Residential Real Estate Market Report- December 2012 Coachella Valley
With inventory down significantly from this time a year ago, the number of detached single family homes has not risen (except for Palm Desert) but prices have slowly risen in some areas and cities and dramatically risen in others. Prospective buyers still have the opportunity to capitalize of course with lower interest rates and low prices, but they will face stiff competition on homes in coveted areas due to lack of property to choose from.
Here are some recent statistics on comparing December 2011 to December 2012*
Palm Springs Dec 2012: 95 homes sold $479K avg sale price
Palm Springs Dec 2011: 93 homes sold $405K avg sale price
Rancho Mirage Dec 2012: 37 homes sold $662K avg sale price
Rancho Mirage Dec 2011: 41 homes sold $631K avg sale price
Palm Desert Dec 2012: 94 homes sold $492K avg sale price
Palm Desert Dec 2011: 70 homes sold $381K avg sale price
La Quinta Dec 2012: 102 homes sold $552K avg sale price
La Quinta Dec 2011: 118 homes sold $480K avg sale price
Indio Dec 2012: 113 homes sold $221K avg sale price
Indio Dec 2011: 136 homes sold $180K avg sale price
Tip to consider when looking for a desert home:
Be open to not making a private pool a necessity. If you can find a property with a lot big enough in a desirable area, it may pay off to install your own so you can get a better price on the home and not participate in a bidding war. Plus, putting a newer pool with your touches may pay off better down the road than having an older, less appealing pool.
Click here to take a look at our website for viewing available properties
* Information from DAMLS on 1/9/13- only for single family detached residences
Happy New Year to Everyone!
Contact us if you need to price out your current desert property or want to looking into purchasing a new one
Residential Real Estate Market Report- December 2012 Coachella Valley
Mike and Maria, prices up and inventory down sounds a lot like our market. I'm curious to see how fast the listings start coming on the market.
Best
Hi Adrian, we're seeing new listings steadily coming on the market in the greater Palm Springs area. Thanks for reaching out, and we send you our best wishes for a successful 2013.