If you have been holding off selling your home in the Desert, this may be the best time to list your home since 2006. It is no secret we took a pretty good hit in our housing market over the last six years. We saw a glut of distressed homes on the market at bargain basement prices. Other homes competed with these distressed properties making it a very difficult market to sell in.
Well, things are looking up !
According to the Desert Sun, “Across the six-county Southern California region, year-over-year sales declined for the first time in nine months as low-end purchases dropped and foreclosure resales hit a nearly five-year low.”
Fewer homes are closing because there are fewer homes on the market in the Desert for buyer to purchase. Last month Coachella Valley had less than 2,000 single family homes listed on the market. This compares to 3,065 last year and 5,752 during the same period in 2010. Four years ago there were between 8,100 to 9,800 homes listed PER MONTH. This is significant.
“Last month, 687 homes and condos sold valley-wide, down from 867 in August, 868 in July, and more than 1,000 in each of the four previous months,” DataQuick reported.
The low housing inventory in La Quinta and surrounding Desert Area offer sellers a HUGE opportunity, especially in the luxury home market. There is less competition between distressed properties and other homes allowing Desert home prices to trend upward. Buyers are wanting fresh inventory in the mid to higher priced homes.
“The valley’s median price — half sold for more, half for less — rose 19 percent to $200,000 in September compared with September 2011,” DataQuick reported.
“The median price rose 11.3 percent to $212,500 in Riverside County, and 13.3 percent to $170,000 in San Bernardino County. The $315,000 median price for Southern California was up 12.5 percent from September 2011,” DataQuick also reported.
“We can’t stress enough that the median sale price and other price measures reflect more than just rising home values,” DataQuick President John Walsh said. “There’s been a major change in market mix, meaning fewer low-priced sales, fewer foreclosures reselling, and more sales in middle and upscale markets.”
The California Desert Association of Realtors (r) recently reported an increase in the average sale price of a single-family home in the valley $79,000 to $397,000 – up from $318,000 in September 2011. Condos increased from last year, too – from $158,700 to $181,700 this year.
The promising tidbit in this entire report was that distressed property on the market decreased dramatically 27.9% this September.
AND since there are more buyers than homes, many times there are multiple offers on one home.
So, what should you do if you want to list your home in La Quinta and surrounding area? Contact me today! I will show you how your home compares to other homes in your neighborhood and local area. We will price it right for today’s market. I will use my proven marketing system to get the best
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