It would appear that looking into our rear view mirrors, we can now see that the 4th Quarter of 2011 was very likely the “bottom” of our local real estate market. Consistent housing reports continue to support that fact that our local price/sf is going up and in many different price points. Most notably, the entry level homes which are approximately $200,000 and below. Sellers are moving back into the drivers seats!
Low Inventory is the number one factor behind this price/sf increase in all price points except perhaps, the Luxury homes. Even in the luxurry home market however, the homes with the most desireable orientation (for maximum sun), great views and homes in good condition are selling. Buyers appear less cautious and Sellers appear more realistic in their prices if they want to sell.
Following is the area Sales information City by City..these are median numbers (half sold over and half sold below) This charts changes from 2011 to 2012.
Palm Springs:
Median home Price is up approx. 22%. Highest sale $1,350,000 Lowest: $235,000
Rancho Mirage:
Median: Down approx. 20% Highest sale $2,200,000 Lowest: $375,000
Indian Wells:
Median: Up approx 22% Highest sale: $4,050,000 Lowest: $605,000
Palm Desert:
Median: Down approx. 4% Highest sale: $750,000 Lowest: $207.000
La Quinta:
Median: Up approx. 24% Highest sale: $1,612,500 Lowest: $320,000
Generalities, yes, but generalities are based in reality usually and this is true in the housing industry here in the Palm Springs Valley. New home Sales are also up..people are pulling away from just buying distressed properties..that’s another good sign. It’s a great time to be a Buyer as our prices are still far below replacement costs. Also a stronger time to be a Seller as competition is less this year.