The Palm Springs Valley home sales have remained strong in pretty much all price points over the past year. The entry level, ($250,000 and below), has actually increased in price/sf since 4th Quarter of 2011 and remained very steady with low inventory and plenty of buyers throughout 2012. The mid-range homes (500-800,000), has moved laterally over the past year. Meaning..if the Seller prices their property appropriately for the sales in the development, and the property shows well, it will sell very near to List Price.
The Million to 2 million price point is now the one that's popping! This article was front page news on our daily Desert Sun yesterday. So far this past year, 328 homes have closed at 1 million or above. Remember that does not include Seller Financed properties, Exchanges, or FSBO's..so that's about 1/day! These Sales have been happening in all the desert cities. Palm Springs, Rancho Mirage, Indian Wells, La Quinta and all the way into the East Valley.
I have seen my own Luxury Sales increase this year..along with every other price point. The reason I believe is simply that there are less Distressed properties on the market competing with Standard Sales. However, the Sellers have also responded smartly to the changed market..they tend to listen to their Listing Agents and price their properties according to what Buyers are purchasing rather than the price/sf they believe their own property is worth.
If you have a property that you wish to market and sell in the Palm Springs Valley, now is the time to list it! Be aggressive, be fair and study the SOLD comparables..2013 is going to be a smashing year here in the desert cities!
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