The California Desert Association of Realtors has released some very interesting stats that support what we have been saying about the Palm Springs real estate market rebounding. It will particularly surprise many that conventional sales are outpacing distress sales (Short Sales and Foreclosures). This will go a long way in dispelling the false impressions that some people (and many in the media) seem to have. Our correcting inaccurate information will obviously be important to those of you who do not want to miss the opportunity to own real estate at a discount. Glad we can help!
Here is what’s happening in “Your Neighborhood” - Closed Residential Transactions, as reported in the MLS: 1/1/10 – 6/15/10:
Rancho Mirage
Total Closed Sales 309
Foreclosures 53 (represents 17% of the closed sales)
Short-Sales 30 (represents 10% of the closed sales)
Conventional 226 (represents 73% of the closed sales)
Palm Desert
Total Closed Sales 613
Foreclosures 163 (represents 27% of the closed sales)
Short-Sales 66 (represents 10% of the closed sales)
Conventional 384 (represents 63% of the closed sales)
Indian Wells
Total Closed Sales 111
Foreclosures 8 (represents 7% of the closed sales)
Short-Sales 4 (represents 4% of the closed sales)
Conventional 99 (represents 89% of the closed sales)
La Quinta
Total Closed Sales 634
Foreclosures 172 (represents 27% of the closed sales)
Short-Sales 86 (represents 14% of the closed sales)
Conventional 376 (represents 59% of the closed sales)
Sun City
Total Closed Sales 131
Foreclosures 7 (represents 5% of the closed sales)
Short-Sales 1 (represents 1% of the closed sales)
Conventional 123 (represents 94% of the closed sales)
Data from the Desert Area MLS from January through May 2010 also shows an active market for luxury homes in the Palm Springs area.
Contact us today to schedule your appointments to see some amazing and affordable properties before prices rise. (Jumbo loans are available!)
