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And Then There Were 51 Bank Owned Homes

PGA West tall 4428 Palm Springs Real Estate

PGA West, La Quinta

Available inventory of Palm Springs area bank owned homes here in the desert continues to decline. On March 25th I mentioned a new low of just 70 bank owned homes listed in our market priced at $200,000 and higher. Today that number is down to just 51 bank owned homes and condos (view them here). Only seven of these bank owned homes are priced above $500,000.

Regular Sales Very Active

Inventory continues to tighten up throughout the desert and multiple offers are more common every day. So, if you have been considering a home or luxury condo for the coming winter, and winter always does have a way of showing up, the coming summer months would be a great time to take action.

My Crystal Ball On 12/31/2011

Based on market indicators at the time, in my December, 31, 2011 blog entry I predicted 20% sales growth for us in 2012. To date this year our sales have increased 60% over 2011 and we have a record 15 properties in escrow today. Contrary to what most people think, the spring and summer months are a very active time in our desert market.

Stay tuned!

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