The Palm Springs Valley, here in the low California desert, is considered a "resort area." Meaning pretty much that the extreme summer heat drives out MANY of our seasonal residents, and the PERFECT winter climate pulls them back every season. Our "snowbird" season has lengthened the past 5 years or so. Now our High Season runs from Oct. 1 all the way through to May or even June.
Our Valley consists of several cities..from Palm Springs to the West, Rancho Mirage, Palm Desert, and Indian Wells in the center, and the more Easterly cities of La Quinta and Indio. I work them all!
The City of La Quinta still remains one of our best selling areas. Newer builds combined with proximity to the Music Festivals, Humana Golf Tourneys and BNP Tennis torunaments drives investment buyers. Here are some La Quinta Narket stats for the past year..averages, but interesting.
TOTAL LISTED HOMES: 837 in Jan. 2014, and 880 in Jan. 2015. Not a huge change.
TOTAL SOLD HOMES: 82 in Jan. 2014 and 70 in Jan. 2015
AVERAGE SOLD PRICE: $648,000 in Jan. 2014 and $761,000 in Jan. 2015. That's a jump!
AVERAGE PRICE/SF; $259/sf in Jan. 2014 and $287/sf in Jan. 2015. That's HUGE!
DOM: 91 in Jan. 2014, and 117 in Jan. 2015. Carry time has increased..
Pretty interesting stats. I am finding less inventory in all price ranges, and price/sf. increases has slowed down the entry level sales.
What about the Luxury Market? ($1 million and above?)
TOTAL SALES: 42 in Jan. 2014 and only 12 this year.
PRICE/SF: $346/sf 2014 and now we're averaging $387/sf.
DOM: Remained exactly the same at 116 days.
The Most expensive Home sold in 2015 was at The Tradition, a gated, golf course community in the heart of Old Town, La Quinta. It was built in 2005, was approx. 6800 sf and sits on a lot of approx. 21,000 sf. CLOSED at $3.8 million.
If you are looking to buy or sell in the La Quinta or Palm Springs area, give me a call for your FREE property consultation. 760-285-3578.
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