The temperatures are well over 100 degrees here in the desert and the real estate market is hot as well. Sales continue to flourish. The last four months have been outstanding.
Look at these figures for number of homes sold so far in 2009:
Inventory throughout the valley is down to 5,800 as opposed to more than 12,000 a little over a year ago.
June of 2007 reflected a 17 months supply of inventory in the valley.
June of 2008 reflected a 13 months supply of inventory in the valley.
June of 2009 shows a 5.4 months supply of inventory.
My Keller Williams La Quinta office was #1 in the valley in the number of closed sales for the month of June. That is the second consecutive month we have earned that honor.
Our Keller Williams Rancho Mirage office was #1 in highest dollar amount of closed sales in the valley for June.
Why such an increase in sales? The prices have dropped. Lower prices, increased sales.
Two years ago in June, 2007 the median price of a home here was $405,000.
Today it is $194,500. That is a 52% drop.
If you know someone who is interested in Palm Springs real estate, please share this information with them. Also, please introduce them to me. I would love to share more information and help them take advantage of these great buying opportunities here in the desert.