Most of our clients continue to ask our team – How Is The Market?  The real estate market in Palm Springs, Rancho Mirage, Palm Desert, Indian Wells and La Quinta is currently on fire.  Buyers and investors are out aggressively shopping for deals in our real estate market.  Our market activity feels like 2004/2005 with one exception.  Prices are low and interest rates are low.  While Riverside County sales are down 7.3% from a year ago, the Coachella Valley sales are up 1.9%.  We are bucking the national trend of decreasing sales volume for the past several months.

Let me be more specific.  Our current desert real estate prices are back to 1999 -2001 levels, depending on the neighborhood.  Interest rates are at the lowest levels in recorded history.  A conventional loan is less than 4%.  With historic interest rates and decade low prices, buyers are purchasing properties in large numbers.  Remember, there is typically an inverse relationship between interest rates and real estate prices.  That is NOT what we are experiencing in this current market.  Buyers who purchase today are positioning themselves to create significant real estate wealth for the long term.

My message to each of you reading this is simple.  NOW IS THE TIME TO BUY REAL ESTATE IN THE COACHELLA VALLEY.  Remember, Warren Buffet’s approach to investments.  Do the opposite of what everyone else is doing.

“Remember, in Real Estate, Knowledge is Power”

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Here is our Desert Area Market Update, by city for October 2011, for the period ending September 30, 2011, for the five major resort cities that Scott + Jim Homes specialize in. Data compiled from Desert Area MLS.

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I. Vista Las Palmas, Palm Springs, CA

1. Actives : 13
2. In Escrow : 6
3. Solds : 22
4. Average Sales Price : $ 771 K
5. Highest Sold : $ 1.7 M
6. Average Days On Market : 116 Days
7. Average Price per Square ft. : $ 338

II. Old Las Palmas, Palm Springs, CA

1. Actives : 17
2. In Escrow : 5
3. Solds : 2
4. Average Sales Price : $ 1 M
5. Highest Sold : $ 4.9 M
6. Average Days On Market : 174 Days
7. Average Price per Square ft. : $ 334

III. Movie Colony, Palm Springs, CA

1. Actives : 14
2. In Escrow : 4
3. Solds : 6
4. Average Sales Price : $ 505K
5. Highest Sold : $ 650K
6. Average Days On Market : 55 Days
7. Average Price per Square ft. : $ 204

IV. Deep Well, Palm Springs, CA

1. Actives : 7
2. In Escrow : 6
3. Solds : 14
4. Average Sales Price : $ 477K
5. Highest Sold : $ 760 K
6. Average Days On Market : 127 Days
7. Average Price per Square ft. : $ 212

V. Bighorn Golf Club, Palm Desert, CA

1. Actives : 31
2. In Escrow : 0
3. Solds : 17
4. Average Sales Price : $ 2.2 M
5. Highest Sold : $ 5.1 M
6. Average Days On Market : 181 Days
7. Average Price per Square ft. : $ 568

VI. Mission Hills Country Club, Rancho Mirage CA

1. Actives : 21
2. In Escrow : 1
3. Solds : 15
4. Average Sales Price : $ 614 K
5. Highest Sold : $ 1.2 M
6. Average Days On Market : 172 Days
7. Average Price per Square ft. : $ 218

VII. Hideaway Golf Club, La Quinta, CA

1. Actives : 44
2. In Escrow :5
3. Solds : 19
4. Average Sales Price : $ 1.8 M
5. Highest Sold : $ 4.7 M
6. Average Days On Market : 185 Days
7. Average Price per Square ft. : $ 443

VIII. Tradition Golf Club, La Quinta, CA

1. Actives : 21

2. In Escrow : 15

3. Solds : 1
4. Average Sales Price : $ 2 M
5. Highest Sold : $ 2.8 M
6. Average Days On Market : 126 Days
7. Average Price per Square ft. : $ 431

IX. Toscana Country Club, Indian Wells, CA
1. Actives : 27
2. In Escrow : 3
3. Solds : 13
4. Average Sales Price : $ 1.7 M
5. Highest Sold : $ 2.7 M
6. Average Days On Market : 128 Days
7. Average Price per Square ft. : $ 385


For more information, Please Contact us at http://scottandjimhomes.com/ or call us at 760.808.6415

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