The First Quarter results are in…
Below are the charts for the Palm Springs Valley including the Price Trend and Number of Homes Sold from 2004 – March 31st, 2009
It’s that time of year again when we send our Quarterly Market Review and Comparison. In the reports above, we have done a “First Quarter 2009 Review” and charted a four year look-back comparing the number of home sales and price trend for the 9 desert cities in the Palm Springs Valley. As you will see the price trend is down and the number of sales are up – a clear sign that our market is turning around.
Over the last 1 ½ – 2 years we have at times, felt like cheerleaders in an empty stadium; grabbing every opportunity to sing the praises of our desert real estate market. Although we cannot deny the market has been a challenge for both buyers and sellers, there are signs our market has seen the worst.
Existing home sales in the desert are up and inventory numbers are down. As of this writing, current inventories of homes for sale in the desert are 7,425. At this time one year ago, our unsold inventories were 9,214; a twenty percent decrease, indicating our market is stabilizing.
We also conducted a survey with “one on one” interviews with several local Escrow and Title companies – since they are the leading indicators with new orders, we wanted their take on the health of our local market and views of where they think we’re headed.
By all accounts, everyone is relieved to have the shock of September – December ’08 behind us. They believe we will enjoy an extended ’09 season and shared an optimistic view for 2010. For Buyers and Sellers alike, NOW is the time. As a seller you may not realize the gains of two years ago, however, you will enjoy the benefits of buying in a market that will reward your investment. As an investor / buyer there has never been a more opportunistic time – interest rates remain low with a wide selection of buying opportunities.
The desert continues to be a premier destination; retiring boomers and second home buyers are still attracted to our “resort lifestyle” and the International buyers who have been sitting on the sidelines, now appear more confident and willing to jump in.
Your decision to buy or sell can be one of the most important decisions you will make. To that end, we are here to help you stay informed about our local real estate market. We know looking back is useful in preparing for the future and we hope you find the information we have compiled useful; and of course it is our goal to be your realtor when you think about buying or selling real estate in the desert.
If you’ve been thinking about selling your home – give us a call, we believe you will find our marketing approach comprehensive and aggressive – designed to get your home sold quickly for top dollar.