Palm Springs home inventory is down and prices are rising!
La Quinta, California (PRWEB) October 28, 2012
With winter just around the corner buyers from cold and damp climates are again looking to the Palm Springs Real Estate Market in increasing numbers. After all, given a choice who wouldn’t want a ‘place in the sun’ to enjoy with family and friends this winter.
The challenge for many Palm Springs area homebuyers this season is the historically low inventory of homes on the market. Here in the Palm Springs area (the Coachella Valley) the available inventory of homes fell 16.7% during September of this year compared to September of 2011.
Palm Springs Area Declining Home Inventory
- September 2012: 1,995 Homes
- September 2011: 3,065 Homes
- September 2010: 5,752 Homes
The relatively low supply and competition for quality properties has pushed up both median and average selling prices in many golf and country club communities. The averaging selling price for single-family homes in the Palm Springs market increased 19% in September while the median price increased 20% compared to September ‘11.
So what’s this mean to homebuyers interested in the Palm Springs area? That depends on the price segment, city and neighborhood. Competition is generally going to be tougher on a $500,000 home than for a $2 million property. That said we’ve seen multiple offer situations in all price segments this year.
With tighter home and luxury condo inventory it’s more important than ever for buyers to consider working with and hiring a busy and successful buyers agent to guide them. Busy agents (those completing 30 to 50 transactions per year) likely visit hundreds of properties in dozens of communities each month. Busy agents will be in touch on a daily basis with other top agents and they’ll many times see Palm Springs area real estate market trends developing before statistics are even published.
Buyers interested in Palm Springs area homes and condos including homes for sale in the cities of La Quinta, Indian Wells, Palm Desert, Rancho Mirage, Indio and of course Palm Springs can find helpful tips at the Sheri Dettman & Associates website.
About Sheri Dettman & Associates
Sheri Dettman & Associates is associated with Luxury Homes by Keller Williams International, the second largest residential realty company in North America. Sheri completed 74 sales transactions in 2011 in golf and country club communities throughout the Palm Springs area and in all price segments. Additional information about Palm Springs area real estate can be found at: http://www.YourResortHome.com