Coachella Valley Equestrian estates, land and farms are in demand!
Coachella Valley real estate update: Everyone wants to know what’s going on in the real estate world here in the Coachella Valley. Well, there are certain areas of the valley desert real estate sales that are doing very well. There are also areas of the valley that have been standing still. Sellers still aren’t feeling driven to sell, unless they are going to leave the area completely. Coachella Valley sellers are not willing to sell their current properties and perhaps move to a different area of the valley, or to a larger home..why would they?? Mortgage rates are still hovering around 7%. My own mortgage is 3%, so why in the world would I sell and trade my great rate for a higher one? If you are looking to buy or sell here in the Coachella Valley, give local Realtor, Kim Kelly a call at 760-285-3578.
Land, ranches and equestrian estates are still in high demand. In fact, I have buyers waiting for their dream ranch type properties to come up for sale!! I’m contacting past buyers to see if they may want to sell. BUT, I also have buyers looking for particular floorplans in a particular development with a particular orientation. Inventory has increased across our 9 desert cities, but it’s still low. Most of my ready buyers are cash buyers, or are paying mostly cash and carrying small loans. Sellers are more willing to carry a note in the hopes that will inspire buyers to write.
CAR housing market update
California home sales remained stagnant in December, according to a report released today by the California Association of Realtors. Existing, single-family home sales totaled 224,000 in December which were flat from November and down 7.1% from December 2022. For the year, statewide home sales were down 24.8%. December home sales remained near the 16-year low reached in November as the sales declined for 2023 and experienced their steepest drop since 2007.
December’s statewide median home price was $819,740, down 0.3% from November and up 6.4% from December 2022.
Orange County median home price in December was $1,300,000, up 14.9% from December 2022.
Riverside County median home price in December was $607,500, up 5.7% from December 2022.
San Diego County median home price in December was $911,500, up 7.2% from December 2022.
“The housing market had a tough year in 2023 as a shortage of homes for sale and high costs of borrowing continued to have a negative impact on housing inventory and demand” said 2024 C.A.R. President Melanie Barker. “With mortgage rates expected to come down in the next 12 months, home sales will bounce back as buyers and sellers return to a more favorable housing market. Home prices should see a moderate increase in 2024 as well.”
