March 17th, 2015
As time fly’s by right on through high season, there are many things to be grateful for, two of which immediately come to my mind when thinking about real estate. 1) Our gorgeous desert weather that has and always will bring people from all over the world to enjoy our clear skies and warm sunny days. 2) Movement in all price segments of the market, some segments better than others, but there is some momentum building.
Here are some examples of movement in the market within my areas of expertise; Rancho Mirage, Palm Desert, Indian Wells, and La Quinta. Price segments below indicate % of change over the past 30 days Feb 15th – March 15th month over month in these 4 areas combined
Price Segment Percentage of change Number of sales Median
$250,000 -$500,000 22% increase in sales 168 sales $360,000
$500,000 – $1M 32% increase in sales 91 sales $680,000
$1M – $1.5M 34% increase in sales 17 sales $1,175,000
$1.5M – $2M 20% decrease in sales 10 sales $1,725,000
$2M – $2.5M 30% decrease in sales 2 sales $2,100,000
$2.5M – $3M Par 2 sales $2,722,500
$3M – or more 60% increase 3 sales $3,375,000
I cannot reiterate enough… for the most part today’s buyers are educated due to a plethora of online public information available to them, and continue to be very sensitive to price and continue to demand value. I have had very good sales volume this year to date with 15 properties SOLD, along with 5 currently in-escrow and most of these transactions have required multiple counter offers in order to pull successful deal together. With currently a high volume of inventory levels, it is prudent your home is in it’s in highest & best tip-top shape, priced aggressively, and the least amount of personal belongs and clutter as possible, and serious buyers will see and appreciate this value and are more likely to make an offer. NOW is the time.
Positive thoughts as we move through season. Stay well and enjoy all that our beautiful desert has to offer.