January Sales and Inventory levels

January of 2010 ushered in a new two year low for months supply of inventory and the second highest number of homes going under contract in the same two year period.  Months Supply of Inventory refers to how long it would take to the absorb the current supply of homes if demand remained the same and inventory did not change.

Month	MSI	#Homes For Sale	Homes Under Contract
Jan 2010	5.9	5808	978
Dec 2009	7.2	5787	805
Jan 2009	11.3	7715	685
Dec 2008	13.8	7617	553

Activity is very brisk and demand is high for single family homes priced under $250,000.  Condos are holding steady and more expensive homes are starting to see some increased activity.  The sub $150,000 market is red hot in single family homes and very brisk in condos.

At this writing reports are coming in that foreclosure filings have dropped significantly.  Industry experts are predicting that the balance of 2010 will be about short sales and loan modifications for homeowners in trouble. This will further slow the inventory growth and should lead to some modest price gains by year end.

For more details on specific neighborhoods in Palm Springs please see my neighborhood pages  on my website or contact me for a report about your neighborhood sales activity.

This Week In Palm Springs

It has been a busy and quite beautiful week in Palm Springs with temps in the high 70's and low 80's. At last our Desert weather has returned and I for one could not be happier.

The Riverside County Fair continues through Sunday as does the Palm Springs Modernism week with events, films, home tours and shows ongoing. I heard there is also a car show at the Tennis Gardens in Indian Wells but I don't have any information about that. Several of the Casinos have live shows you could catch and with this weather don't forget the Indian Canyons and the many other trails in the Palm Springs area for a nice hike.

Market Stats are in for January and I will have a post about that as soon as tomorrow. I can already tell you that for the month of February activity is very high. I am seeing many properties go into escrow and the phone keeps ringing.

We are starting to be told that the big banks are going to be rolling out major changes in how they handle short sales in the middle of March. The main expectation is that they will move much faster. I'll keep you posted on that as well. 2010 is suppose to be the year of the short sale and from what I can see I would agree. If they made the process move a little faster that would certainly help.

For more about short sales see the short sale page on my website.

Happy Valentines Day!

[caption id="attachment_355" align="aligncenter" width="255" caption="Heartfelt Wishes"][/caption]Though it may not be what you think it is.......intruigue and murder or unrequitted love. There are several legends. One has to do with the Roman Emperor Claudius II outlawing marriages because it kept his soldiers from wanting to go fight his wars. St Valentine supposedly kept marrying sweethearts anyway - another legend says it was an attempt by the church to do away with a Pagan harvest ritiual and yet another says St Valentine was a prisoner who fell in love with the jailkeepers daughter and sent her a note expressing his love.

Valentines have been mass produced in America since the 1840's and the tradition dates back to the middle ages in Europe according to history.

No matter which story is true it is always special when you get a chance to tell those closest to you how much they mean to you . So Happy Valentines day!

New Listing -1380 N Via Monte Vista

Open House 12:30-2:30pm Sunday Feb 14th 2010

Brand new listing on a Three bed Three bath home in Old Las Palmas - Palm Springs. Click here for full details.

This Month In Real Estate

This Month the news covers the dramatic increase in First Time homebuyers in the market place.

KW Golf Classic Benefits Boys & Girls Club

Once again this year Keller Williams Realty is hosting a Charity Golf Classic in Support of the Boys and Girls Club of Cathedral City. The Club provides a structured safe environment for kids who otherwise may be on their own or without any adult supervision. Last year thousands of dollars were raised at the Golf Tournament for this worthy Charity. With your help we want to do it again this year.

Mark your Calendar for Monday the 15th of March 2010 at the beautiful Palm Valley Country Club in Palm Desert. Have a fun afternoon of golf, some great food and support a good cause all in one enjoyable day.

Registration and Check in is at 11:30am and there is a putting contest from 11:30-12:45 followed by the start of the tournament at 1pm.

Cocktails, awards and the dinner and auction start at 6pm. Entry in the tournament is just $149 and Dinner and drinks only tickets are $50.

If you would like to donate and auction item or even sponsor a hole please call Bruce at 760-408-6776. Click here for an entry application registration form.