Monday, November 24, 2014

Inventory on the rise in Coachella Valley

In the Coachella Valley, inventory jumped up dramatically in October with almost 1200 new listings. Typically there will be more inventory beginning in October where sellers know buyers start coming back into town for the season. This jump is much higher than normal indicating that sellers are now seeing more equity and ready to list their homes for a profit. The number of sold homes has not risen yet, but it might just be too early to tell whether or not the market will improve with more sales as we get deeper into season.

In the city of La Quinta there were 658 listings in October, up from 521 in September, a 26% increase. This time last year there were 613 listings which shows an increase of 7.3%. The number of sold homes however is down 37.3%. My experience so far this month is that buyers are not ready to purchase just yet and are taking a wait and see attitude. Average Sold prices in La Quinta are down from last year, from $680,000 to $544,000. 

I'm looking forward to seeing what November numbers will look like. 

Monday, October 27, 2014

BNP PARIBAS OPEN Economic Impact Tops $373 Million

Photo by Mark Cieslikowski

If you visit the Indian Wells Tennis Garden's website you will read an interesting article regarding the impact that the facility brings to the Coachella Valley. 

There is no question that the tennis garden affects real estate in the local community, not only with home and condo sales, but with seasonal leases. Tennis players and fans worldwide visit the area in March and lease high-end homes in La Quinta and Indian Wells, not to mention other cities here in the valley. 

I think the March 9-22, 2015 BNP Paribas Open event will be a very busy time for local businesses, restaurants and shops. Tickets and packages are available here and I highly recommend a dining outing at Nobu. The food and service are fantastic!

Thursday, October 23, 2014

Indian Wells Market Trends

Looking at Indian Wells September sales we can see that listings have gone down slightly from this time last year. The number of sales are up by only one home, from 11 to 12. Average sale prices are down from last year but average sq. ft. price is up by over $100/sq ft. Homes are on the market for more days this year overall indicating sluggish sales. Hopefully buyers will be coming into town for season ready to purchase their dream home in beautiful Indian Wells. 

I have seen quite a bit of activity this year in Mountain Cove, a lovely little enclave south of Hwy 111 and nestled against the hills. The toughest part of selling in there is that it is on leased land. Leaseholders are Ryan Oil and Indian Wells Holding Company. It looks like there will be more opportunities to buy out some land leases soon, which will help sales in there tremendously. There are already a few homeowners that have exercised their option to buy. In November a meeting will be held to discuss options. I'll post an update when we know more. 

Monday, October 20, 2014

La Quinta Market Statistics

Today we are looking at recent sales and market statistics for the city of La Quinta. Inventory has risen since June 2014 and so have median prices. Price per square foot has also risen slightly since 2013. Distressed properties are a very small part of the market now, thankfully. Interest rates are still historically low. Now is a great time to buy!

See charts below (provided by

Friday, October 17, 2014

Art Under The Umbrellas 2014/15 Season Schedule published

It's great to see the upcoming Season event schedules going online. This is an event worth going to.

La Quinta Arts Foundation sponsors Art Under the Umbrellas  in Old Town La Quinta beginning on Saturday October 25, 2014.

2014/15 Season Schedule

Select Saturdays – 10am to 4pm
October 25, 2014
Halloween Weekend
November 15, 2014
November 29, 2014 Thanksgiving Weekend
January 10, 2015
PGA Humana Challenge Begins
January 17, 2015
MLK Holiday Weekend
February 7, 2015
February 14, 2015
Valentine’s Day
March 21, 2015
Spring Break 

Thursday, October 16, 2014

Modernism Week

Love mid-century design? 
Check out the February event in Palm Springs

Modernism Week 2015 Tickets go on sale Saturday November 1 at noon. 

Modernism Week’s signature February Event is an annual celebration of mid-century modern design, architecture, art, fashion, and culture. This exciting “festival” takes place in February in the Palm Springs area of Southern California. It features more than 100 events including the Modernism Show, home tours, films, lectures, double decker bus tours, parties, walking and bike tours, a pre-fab showcase, vintage fashion, live music events, a vintage travel trailer exhibition, and more.

Click on the link above to visit their website and learn more!

Monday, October 13, 2014

Market Trends 2014

Greetings friends. This post marks the beginning of a new series of blogs. I will be blogging about sales trends, upcoming events, my sales activity, and real estate news for Coachella Valley. 

I often am asked, "how is the market" in your area, and I have to answer it depends upon whether you are a buyer or seller. Compared to 2013, sales are down somewhat. The good news for buyers is that interest rates are holding at very low rates. For sellers, prices are steady or going up in most areas of the Coachella Valley. See chart below. 

Price changes from 2013 to 2014 are the most interesting to me because in some areas prices have gone up quite a bit from last year, such as Indian Wells and Palm Springs, while others are almost the same or down. In La Quinta and Palm Desert, the Average and Median Sales prices are down while in all other areas they are up. La Quinta consistently has the most number of Single Family Home sales and Palm Springs has the most number of Condo sales. 

What does all of this mean? I believe it is a good time to both buy and sell here. Many of my clients are getting ready to list their homes and trade up for the upcoming season. All indications are that inventory will be on the rise and sales will be brisk through at least May of next year. I'm looking forward to a busy time and participating in many of the great events in the 2014/2015 season!