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.