Housing inventory in the Coachella Valley has fallen to a new low as of September 1. We are now below 3000 homes for sale. Just three years ago it was closer to 5000. As this season approaches, I am definitely seeing an increase in inventory, but It is still incredibly low in all of the Valley's nine cities!
The higher priced areas, such as golf course communities, are showing the best improvement. My input here is that the investors and flippers who were grabbing our short sales and foreclosed properties, are gone for the most part. And that is because our short sale and foreclosure inventory has plummeted! My own short sale listings have been very low for the past two years Im happy to report.
Here in the Valley we have two distinct markets. One is the local, or year-round residents, and we are driven to buy based on our work and raising our families here. The second and very different market, is that of our retirees and our "snowbirds", or second home buyers. This market has been strongly influenced by an increasing demand for vacation luxury rental properties.
From August 2013 to August 2014, the 12 month change in the median price per square foot city by city is the following..(Per Market Watch LLC).
Coachella is up 28%
Palm Springs is up 20%
Rancho Mirage is up 7%
Palm desert is up 7%
Indio is up 1%
Indian Wells is down 1%
La Quinta is down 3%
I am showing a lot of property including land and equestrian estates. It is looking to be a very busy season in 2015! The inventory is limited, but that helps stabilize our Valley prices.