Low Inventory and Higher Prices for Homes
The Coachella Valley (Palm Springs, Palm Desert area) has been experiencing very similar patterns to those mentioned in this article regarding the Top 10 metros with greatest drop in for-sale inventory. The Median home prices for sale in the Coachella Valley have been steady to increasing in most areas, inventory has been dropping quickly and days on market for new listings has also been decreasing. As a result, there have been multiple offers on many properties the day they are listed with many offers over asking price. One of my listings that is in escrow has 15 back-up offers. To check out these statitistics for each of the desert cities click on the Statistics tab or the Desert Cities tab on my website, JerryShea.com.
Here's what Inman had to say about this on their latest article:
U.S. housing market trends tracked by Realtor.com show a trifecta of promise: a shrinking number of homes on the market, fresher inventory, and an increase in median list price.
In 146 metros tracked by Realtor.com, the number of for-sale listings was down 21 percent in March compared to a year ago. All but two markets -- Philadelphia and Hartford, Conn. -- saw listing inventory decline, and 78 markets registered declines of 20 percent or more.
Nationwide, the median number of days a home had been on the market was down nearly 20 percent, to 89 days, and median list price was up 5.6 percent, to $189,900.
Back in March 2011, Realtor.com statistics also showed for-sale listing inventory down about 9 percent from a year ago. But inventory age was up 26 percent at the time.
Read the rest of the Inman article, here.