February 3, 2014
Another week has passed and we’re already into February… time goes by fast when you’re having fun. I’ve had some recent inquiries from my clients in addition to of course prospects thinking of selling, and wondering how the market is doing year over year. I believe you’re going to be pleased with the results. In the areas of my expertise which are Rancho Mirage, Palm Desert, Indian Wells, and La Quinta… covering the month of January, sales were down by 10% year over year with 317 sales in January 2103, and 289 sales in Jan 2014. Here’s the good news… year over year prices are up approximately 22%, a median sales price of $320,000 in Jan 2013 up to $390,000 in Jan 2014, “This is SIGNIFICANT”, and of course were all hoping for a strong season this year. If this year is anything like last year… which I believe it will be, you better hold on. Mid to late February through March 2013, the flood gates opened and sales including the slow paced luxury homes under the $1.5M price point were selling like hot cakes. Here’s an example; February 2013 – 347 sales with a drop in median price to $299,900, and in March…WOW… 461 sales with a median sales price of $350,000. The average days on market year over year has averaged approximately 110 days. Remember the information provided above is statistical, and covering ALL sales activity in the above-mentioned areas. With home affordability minimizing as prices rise, mortgage rates on the rise economists estimate late 2014 – early 2015… people are “in the know” prices are going up… including Canadians who have lost 11% on their dollar are out and about buying homes. We are very busy fielding calls and inquiries regarding the market, working with home buying prospects, and selling listings properties. I sincerely hope your home is next to sell!
Reminder: It’s important your home stands out amongst your competition, widening your market… to push more prospects through your door. You want to be sure your home is looking its very best from curb appeal right on through to the back yard. If you typically don’t plant seasonal flowers, this season be sure to get the flowers in… as evidence of great curb appeal and pride of ownership will sell your home quicker, and bring more $$$.