What is the real estate market update for the greater La Quinta and Palm Springs area this November 2014?
Our California desert communities of the Coachella Valley’s real estate market sales have continued their 18 month slowdown this month, but a much lower rate. Contributing to this slowdown has been the reduced availability of short sale and foreclosure properties and the resulting move of investors to new markets. The median price per square foot declined 2.2% for all of Coachella Valley real estate communities.
However, there is a lot of good news;
- Sales have been increasing in the luxury real estate market,
- New home builders are building again in the Coachella Valley,
- MLS inventory for the region has been declining for the past five months and is now approximately 3,000 homes,
- Regarding “months of sales” for each city there is now a balanced situation.
When taken as a whole, all numbers point to a “normal” real estate market for the Coachella Valley.
How are our individual cities doing?
Coachella–47% from all time high
Palm Springs–12% from all time high
Indian Wells–28% from all time high
Indio–37% from all time high
Palm Desert–33% from all time high
La quinta-37% from all time high
Rancho Mirage-40% from all time high
So as you can see we are creeping back up to a normal market. Call me today to find out what your home is worth!
Jessica Bailey
Realty Executives Desert Lifestyles
213-926-6471
jessiebaileyus@yahoo.com