La Quinta Real Estate Market May 2020
La Quinta real estate including the entire Coachella valley and Palm Springs area is a microclimate unlike other California real estate markets. We are unique in the fact that a high percentage of the real estate are second homes. We are also seasonal and many desert dwellers leave for the permanent residence in the summer. Because of this, our market is unique to our valley. Our busy season runs from November-April- that is when the most people are here enjoying our sunny weather, golf, mountains, hiking, swiming, dining, and desert air.
Prior to the Corona virus- we had a very strong and active season going in 2019-20. Prices were on a slow, steady over the last few years. Inventory was fairly low, especially in my La Quinta Country Club neighborhood. It was a sellers market with high demand from buyers and low inventory.
With the onset of this Corona climate- it switched to a buyers market over night. Many sellers were uneasy about showings, especially those occupied by owners or tenants. Some buyers felt that with all the uncertainty- now was a good time to try to get a good deal. Relocating sellers and factoring in their future purchase of another home became a big issue.
I was fortunate to have 2 homes in escrow at the beginning of March and both of those closed. Since the onset- I now have 2 more in escrow, one with an extended closing and another due to close in May.
Going forward, I am optimistic, and I believe that we will have an unusually busy summer in real estate here in the valley. With the stigma attached to travel and flying- many LA and Orange County buyers are looking for a getaway close by. We are 2 hours from both LA and San Diego- and offer a different view and much lower price/sq. ft. than in the coastal cities. People are tired of looking at their four walls and are looking for a change of scenery. AND... the we are told that the virus doesn't like the heat, we are sparsley populated compared to the coastal cities, so we feel like a safe haven!
Already I am noticing the activity picking up with showings on my listings coming up this weekend and next week!
I'll be here all summer if you are looking to escape to La Quinta!
Photos by Chris Miller, One Point Media Group and Kathy Schowe
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