Now is the time to buy if you are looking in the Coachella Valley region as reports from MDA DataQuick show home sales and prices rose in April and May in this area. And with this being the seventh consecutive month of positive sales and price gains, it is a positive sign for recovery in the market.
Thanks to over 1,000 sales in April alone, there was an 8.1 percent increase with nearly a 23 percent jump in price from 2009. While the median price hit $215,000 in April, it slipped to $210,000 in May; which was still 15.7 percent higher than last May. Little by little signs of recovery have shown light.
While it is promising to look at the numbers today compared to last year, it is still worthwhile to look at the April and May sales prices in 2008, which were around the $300,000 mark. And if you really want to look at how much recovery still must be done, consider prices were at their highest point in February 2006 at $410,000.
Still, there is a lot to be anxious and excited about. For the first time in 20 months Southern California homes topped $300,000. This can certainly be attributed to buyers taking advantage of low mortgage rates and the home-buying tax credits.
La Quinta Real Estate has also shown remarkable improvements with a 42 percent increase in April and 22 percent in May. Rancho Mirage saw an increase of some 23 percent while Indian Wells saw the median sales price rise 4.9 percent in April and an incredible 158 percent increase in May. The new Median price for the Indian Wells area is now at $810,000.
With all that said, there are tremendous indicators the market is on the right track with sales increases and median price gains soaring. The large increases in price show things are getting back to normal little by little; even in the luxury homes market with seven sales noted in April. 
The one downside to the market today is new home construction sales, as they were off by 8.3 percent in April and May. There were less than 100 homes sold in the median price rang of $210,000 to $254,500.
Foreclosure activity has also been a burden on the market with filings for May down 3 percent from April, but has still not subsided from 2009. What this shows is overall foreclosure activity is beginning to level out, but has not completely reached that point just yet.
Despite the two minor areas of concern, many real estate companies are excited for the numerous sales opportunities that are arising. And with the increase in sales comes an increase in real estate companies with one company adding a new office to its already 13 existing offices, bringing on 15 new agents.
What you are beginning to find is as prices continue to drop, so too is the amount of Palm Springs Real Estate that is available. Buyers are jumping at homes that were often overlooked just a year ago. While there is a lot of promise in the coming months, there is still a lot of recovery to take place.
If you would like to see property in the Palm Springs Real Estate area , please call us at the numbers below. Were committed to helping you find the home of your dreams.
With over 20 years of experience in the Real Estate market, Elaine truly enjoys helping people in the process of buying or selling a home.
Elaine Stewart - Remax Real Estate
(760) 668-2399 Mobile
(760) 391-4415 Office
Desertrealestate1@yahoo.com
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