Real Estate Market Updates

Summer Real Estate Sales Warmer Than You Might Think!

Poolside in La Quinta

You might be surprised to learn that the Palm Springs area real estate market is actually very active year-round. People coming to look at property during the summer are usually on a mission to find a home or luxury condo before the coming winter.

700 Home Sales Monthly

On average about 700 homes and condos are sold each month in our seven primary desert cities. Sales peak at just over 900 homes sold each month from February through March compared to about 600 homes during each of the summer and fall months.

Sales so far in 2012 are outpacing 2011 so we may hit 1,000 home sales per month by sometime next winter.

Data Source: Desert Area MLS data compiled by Sheri Dettman & Associates for home and condo sales within the cities of Indian Wells, Indio, La Quinta, Palm Desert, Palm Springs, Rancho Mirage and Cathedral City.

Desert Area Home Sales Increase 10 Months In A Row!

Desert home sales in the Coachella Valley increased 7.1% in April compared to April of 2011. This is the 10th consecutive month of year-over-year sales increases.

Desert Home Sales By Month

• April: 1,107 sales, +7.1%
• March: 1,152 sales, +3.3 %
• February: 876 sales, +2.9 %
• January: 784 sales, +5.4 %
• December: 990 sales, +11.5 %
• November: 739 sales, +0.4 %
• October: 735 sales, +1.9 %
• September: 823 sales, +9.4 %
• August: 883 sales, +20.8 %
• July: 828 sales, +0.6 %
• June: 1,072 sales, -1.0 %
• May: 1,087 sales, +6.0 %
• April: 1,027 sales, -0.5 %

And Then There Were 51 Bank Owned Homes

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!

Desert Home Sales And Prices Climb In First Quarter of ’12

Mountain View Country Club, La Quinta

Home Sales & Prices In Several Cities Increase, Inventory Continues To Shrink

Both sales and prices of desert homes and condos in several desert cities were on the rise again during the first quarter of 2012 compared to the same period of ‘11. Over $608 million of desert property was sold during the first quarter in the five most active desert cities listed below.

• Home Sales In Indian Wells: Sales +21.05% / Average sales price +11.90% to $917,983
• La Quinta: Sales +9.35% / Average sales price +3.28% to $588,105
• Palm Desert: Sales +3.45% / Average sales price +1.93% to $455,488
• Palm Springs: Sales +2.07% - Average sales price -1.93% to $428,130
• Rancho Mirage: Sales -4.26% - Average sales price -7.96% to $578,496
• Indio: Sales -9.46% - Average sales price +2.09% to $308,879

Related Article: "With Inventory Down, New Home Builders Are Back"

Data Source: Desert Area MLS sales of homes and condos that sold for $200,000 and higher in the first quarter of 2012 compared to 2011. Data compiled by Sheri Dettman & Associates©. Disclosure: Data is deemed to be accurate but cannot be guaranteed.

Home Sales Over $800,000 Zoom In First Quarter of 2012

PGA West, La Quinta

Last week I reported that both sales and prices of desert homes and condos were on the rise again. Today let’s drill down into those sales numbers a bit further to see ‘where the action is’ in different price segments.

I had our number crunchers take last Friday’s sales numbers and break them down by price segment and what we discovered is that sales at the higher end really took off in the first quarter of 2012 versus the same period of ‘11.

Price segments from $200,000 and higher showed modest sales gains, while sales at $800,000 and greater literally took off! Here’s the breakdown:

2012 First Quarter Sales Volume By Price Segment Versus 2011

• Homes sold from $200,000 to $399,999: +3.14%
• $400,000 to $599,999: +1.90%
• $600,000 to $799,999: -1.83%
• $800,000 to $999,999: +4.55%
• $1M to $1,499,999: +30.30%
• $1.5M to $1,999,999: +9.09%
• $2 Million and greater: +15.79%

Data Source: Desert Area MLS sales of homes and condos sold in the first quarter of 2012 compared to 2011 in the cities of La Quinta, Palm Desert, Indian Wells, Rancho Mirage, Indio and Palm Springs. Data compiled by Sheri Dettman & Associates©. Disclosure: Data is deemed to be accurate but cannot be guaranteed.

100% Sales Growth Y-T-D In 2012!

Golfers at Mountain View Country Club in La Quinta

Let’s get right to the point. Real estate sales here in the desert continue to increase and things just seem to be getting busier by the month. Our local escrow company reported last week that new purchase contracts that were opened in February were up 60% over February of 2011.

Our real estate team had more clients viewing properties in February than any month in our history. Prospective buyers who have been looking at desert properties for the past two or three years are now buying. We’re also seen an increase in sales from people we’ve worked with for only a short time. Properties across all price ranges are active with big movement in those over $1 million.

Sheri Dettman & Associates Up 100% Year-To-Date

Our first three months of sales this year are on track to equal six months of sales in 2011. And 2011 was up 30% over the 2010! Keep in mind that our local desert inventory continues to tighten up in line with increased sales, so don’t wait too long to find a great value on your perfect home at a historically low interest rate.

We’d love to see you on your next visit to the desert. Please try to give us a few days notice to reserve a spot on our calendar and remember–Real estate is indeed local!

Just 70 Bank Owned Homes Listed!

Bank owned home at Griffin Ranch, La Quinta

People ask me everyday about our local real estate inventory. And I tell them that our local desert inventory continues to shrink. That said, real estate is local and varies from community to community and certainly by price segment.

Here’s an interesting fact. As of this moment in time there are only 70 bank owned homes listed in our market at $200,000 or higher! The luxury market is even tighter as you’ll see only 14 homes listed at $500,000 and up.

Here’s the list of bank owned homes for sale (live MLS feed subject to change). A direct link to bank owned home listings is also available direclty on my website in the right side links under “Featured Communities And Listings".

PS: The above photo shows one of my top REO picks for this month.

Data source: MLS listings for the cities of La Quinta, Rancho Mirage, Indian Wells, Palm Desert, Palm Springs and Indio priced at $200,000 and higher.

Million Dollar Bank Owned Properties

Toscana Country Club, Indian Wells

Inventory of bank owned homes listed at $1 million and higher in the Palm Springs area real estate market continues to tighten up. As of today there are only five properties owned by banks that are listed in this luxury price segment.

• 75583 Via Cortona, Indian Wells at Toscana Country Club / $1,799,900
• 75256 Desert Park Drive, Indian Wells $1,195,000
• 40700 Paxton Drive, Rancho Mirage at Thunderbird Terrace
• 73956 Desert Garden Trial, Palm Desert at The Reserve
• 533 Mesquite, Palm Desert at Bighorn Golf Club

During the last six months just six bank owned million dollar homes sold in the desert.