February 3rd, 2015
High season is here with some of the finest weather anywhere in the world , we’re already into February and Valentine’s Day is right around the corner… don’t forget that someone special in your life. For those of you interested in Modern architecture, Modernism Week is being celebrated Feb 12-22nd in various locations and open houses throughout the valley. Be sure to “Google”- Modernism Week, and check out the events calendar celebrating some of the most significant & unique Mid-Century & Modern Homes, Hotels, Club Houses, and Church’s throughout the valley designed by noted architects; William Cody, Quincy Jones, Donald Wexler, Palmer & Krisel, Alexander, Albert Frey, Stewart Williams, Hugh Kaptur, John Lautner, Richard Neutra, and Paul Williams. I’ve recently listed one of the most significant architectural homes in the desert, designed by noted architect William Cody in 1973, and known as his Masterpiece. Situated in the Tamarisk CC area of Rancho Mirage, on a large elevated south facing double fairway lot. An exciting and unique fusion of Modern & Hacienda (71051 Tamarisk Lane in Rancho Mirage). Come on out and bring your friends who love & appreciate the clean lines and open spaces Mid-Century & Modern homes offer, along with two more homes in Palm Desert and Indian Wells I have listed. We will be sending out E-Blast invites with open house dates for these homes, as well as other fine desert homes. Click here to view the link to Modernism Week 2015.
MARKET – The Real Estate market in most price segments throughout my areas of expertise; (Rancho Mirage, Palm Desert, Indian Wells, and La Quinta) continues to improve with good sales levels, and high but decreased inventory levels over January. The $500,000-$750,000 & $750,000 -$1 Million price points have the highest inventory levels and slowest (sales) absorption rates valley wide. With slower sales & higher inventory levels in this popular price range, sellers (listings) that have been on the market over 30 days with no offers, will either have to be patient with the market, or seriously consider a nominal price adjustments to appear as a value in the eyes of today’s serious and educated buyers. Where are our buyers coming from? Many are locals taking advantage of the market (stepping up or stepping down) depending on their particular need, along with our continuous flow of seasonal buyers coming from along the SoCal coast on up into the colder regions of Oregon, Washington, and Alaska seeking warmth and sunshine.
Canadian buyer’s sales have dropped significantly with an approximate 23% drop in the value of their dollar as compared to the US dollar. Inherently conservative Canadians appear to be are holding on to their money, or simply spending less, and in some cases selling their US assets.
The good news, overall our local market continues to improve with relatively high levels of more confident predominately cash buyers seeking well to fair market value, along with continued amazingly low mortgage rates and new loan products widening our buyer interest. These factors will likely continue to stimulate the market for good long-term gradual sales growth and values here in the desert.
Being born and raised here, and living in the desert for almost 55 years, I’ve seen the desert continue to grow because of its unique natural beauty and wonder, and I believe our Desert location no matter what will always be a desirable place to call home for either seasonal or full time homeowners.
Positive thoughts as we move on into high season. See below for more detailed inventory levels, median sales prices, and average DOM (days on market) from Listing to Sold. Again, these are averages covering the following areas:
Rancho Mirage, Palm Desert, Indian Wels, and La Quinta
Price Point Months of Inventory Median Sales Price Days on Market
$300-$500,000 9.2 Down $387,000 116
$500-$750,000 14 Up $630,000 113
$750,000-$1M 16.2 Up $875,000 106
$1M – $1.25M 11.9 Up $1,097,000 110
$1.25M – $1.5M 11 Down $1,387,500 162
$1.5M – 1.75M 5.4 Down $1,549,000 162
$1.75M-$2M 7.5 Down $1,825,000 142
$2M – $3M 14.5 Down $2,300,000 123
$3M & up 28 Down $3,300,000 434
Please click here to view current inventory levels.
Should you have any questions, please feel free to contact me, I welcome your call.