As summer morphs into fall we can assuredly report that there has not been a slowdown of buyers or sales in the Palm Springs real estate market. The latest numbers show less than six months of residential real estate inventory in the valley - the fourth consecutive month of inventory declines as year over year sales remain brisk. We are continuing to see signs of price stabilization and even small upward ticks as the inventory of properties continues to trend downward.
Competition for bank owned and short sale properties continues to be brisk with multiple offers in most cases. Our experience in negotiating successful transactions for our buyer clients has proven invaluable in helping them acquire REO and short sale properties at very attractive prices.
Since January of '08 there has been a fairly steady decline in the number of new listings for sale coming on the market each month. New monthly listings peaked at 2,247 in January '08 and have since continued to decline to just 893 during June '09. Sales have increased more that 100% since January '08. The uptake in traffic and sales continues to be driven by bargain prices. In many price segments we are seeing prices not realized since 2002!