The 1st half of 2016 was good, though sales numbers and values were not as strong as 2014 & 2015. How will we do in the 3rd and 4th quarters this year? Great question!
Actually the $250,000 – $500,000 price segment was stronger than 2015’s number of sales in the 1st half this year, though due to higher inventory levels. Values dropped slightly, with the exception of Palm Desert outperforming its neighboring cities of La Quinta, Indian Wells and Rancho Mirage. Few price segments outperformed 2015 with regard to values.
Where seasonal inventory historically drops considerably in July, trend reports indicate many sellers have held their properties on the market longer this year with hopes of serious summer buyers. Thus far for some sellers that decision was a win-win, as an example; I currently have $4.2 Million in escrow this month.
Being aware that this has been a volatile election year, and our country is seeming to be so divided, I could be wrong, though I am not confident we will not see improvement in the market until after the presidential elections. Historically election years can be volatile.
Knowing the news about Brexit; Britain voted to the European Union, this has actually given mortgage rates a shot in the arm causing a temporary reduction in mortgage rates, which could even drop lower. Maybe this is the shot in the arm our local market needs to blow by 2015 numbers.
For more details on sales numbers, please click here.
Stay cool this summer and I’ll be updating you in August.