09 Feb Your February 1st Desert Market Update
I just received the numbers as of February 1!
Here’s where we are:
In the Desert, our median price is $525,000 for a detached home, and it has remained at that number for the past three months. One issue we have is that not many new houses are coming onto the market, so appreciation is slow to increase.
However, that median price is still 22% higher than last year. Our area’s home values are still off from our 2006 highs. La Quinta is 1% off from 2006, Palm Desert is off by 4.3%, and Indian Wells is off by 8.7%.
There are still great values to be found in the Desert!
The largest number of sales are happening in the $400,000 to $600,000 range and the over $1 million range.
We currently only have 1,283 properties available for the entire valley, but we had about 1,500 in January.
Our usual amount is 3,000 to 4,000, and last year we had around 3,200 at this time, so our numbers are very off this year.
The Desert used to typically be a second-and third-home market, but that’s changing somewhat.
People are moving here from the LA area full-time or at least part-time.
If you have multiple offers coming in on your house, you’re likely to get over the asking price, but right now, the average price is coming in at 0.8% below the list price.
Just last week I sold a home for a client who did not want to go on the MLS.
The buyer had just started looking, and I brought these two together like a matchmaker!
I can help facilitate a sale.
If you’re interested in buying or selling or have any questions, give me a call or send an email. I’d love to help you!