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Desert Real Estate Update – March 2010

The real estate world was very different in the Coachella Valley just five years ago. Prospective buyers streamed through crowded model homes while the builder’s agents poked pins onto maps to reflect growing sales – some homes posting $10,000 price increases by the month.

It was fast and frenzied in ’05 and ’06 as price seemed to be no object, lenders were giving away money and affordability dissipated, squeezing many families out of the market. The picture is a stark contrast to today’s market. While still recovering from the recession, many optimistic signs have been appearing.

While entry-level homes (under $250,000) continue to dominate the desert market we are seeing growing interest and activity in all price categories from the entry to level to over $7 million. Price continues to lead the market in almost every transaction.

Recent Desert Area MLS Stats

  • Sales up 25 percent compared to ’08 (personally, we are up 50% over our sales in ’09)
  • Of 9,238 total home sales, 8,204 homes sold for under $500,000
  • Inventory continues to tighten up in our most popular second home communities
  • Investors continue their interest in entering the market

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