Palm Desert Area Real Estate Market Report
Buyers, buyers, and more buyers. That’s the current condition of the Palm Desert & surrounding area real estate market. Low prices and low interest rates along with the seasonal influence of second homeowners have driven home sales in Palm Desert and the neighboring cities. Search Palm Desert Homes for Sale
To give you an idea of the competition among home buyers, last week I submitted offers on two properties in Indio and one property in Coachella. The home in Coachella had 15 offers with the offering price going 12% above the listed price. Of the two of homes in Indio, one home had 11 offers and the other home in had 3 offers.
It’s a competitive real estate market in the Coachella Valley right now with buyers competing against each other for good homes. Sales of homes and condos across the Coachella Valley rose for the eighth consecutive month. Investors are taking advantage of distressed properties and cash buyers are looking for bargains but best of all, the affordability for families has allowed a lot of first time buyers to also be a part of the real estate market. As the economy continues to improve, more people are realizing it is costing them more to rent than to own.
According to the Desert Area Multiple Listing Service, the valley’s inventory of homes for sale fell to 4,642 in February from 6,199 in February 2011. The largest area of demand is for homes priced under $300,000, which is where inventories are declining. There are also fewer foreclosed properties. Foreclosure activity in the valley fell 17.1 percent in February.
The main thing for buyers to do right now is to put their best foot forward from the get go when submitting an offer. Also, working with an experienced buyer’s agent is going to get you a lot further.
For the first time in a long period, seller’s can start to consider putting their home on the market and not have to compete with so many distressed sales. We are seeing more and more “normal” home sales. Contact me for more information on the Palm Desert Area Real Estate Market.