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| seller resources, desert communities, coachella valley real estate trends, buyer resources | 25 Aug 2010 12:00 AM |
| The Buzz on the Buzz by Scott Palermo + Jim Sanak |
 |
Talk about buzz! This week's gloomy news from the National Association of Realtors (NAR) was more of a roar! But wait...don't panic. Here's our Coachella Valley perspective.
In case you missed it, NAR released figures that sales were down in July by 27% nationwide. A drop in sales wasn't entirely unexpected, as the federal incentives for buyers expired.
But guess what? Here in the valley, in our office, sales are up 18% this month over last August's figures. (And last August was way up over the previous August!)
Why? A few possible reasons. First, Palm Springs, Palm Desert and other Coachella Valley cities are primarily second-home communities. We have more retirees and are somewhat less affected by employment numbers. Very importantly, serious buyers are keeping their eyes on the prices and making their purchases before prices go up any more.
And prices? Yes, median prices are down from the peak (June 2005), but they're UP more than 32% over the April 2009 low!
The bottom line: we're optimistic. The Coachella Valley marketplace really heats up when the temperatures drop. So if August is any indication, get out the oven mitts!
If you're a serious buyer or a serious seller, we are always happy to give you the very best advice for making the most of your Coachella Valley real estate investment. Call us!
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