Sales continue to rise here in the Palm Springs Valley. The Median keeps moving slightly down, but that is to be expected when the luxury homes are really starting to pop. So..even when the entry level homes price/sf falls slightly, the luxury home sales fall ALOT and that skews the median. Don’t put too much emphasis on the median price..look at the development in the City you are looking to buy in. Check those comps carefully for the past year and that will tell you the true story in a micro level.
This article from today’s Desert Sun emphasizes all our recent Sales. The last Q of 2011 has continued it’s steady sales numbers into the First Q of 2012. Entry level homes are pretty much consistently receiving multiple offers. I often get outbid on investor homes at this level. First Time homebuyers are taking advantage of the “First Look Initiative” for Freddie and also Fannie Foreclosures and usually beat out the Investors! This is probably a good thing for the healing of our communities.
Luxury home Sales have really started popping. PGA West continues to sell rapidly. Buyers from Australia, New Zealand, Asia, Canada, the beach cities, L.A., and many local buyers that are selling and moving up to communities they have been eyeing but were unable to afford..all are pushing luxury home sales up.
I am hearing over and over…”Where else can I put my money to diversify my portfolio and get such a strong return?” Good question…