Palm Springs Valley home sales are trending upward, reports show. Meanwhile, countrywide sales are declining. Home sales here in our valley rose 9% last month compared to April 2011. Median prices in the valley -meaning half sold for more, half sold for less – rose up to $218,000 . . . from $210,000 in March, $195,000 in February and $165,000 in January – – – according to Data Quick.
California Desert Association of Realtors compiles home prices differently from Data Quick, basing them exclusively from the Desert Area MLS sales. It listed median home prices at $230,000 for single family homes and $194,500 for condominiums.
Home prices have been boosted, in part, by the drop in availability of low priced properties such as foreclosures, short sales, etc. and regular homes. This low inventory encourages the sale of the good homes . . . and they sell quickly. So it’s not just that the lower priced homes are selling . . . the high end market is improving also.
Experts believe that record low interest rates, housing affordability and an economy that continues to recover will mean a steady improvement for the housing market through the end of this year. Some see housing prices going up 10% between now and a year from now.
So if you’re thinking about buying a new home, your window of opportunity for best prices and most affordable loans could be a small one. Your local realtor, Kimberley Kelly, has been helping clients Buy and Sell homes in our Valley for 11 years. Her track record speaks for itself . . . feel free to give her a call for a free consultation regarding your real estate needs! Call her now at 760-285-3578 or email her at kjkpolo@earthlink.net. You’ll be glad you did !!!
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With home prices still falling in La Quinta and across America, could the housing market really be healing? That’s what two of the major U.S. banks say – Wells Fargo and Chase. Their earning reports disclosed that more Americans are taking out loans, paying them on time and taking advantage of low interest rates to refinance.
Chase, the biggest bank in the U.S., says that their income from new home loans made from January through March is record-breaking. They issued 6% more loans than this time last year and received 33% more applications.
At Wells Fargo, the bank issuing the most home loans, booked the most mortgage fees since 2009 and issued 54% more mortgages than a year ago . . . and took in 84% more applications.
As manufacturing and consumer spending have held their own or grown, the housing market has been the biggest drag on our nation’s economic recovery. Home prices are still falling, but have slowed down in the past serveral years and more than half a million American homes were in the foreclosure process at the end of March.
Yet, the stronger mortgage business reported by Chase and Wells Fargo helped to surpass Wall Street’s expectations for first-quarter earnings. Signs are encouraging and it’s a wait-and-see process as the year 2012 unfolds.
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La Quinta Real Estate, 2012..a good year?? A good year..that is going to be very different for each person asking the question. La Quinta Real Estate in general has withstood the decline in property prices, and in many areas and specific developments is actually seeing a slight increase in the price/sf! What??
1. Entry Level Homes: 2012 will see a continuance of high volumne sales in this market. Entry Level in La Quinta is approximately $200,000 and under. Homes in this price point moved heavily all through 2011 and should continue the trend through 2012. With a great school district, solid City management and reserves, proximity to upscale Hotels, Golf Courses, Resort amenities and Old Town La Quinta, there isn’t much not to like. Just add in the views, and you can see why this market is sizzling. Investors, Flippers, first time home buyers and families that have been waiting to purchase when prices dropped will continue to jump into this market.
2. Gated Communities: Gated Communities in La Quinta are very popular. La Quinta is, for many Residents, a resort destination. Canadians, Asians, Europeans, Northern Californians and Beach Owners, prefer to purchase their second homes, and vacation homes in gated communities, which do offer more security for the months the Residents are not in town. Prices in the mid-tier pertain to these communities at about $350,000 – $550,000. There are some less and many more expensive. However, the mid-tier price range of homes will most like move laterally..not going up or down and should continue to sell fairly well.
3. Golf Communities: In the La Quinta and Palm Springs Valley, there are approx. 120 Golf Courses! That means, ALOT of inventory. I believe we will continue to see Private Golf Clubs, changing their pricing structures to encourage part timers and beginning golfers. PGA West has already done this by adding a non-refundable Premier Membership opportunity at $40,000, and The Citrus offers the same at $30,000. This only came into being in 2011, but I believe there will be MANY private Golf Clubs trying to figure out how to entice more golfers to join the Clubs, in a more reasonable way. Home on Golf Courses are selling very well and should continue to do so. Average prices are now at approx. 50% less than they were at the housing peak in 2006.
4. Luxury Properties in La Quinta: I have seen a large increse in the interest and also the Sales numbers in Luxury residences across the Valley. These magnificent homes, in Golf and non-golf communities are selling. I think the Sellers will continue to adjust their prices to attract Buyers and the Luxury home market (1 mil – 3 mil) and the Luxury Market High End, (3.5 mil to 40 mil) will see sales increases in 2012.
I am not a psychic. I am a Realtor that is interacting with Clients on a daily basis and reading every real estate prediction I can find. None of us KNOW what is going to happen. These are my feelings for 2012 La Quinta and Palm Springs Valley real estate trends for 2012.
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