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.