Market Watch Statistics
Frequently buyers and sellers ask about how the Coachella Valley is coming back since the downturn. I always find the statistics interesting! See below how percentages of price per square foot in each city relates to the all-time highs of 2006. While some cities are still struggling, you can see that Palm Springs is currently doing the best.
Perhaps this is a direct result of not only the revitalization efforts by the City of Palm Springs, but the fact the increasingly Palm Springs is again becoming one of the 'hip' places to live and visit. I think the popularity of Mid-Century Modern architecture and the vibrant night life in downtown Palm Springs makes it attractive to today's buyers.
With Indian Wells' reputation of being one of the best places to 'live well', and with the popularity of the BNP Paribas Tennis Open at the Indian Wells Tennis Gardens, it is good to see that home values are inching closer to their highs.
Out of the area prospective buyers would do well to investigate what the positives are for each city, what activities each city specializes in and how they meet their needs the best, such as proximity to shopping, golf and tennis opportunities, hiking and outdoor activities, casinos, music, art and cultural events.
Even with home values ever increasing, we still have a bit to go for homeowners to realize their equity if they purchased a home between 2004-2006.
Price per sq. ft. % as compared to all-time highs in 2006:
Desert Hot Springs 54.5%
Cathedral City 65.6%
La Quinta 65.6%
Rancho Mirage 67.4%
Palm Desert 69.2%
Indian Wells 74.1%
Palm Springs 87.1%
We did indeed see year over year negative returns in some cities since the spring of 2013, but all indications point to listing prices rising this coming season. Savvy buyers are purchasing this summer and taking advantage of the still good interest rates and the price reductions of some homes.
Source data - MLS.COM