Inventory is low and prices are rising in our market.
What do the latest stats say about our market? We have a lot of sales happening and very little inventory. What’s interesting, though, is that median prices are rising. Here are the areas with the biggest year-over-year increases:
La Quinta: 37%
Palm Springs: 27.5%
Palm Desert: 21%
Indian Wells: 2.5%
All nine cities in our marketplace showed year-over-year median price increases, and our average sales per month jumped from 597 to 777. This has put a lot of stress on inventory levels. When we last spoke at the beginning of November, I told you that there were only about 2,000 homes and condos on the market; ordinarily, we’d have about 3,000. By now, we’d usually see around 4,000 units, but the reality is that there are just 1,830—a 42% year-over-year drop.
“If you’re a buyer, you have to be prepared to make an offer quickly.”
This amounts to a 2.1-month supply, which is a historic low. If you’re a buyer, you have to be prepared to make an offer quickly because we’re seeing multiple-offer situations and homes selling above list price in certain price ranges.
I do a lot of strategy sessions with sellers, and right now I’m working with many adults who need to help their elderly parents downsize. If you’re in the same position, I have a lot of resources and know plenty of professional movers in the valley I can organize to help you take the stress out of their move. If you’d like to schedule a strategy session, call me today so we can discuss your time frame and what needs to happen next.
If you have any other real estate questions, feel free to reach out to me as well. I’d love to speak with you.