Recovery? Seems so….

The Desert Real Estate market is continuing to move.

Agents in my office are continuing to see lots of activity.  We’ve all been surprised how busy this summer has been – and the numbers tell the story…

Home sales activity in Coachella Valley has surged 33 percent through June, with 4,615 valleywide sales — 2,598 happening in the second quarter of the year. The gain has been sustained since 2007.

“The measurement of active buyers in the marketplace, and deals getting made, is showing a dramatic increase,” said Bob Thomas, head field consultant for Real Data Strategies, the Brea-based firm that provides quarterly data to the Palm Springs Sun for an assessment on housing sales.

Activity is up roughly 30 percent over a year ago, Thomas said, with Palm Springs market activity described as mixed.

The city’s ZIP code section of 92262, with 216 sales in the second quarter, posted a 12.5 percent gain in market activity and it’s up 17.3 percent through June over 2008 with a total of 359 sales. The 92264 ZIP code sector has tracked 4.5 percent fewer sales for the quarter — with 169 sales — and is down 17.3 percent for the year.

The average sale price on a Desert Area Multiple Listing Service property in Palm Springs under $500,000 was $210,937 in the second quarter. That’s down from $292,620 in 2008 and from $313,716 in 2007.

“This market is healing itself from the bottom,” said Greg Berkemer, executive director of the California Desert Association of Realtors.

“It collapsed from the bottom, and it’s healing itself that way.”

“The market is very different today,” Thomas said.

“We called the bottom three to four months ago,” said Fred Bell, executive officer of the Building Industry Association Desert Chapter. “I think we’re there.”

And since people are sensing the bottom has been hit – they are moving back into the marketplace.  Investors and first home buyers are now making offers on properties.

Personally, our office is seeing multiple offers on “great deals” – especially foreclosures.  It’s not uncommon these days to get 5-10 offers in on a property with the resulting purchase price well above the asking price.

So now’s the time to start seriously looking at the market if you are interested in buying.  With inventory still plentiful (but being reduced quickly) and interest rates still wonderfully low – contact me so we can find you the right home at the right price.