April 11th, 2016
The market is HOT-HOT-NOT!
April fools… thus far in 2016 the market is chugging along, though it remains a Buyers’ Market especially in Luxury Homes. Although a few price segments this March performed better than March 2015 in addition to seeing some appreciation, for the most part sales numbers in most price segments are down just slightly from 2015 sales numbers (309 sales – March 2015, 299 sales – March 2016) which seems to be a trend since the beginning of 2015. It’s all about high levels of inventory causing buyers to be cautious and in many cases taking homes longer to sell.
Unlike Palm Springs’ HOT micro market… the down Valley Cities of Rancho Mirage, Palm Desert, Indian Wells and La Quinta markets are relatively soft in comparison, with continued high levels of inventory leading to a buyers’ market. This however could change quickly especially if we have a strong 2nd quarter with buyer prospects pulling the trigger and taking advantage of the many great values available. Over that past few years the heavy selling season picked up in the 2nd quarter with good sales stretching into the 3rd quarter, as cautious buyers complete their discovery and make their purchases.
It’s the PERFECT Storm for buyers to jump in to the market, where they have a crème of the crop selection of homes to choose from at great prices, and motivated sellers.
Attention BUYERS… Get out there now and take advantage of this market.
Here are the highlights:
Palm Desert ($250K-$500K segment) enjoyed 78 sales this March over 56 sales last March, including a rise in Median Sales Price from $319,250 in 2015 to $350,000 this March.
Indian Wells ($500K-$750K segment) enjoyed 16 sales this March over 8 sales last March including a rise in Median Sales Price from $592,500 – $616,000
La Quinta ($500K-$750K) enjoyed 25 sales this March, 21 last March, and the median sales price jumped up from $569,00 last March up to $584,500 this March.
Rancho Mirage ($750K-$1MM) experienced slight drop in sales from 7 last March to 6 this March though the median sales price jumped from $845,000 up to $922,500… NICE.
Rancho Mirage ($1.5M-$1.75M) doubled slow sales numbers from 2 last March up to 4 this March with a small jump in the median sales price as well from $1625,000 last March up to $1,658,688 this March
Indian Wells (1.5M-$1.75M) doubled sales from 1 sale last March up to 2 sales this March and the Median sales price jumps up from $1,525,00 last March up to $1,707,500 this March
Sales numbers and values in all other price segment’s dropped slightly from last March. If you’re thinking of buying call me today to discuss your goals. If you’re thinking of selling, or a seller that’s been sitting unsold, my advice is to seriously consider lowering your expectations and focus in on what the market will deliver in this 3rd quarter, or gamble being patient and consider staying on the market into the 3rd quarter as I believe we’re going to see buyers out hunting in the heat. Click Here to see a year over year chart of sales and prices covering my areas of expertise; Rancho Mirage, Palm Desert, Indian Wells, and La Quinta
Please feel free to reach out to me if you have any questions.
All the best to you.