What a curious head line..when every year it's been about prices DROPPING. I have noticed since mid 2011 and certainly in this first month of 2012..there are alot of BUYERS here in the Palm Springs Valley.
The bottom or entry level prices have been pretty stable for the entire past year. In fact, it is a noticeable price/sf increase. Not alot, but 1 or 2% points. There is less inventory in total. Foreclosure and Short Sales are down in numbers and multiple offers is the norm.
In the mid-tier..$500-$850,000, I have seen a steady uptick in buyers. This price point has come down rather dramatically over the past year. It will most likely not drop much more. Settling at about 30-40% of peak price/sf.
The Luxury Home Market is the hot ticket right now here in the Palm Springs Valley. Investors in the 1 million and up price point are buying. Home Buyers that had been waiting for this luxury market to drop are stepping up and writing offers.
Real Estate in the Palm Springs Valley; Economic Roundup
Good article and the overall numbers support what I am seeing on the street. That is not normally the case, but it appears that the steady numbers and small price increases in my Valley have convinced nearly everyone that it is a good time to buy!
Kimberley Kelly, SFR, HAFA, "The Short Sale Specialist" for the Palm Springs, Calif. area (760) 285-3578
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Kimberley - Great, local real estate market report. You've given both buyers and sellers a lot of good information to use. Nicely done!