All Desert Cities show modest population growth in the Coachella Valley in 2009
The fast paced growth of the Coachella Valley has slowed considerably over the last few years due to the slow down of the economy.
A few days ago, the Desert Sun posted an interesting article about the housing slump in the valley. According to the California state Department of Finance, La Quinta, with a population of 43,778 and a growth rate of 2.42%, had the largest percentage growth of any of the desert cities.
Four other desert cities, Cathedral City, Palm Springs, Indian Wells and Rancho Mirage also had higher population growth rates this year over last year.
Maybe it was good that we had time to slow down and catch our breath in order to prepare for the next growth spurt. Los Angeles and the Coastal cities are running out of space to build, so it makes sense that developers are moving inland where there is still available land.
New home construction is the largest generator of jobs in the Valley.
Although new home starts and related jobs are still stagnant, the pace of existing home sales is increasing at a healthy pace. As the existing home inventory is absorbed there will be a higher demand for new homes which will bring with it more jobs and a growing, vibrant population.
In my opinion, this is one of the best home buying opportunities in years. Inventories, although good, are shrinking, interest rates are at historical lows and the growth prognosis for Palm Springs and the surrounding desert cities is very positive. All of these factors bode well for the savvy home buyer who realizes this is a great time to buy a home. In future blogs I will be sharing with you some of the exciting trends in the current market.
For detailed statistics for all of the desert cities, please visit our Desert Cities statistics page.