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.