July Real Estate Sales By City In The Valley

Jenell Fontes

Sales across the valley are seeing another adjustment from sales volume last year… At this point I see us leveling off at these current numbers. I am however expecting to have a good sales season across the board as buyers realize that “it aint getting much better than this” and sellers realizing that pricing is leveling off with a slow acceleration.

Assets over 1.5M need to be priced competitively as there is a TON of competition and inventory on the market. New home builders are chomping at the bit and getting back into the game with great pricing and product. Unfortunately, at the end of last year most of our sellers were overconfident in the market and do to a surge of sales with huge price increases they felt this was the NEW norm. Sellers were overzealous in their pricing in January 2014 and that resulted in a lot of overpriced inventory across the valley that sat through the season.

Also, seasonal buyers came in and expected to find prices where they were last year and that didn’t happen. Add in the lack luster valuation of the Canadian Dollar from the 1:1 that we had before and the result was a slowing in volume.

Home Sales Per Month By City - Three-Month Average Sales

The bright note is that across the valley:

· Price per square foot is easing in the upward direction

· The Canadians are back and ready to buy

· The baby boomers LOVE the Desert and are purchasing BIG here

· We are still carrying inventory in some cities UNDER building costs

· Add to this the Celebrity WOW factor of all the high profile buyers recently in the desert

Overall, I predict a great selling and buying season come January 2015!

“Eleven cities in the valley show lower three month sales in July compared to July of last year. Palm Springs is down by 9 percent while Palm Desert is down by 15 percent. La Quinta and Indio are also lower by 16 percent and 13 percent respectively. Since we expect the number of homes sales to stabilize around our current level, we should see this comparison chart begin to show more equal numbers, year over year, as we go forward” - Walter K. Neil C.E.O./President – Franklin Loan Center

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