Our Palm Springs Valley is rising it’s real estate value head..good for everyone living here or owning here. Buyers still get great value, but their selection is not as great and the price/sf has inched up a bit. It has become a very competitive Buyers’ market in La Quinta, California.
The Valley’s median home price, (half sold for more, half for less) was $210,000 in March. UP from $195,000 in February..a substantial increase. More luxury homes are being sold which pulls the median up. Across the entire valley, approx. 1,152 homes sold in March, a 3.3% increase from March of 2011. The big indicator? New Homes actually started selling! Approx. 60 new homes closed in March of 2012..that’s fantastic!
La Quinta Sales Statistics for March, 2012:
Total Sales: 166 Change from 2011 was up 19.4%!
Median price: $322,500 Change from 2011 was up 13.2%!
Highest priced Sale: $3,300,000 Median price/sf is up about 6% to $155/sf
If you are thinking of purchasing a vacation home or even moving up to a larger, or smaller, or newer property..2012 may be the year to actually do it! I am seeing a significant reduction of choices in all price points. Multiple offers are becoming the norm, so don’t try to “lowball” the Seller. Offer fair market value and make your offer clean and easy for the Seller. You’ll have a much better chance of success!