Real Estate Market Updates

La Quinta Real Estate Teamwork As 4 Homes Sell Concurrently

A big part of my job is making sure that our client’s real estate transactions flow as smooth as possible. We recently helped a La Quinta real estate client invest in a new construction home. And, at the same time we were asked to market and sell the current La Quinta home they were living in.

Well it wasn’t long before we brought our client an offer for their existing home which they accepted. That purchase offer however was contingent upon those buyers also selling their own home, on which they had accepted a purchase offer pending as well.

Buyers Need To Sell Their Homes Also

To complicate matters further, the people buying this other home also–you guessed it–needed to sell their own home too. This home was located in another part of California, and they had an accepted purchase offer as well, so let the transactions begin!

The good news here is that we had several very experienced agents working together every step of the way to get these four homes sold almost concurrently. One home at a time we worked together along with our Escrow and Title teams to get these transactions completed and all four transactions closed on time and within 24 hours each other. Everyone’s moving trucks were all lined up and ready to roll and I’m happy to report that all the moves went pretty much as planned.

This Was A New Real Estate Experience

I’ve completed hundreds of transactions here in the Palm Springs area real estate market, but this is my first contingent, upon contingent, upon contingent, upon contingent real estate transaction. Add to that the fact that each of these buyers were moving into their new La Quinta homes as their new primary residence–not a vacation home. That meant that everyone needed things to go according to schedule. Looking back now these concurrent transactions were challenging but fun and satisfying.

Desert Home Prices Continue Upward Trend

Community Pool At PGA West, La Quinta

The Desert Area MLS® reports that as the number of short sales, REOs (bank owned properties) and regular sales continue to decline due to shrinking inventory levels, home prices in the Palm Springs area are maintaining their upward trajectory.

The average price of a single-family home sold through the Desert Area MLS rose twenty four percent (24%) in May 2013 compared with May of 2012. The average price of a condo rose ten percent (10%) year-over-year during that same time period.

Home & Condo Inventory Still Shrinking

Available homes and condos offered for sale (called active inventory) on the Desert Area MLS continued to decline from month to month in the Coachella Valley during the last four months.

• May 2013: Homes 2,181 / Condos 1,029
• April 2013: Homes 2,390 / Condos 1,116
• March 2013: Homes 2,515 / Condos 1,157
• February 2013: Homes 2,671 / Condos 1,212

Palm Springs Real Estate: Looking Back 3-Years Ago This Month

One of many PGA West Community Pools In La Quinta

Flash Back To May 2012: Bank Owned Home Inventory Down

In May of last year I posted an article here about how our local inventory of Palm Springs area bank owned homes was slowly disappearing from the desert. One year later foreclosure properties in the Palm Springs real estate market are really scarce.

I also mentioned that inventory “continues to tighten up throughout the desert” so now would be a great time to take action. One year later now I’m still saying that it’s still a good time to take action. And while we can’t go back in time to last year’s home prices, we can take action today, right now and then talk about it again next year.

May 2011: Woulda, Coulda, Shoulda!

Two years ago this month my buyers tip was entitled “Woulda, Coulda, Shoulda’!” I wrote about some ways to avoid woulda, coulda, shoulda’ in the buyers market we were experiencing during 2011.

I’m remember 2011 as being a year in which our buyer clients had a ton of choices in choosing which home or luxury condo they wanted to buy. But if you snoozed in 2011 as a buyer you generally also lost out to other buyers of 2011 who didn’t snooze.

May 2010: 11,000 New Boomers Everyday!

Three years ago this month I wrote about the growing boomer generation in the U.S. and Canada, and how many boomers are now looking, or would soon be looking at the Palm Springs area as a primary residence, second home, vacation home or rental/investment property. And how the Palm Springs area offered the climate, amenities, and lifestyle that many boomers were looking for, with resort lifestyle communities and properties in a wide variety of price ranges. I mentioned that as the economy hopefully continued to recover, we expect the release of pent up demand from boomers and others for resort lifestyle properties.

And Back To Palm Springs Area Real Estate Today

Three years later in May of 2013 we are seeing a release of that pent up demand. Some buyers that didn’t act yet are not saying woulda, coulda, shoulda! And here in the Palm Springs area our inventory of available homes and luxury condos continues to shrink.

God willing, we’ll take a look back at May of 2013 one year from now. Stay tuned!

Palm Springs Area Real Estate Update For March 2013

At the risk of repeating myself again this month, single-family home prices in the Palm Springs real estate market are continuing to rise while the available inventory of homes and condos continues to decrease. Five of six valley cities recorded sales price increases in March of 2013 compared to March of 2012.

Andalusia, La Quinta Plan-1 Home

March 2013 Single Family Home Average Sale Prices Compared To 2012

• Indian Wells: $1,095,000 / $936,000 (+ 16.99%)
• La Quinta: $609,000 / $556,000 (+ 9.53%)
• Rancho Mirage: $583,000 / $616,000 (- 5.36 %)
• Palm Springs: $456,000 / $442,000 (+ 3.17%)
• Palm Desert: $427,000 / $356,000 (+ 19.94%)
• Indio: $243,000 / $207,000 (+ 17.39%)

Available Valley-Wide Inventory Single Family Homes & Condos

The available inventory of both Palm Springs area single-family homes and condos has continued to decrease during the last three months.

• March 2013 - Homes: 2,515 / Condos: 1,157
• February 2013 - Homes: 2,671 / Condos: 1,212
• January 2013 – Homes: 2,800 / Condos: 1,228

Data Source: Desert Area MLS®

Ground Broken At Stonefield Estates For Next Phase Of New Homes

Stonefield Estates At Santa Rosa is a gated community of just 41 luxury homes (10 completed and sold to date) on impressive home sites averaging one half acre. Semi-custom homes at Stonefield Estates range in size from 3,515 to over 4,800 square feet with three to five bedrooms and up to five bathrooms in five distinctive floor plans.

Ground was broken this week on three new construction luxury homes today in phase-two at Stonefield Estates in Southwest Indio. This as the 10th and final home in phase-one closes escrow this week. Already reserved in phase-two are two Italian Country Estate Plan-5 Homes and one Andalusia Plan-3 luxury home. The buyers of these homes were able to work with the developer in customizing their floor plans, finishes and exterior elevations.

Homes at Stonefield Estates include an extensive list of upgrades, custom pools, spas, built-in grills, front and rear landscaping and a sensational chef's kitchen.

Just 3 Stonefield Estates Homes Remain In Phase 2

• Adobe Ranch – Plan One:
• Spanish Colonial - Plan Two
• Andalusian - Plan Three

Model Home Hours:
Thursday - Sunday 11 AM to 3 PM

Or By Appointment (760) 668-2838

On The Other Side Of The Fiscal Cliff

Palm Springs Area Buyers Coming Forward In Increasing Numbers

A number of recent buyers shared with me last month that they were in stand-by mode until our fiscal cliff and tax situations were somewhat resolved here in the U.S.. Now these buyers are coming forward in increasing numbers and in all price segments.

Sales activity for both new and resale homes, luxury condos and custom lots are all on the upswing and yes, prices are continuing to rebound as our Palm Springs area inventory remains below normal. January was off the charts busy as buyers continued to take advantage of some great real estate opportunities. February also appears to be very strong.

Property Owners Seeing Increased Values

Desert property owners wishing to sell are now realizing that their property values have increased nicely in the past year in many communities, especially in the mid to upper price ranges.

Long story short, yes last year's prices are long gone but there are still some very good opportunities in both golf and country club and non-golf communities. While nothing is guaranteed, I see a continuation of the improving market here in the desert for the foreseeable future. After all, a growing number of people from the U.S., Canada and internationally do want to find their home in the desert sun.