The Desert’s high-end market has been much stronger than the previous year. For homes priced above $3 million, there were 25 reorded closings in 2010, compared with just 17 in 2009, an increase of almost almost 50%! However, looking back over several years, the sales are still way down: There were 38 closings in 2008 and 63 in 2007. I am anticipating 30-40 closings this year, which will get us back to 2008 levels. At this point in time there are currently 127 homes listed in the Coachella Valley above $3 million, which extrapulates to a 5 year inventory.

With regard to foreclosures, they are increasing, 1870 in total as follows:
676 foreclosures in Palm Springs, 170 foreclosures in Rancho Mirage, 54 foreclosures in Indian Wells, 477 foreclosures in Palm Desert and 493 foreclosures in La Quinta.

As for new listings, there are 555 new listings in the past 7 days:
171 new listings in Palm Springs, 57 new listings in Rancho Mirage, 127 in La Quinta,16 new listings in Indian Wells and 154 new listings in Palm Desert.

The average listing price, the median sales price and average price per square foot are still trending downwards.

What this means is simply that exceptional buying opportunities exist in all price ranges provided you spend the time to evaluate the opportunities. This is where I can be of service. I know the market inside and out.

If you are looking to build, I have exceptional opportuniies for lots in the Hideaway and La Quinta Polo Estates for under $200,000.00.