For three straight months now, the Palm Springs area known as the Coachella Valley has seen a jump in its area with a 70 percent increase in sales for February of 2009 as compared to February of last year. But with the median price set at just $156,000, it really is no surprise.
The high volume of sales has largely been spurred by the economic conditions causing market prices to fall drastically. With the high increase of sales, there are signs of the market actually repairing itself, said Greg Berkemer, executive director of the California Desert Association of Realtors.
There is no question that people are jumping on the opportunity to take advantage of the incredibly low prices. With the median price set at $156,000, this is down from $334,900 back in February 2008. If you have been waiting for the right time to buy, now is the time.
Times were harsh for awhile there, but with this steady increase in sells there is the hope that these signs will continue. Although the market has certainly not turned around completely, Coachella Valley and the Palm Springs area is on the right track to recovering.
In all of California there has been an increase in home sales of 83 percent in February compared to last year. In addition, the median price of an existing home took a dive by 40.8 percent. Although things are looking up for California, nationwide sales numbers continue to be gloomy.
CAR's president, James Liptak, says the market will continue to record large, yet diminishing year-to-year percentage gains. A large part of this is due to the fact that current sales are being compared to drastic measures during the early months of the credit crunch.
There is no question that the low prices in California have contributed to people jumping on the opportunity to buy real estate. After all, a single-family detached home in California that was $418,260 last February can now be purchased for just $247,590. These are incredible numbers considering the market today. Now is the time to take a closer look at Palm Springs Real Estate.
What you do have to keep in mind is that the California median has dropped drastically compared to the nationwide median. However, the results in February have provided a glimpse of hope that the worst times have passed and that new home sales have finally hit bottom.
Luckily for home buyers, there are signs that prices will remain low for months so that builders can continue to clear out their stock of unsold homes. So for now, all the market can do is wait and hope. Signs of recovery have emerged, but it is not completely stabilized of yet. But at least sales are not continuing to decline as they were before.
If you would like to see some Palm Springs Foreclosures, give us a call...we would be glad to show you property in the Palm Springs and surrounding areas.
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