Since about the middle of 2011, I have been seeing a small but steady uptick in local prices. The bottom price point of $250,000 and under is saturated with Buyers. Investors and also first time home buyers. The numbers of foreclosures and Short Sales have dropped significantly. This trend will most like go through 2012 with the price/sf increasing a small amount.
Then there is the $500-$800,000 market. Again..I’m seeing lots of buyers. Sellers have priced their homes much more aggressively and they are moving. There is still room to negotiate here, but less inventory than a year ago.
Luxury hoemes are the hot market. The price/sf has dropped over 30% and in some developments as much as 50% from the peak market of 2006. Investors in this price point have increased and I expect this market to continue to see investors and home buyer numbers continue to rise through 2012.
Palm Springs Valley Real Estate Economic Summit Update:
This is great news for those of us that live here year round. It is also an indicator that it might be time for those of you looking to invest or own in our beautiful winter, resort valley to make that offer!