Sale activity in La Quinta and Rancho Mirage at selling prices greater than $1 million rebounded during the April to June quarter beyond a typical seasonal bounce. That said, these markets are still showing price weakness, as owners must compete with distressed properties in order to sell. This continues to create purchase opportunities for buyers desiring to enjoy the amenities of the desert’s upscale communities.
Luxury Home Sales Increase
Sales of higher-end homes are up this year in several desert cities. In Indian Wells, 23 homes priced at more than $1 million sold during the April – June second quarter, up from five homes during the same period last year. In La Quinta, 83 homes priced above $750,000 sold April – June, up from 53 during the second quarter of ‘09.