Our Desert market is staying competitive as we dive into the new year.
I’ve sold homes and condos in this desert for 22 years, and we’ve just finished up a historic year! We typically serve 30-35 clients in a normal market, but we finished off 2020 with 43 families serviced and most of our business is in just the last 4 months.
Here are some key stats from how our market wrapped up compared to last year:
Pending sales were up across the board with The Desert having an astounding 67% increase. Orange County came in with a 52% increase and LA County was around 45%.
Inventory is at 1,500 units, normally we’re closer to 3,000 units this time of year. This presents the biggest challenge to buyers and buyers’ agents.
The average sales price has also increased in our area with Indian Wells being up 44% over last year.
It’s important to remember that our prices in the Desert have never skyrocketed after a recession. Our area remains at great value when you look at California as a whole.
Buyers should still expect to pay full price or over (depending on your price range) with the average being 1.5% off of listing. Of course, the age, condition, and location of the property will affect this so it is always good to ask your agent for insight on where your offer should land. A buyer or seller consultation is essential for you to be successful, especially in a market like this!
To say the least, it was an interesting time in the desert. Our goal is always to sell your property for the most money, in the least amount of time and with the least amount of stress! Give me a call today so I can guide you in the right direction because a lot of what’s selling is moving fast. If you have any other real estate questions, feel free to reach out to me as well. I’d love to speak with you!