Palm Desert Sales Stats

February numbers for Palm Desert have been posted on my website and you can see them here

Inventory decreased somewhat and more homes and condos went into escrow than in January. Big time sales activity at Big Horn Country Club with two sales topping 10 million combined. This follows on the heels of Januarys sale of an 8 million dollar plus estate in this luxury country club.

It was announced earlier this month that the Stone Eagle golf course off of Highway 74 in South Palm Desert was closing. This beautiful course took great advantage of it's setting in the foothills of the mountians. They offered memberships in the $200,000 plus range and that surely was part of the problem. Homes in the community (which number just 48) are said to be unaffected by the closure of the golf course.

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The Tipping Point

The low levels of inventory is really starting to be felt across the valley. I have several buyers now and we are having a hard time finding properties to consider. The number of properties going into escrow is growing. If you are seriously looking or considering purchasing property now is the time to get your cards on the table. We went through something like this back in 04/05 as things started to climb all of a sudden everyone wanted homes in the under 300K category and there was nothing left. Shifts in the market are usually six months in the making. By the time the media reports this it will already be too late.

Additionally the short sale market is changing. These homes are going to start selling faster as the banks get fully up to speed on how to process them. Already they are asking for more money on these properties and the banks have a plan to raise the value of the foreclosed homes as well. I will write more on that in the coming week.

If you are not ready to buy there is nothing here for you. However, if you are close to a decision now is the time to get in the game as the inventory keeps dropping and it is going to be much harder to get homes in the lower price ranges soon.