Yes, its official, the desert housing sector is now a buyers’ market. According to the February 11th Market Watch, LLC© seminar, the valley’s months of inventory grew to an average of 8.4 months. That’s higher than the 5-6 months of inventory which is commonly referred to as a neutral number. This situation is not a surprise for us as we have noticed this trend over the past nine months.
Months of Inventory
As we noted in last month’s market update, the overall inventory in the desert has grown over the past year. One important sector is properties over $800K where the months of sales grew significantly. Here is data provided by Market Watch, LLC©.
• Properties valley wide priced from $800-900K grew from 11.5 months in February 2015 to 15.6 months in February 2016.
• Properties valley wide priced from $900-1M grew from 9.8 months in February 2015 to 24.2 months in February 2016.
• Properties valley wide priced over $1M grew from 15.9 months in February 2015 to 23.6 months in February 2016.
So what is months of sales? Months of sales provides a barometer of the number of months it would take to sell all homes on the market if no new homes enter the marketplace.
Focus Desert Community: Current Palmilla Inventory
As of this writing there are 18 homes on the market in Palmilla ranging in price from $618,000 to $1,650,000. The only closing in in January was a great off-water Acacia located on Camino Privado. Doyle Properties listed and sold the home. To see all properties currently for sale in Palmilla click here.
Prep your home to sell!
It’s important to keep in mind great houses always sell. What’s classified as a great house? A great house is one well situated in the community, has curb appeal, is well maintained and is prepped to show well. At Doyle Properties we assist our clients preparing their homes for the market. Read more about how to prepare you home to bring the highest price possible. Click here
About Doyle Properties
Scott & Patty Doyle are the #1 agents in the Palmilla market and top agents in south La Quinta for the past six years. The Doyle’s work hard to sell La Quinta and the community of Palmilla, bringing buyers to Palmilla using web (palmillahomes.net) and printed materials.
If you are considering selling your desert home please remember Doyle Properties, where the motto is – Always a Higher Standard! We are always available to discuss your homes position in the marketplace – give us a call at (760) 600-5080.