April 12, 2018
Homes Are Made for Living… and our beautiful desert offers lifestyle living like none other. I cannot tell you how happy I am each day, to wake up in paradise, and help buyers and sellers achieve their goals. With almost 20 years’ experience in helping people with Real Estate and being fortunate enough to assemble the finest and most synergistic support team I could have dreamed of, our sales numbers this season thus far, are just under $30 Million Pending and Sold. Thank you… Wendi Brinson, Nyla Patzner, Todd Later, and Jack Menzia for your professionalism, hard work, and focus in providing the best service to our clients. And finally, our affiliation with, the amazingly strong foundation and recognition Pacific Sotheby’s has earned, offering our clients without a doubt the Highest & Best level of Professional Associates, Networking and Referral possibilities, and Exposure – Locally, Regionally, Nationally, and Globally.
To all our loyal clients, Thank You!
As the old saying goes: With diligence, hope, trust, and patience, things work out for the better. As we approach from what I can see, the peak of another real estate cycle, our desert market continues to show volatility, though promise to most buyers and sellers. With rising mortgage rates, along with global uncertainty, I believe we will soon see leveling off in the market. Year over year, in the four Cities of my expertise; Rancho Mirage, Palm Desert, Indian Wells, and La Quinta, values continue to rise in many price segments, though we continue to see volatility in higher price segments, inventory continues to drop, both pending sales and homes sold are on the rise and we continue to experience an overall decline in the amount of days it takes to sell a home.
Most sellers today compared to the past couple of years are more amenable to pricing their home right, and some homes are selling very quickly. Pragmatic buyers continue to drive the market, with multiple counter offers to solidify a deal. The fact remains, serious sellers who study the market, price their homes within the limits of market reality. Sellers who want to test the market, had better have a super special home, or plan to sit patiently, and ultimately have a willingness to reevaluate what is important to them. Consider Professional Staging – Staging homes that are tired, and potentially difficult to sell, bring positive results. Sellers who are willing to think outside the box and invest in creating a fresh new palate to present to the market are enjoying a high level of success. Professional Staging is not inexpensive, and usually ranges from $10,000 – $25,000, although every time my sellers have agreed to clear out the old, and bring in the new look, it has paid for itself. For example, this month, two of my clients agreed to stage their homes, one spent $10,000 on a $1M Listing, and the other spent $17,000 on a $1.2M Listing, and both homes sold very close to asking price within the first week. This would not have happened without professional staging.
Back to the Market – March 2018, year over year numbers, Inventory, Pending Sales, and Sold
March – Inventory is down this March 28.6% – 464 homes listed, down from 650 last March
March – Pending sales are down this March 18.9% – 79 homes In-Escrow now, 88 last March
March – Sold homes down 10.2% – 90 homes this year, 111 last March
Palm Desert: South-North-East
March – Inventory is down 24% – 692 homes listed, down from 911 last March
March – Pending sales are up 23.5% – 221 homes In-Escrow, 179 homes last March
March – Sold homes down this March 7% – 182 homes, 193 homes last March
March – Inventory is down 15.6% – 244 homes listed, down from 289 homes last March
March – Pending sales are up 20.8% – 29 homes In-Escrow, 24 homes last March
March – Sold homes are up 2.9% – 35 homes, 34 homes last March
March – Inventory is down 13.7% – 790 homes listed, down from 915 homes last March
March – Pending sales are down 9.5% – 152 homes In-Escrow, 168 homes last March
March – Sold homes down this 7.7% – 167 homes, 181 homes last March
I hope you have found this market update informational and useful. Please feel free to reach out to me if you have any questions.
Please click here to view specific sales numbers and values, per City and Price segment.