AGENT MLS HOME FINDER

The Palm Desert real estate market is closely related to the real estate market of the Coachella Valley and the nearby larger city of Palm Springs. According to a November 5, 2009 article in the Desert Sun, “The inventory of existing homes for sale in the Coachella Valley is the lowest since December 2005 as home sales rose 1.2 percent in September over September 2008, the California Desert Association of Realtors reported today. The median price was $159,810 in September, down from $199,810 in September 2008. Prices dropped 20 percent in September over the same period a year ago…The desert experienced a more traditional summer season: an overall slower paced period in most economic sectors. There were 5,630 homes in inventory in September, down from 7,740 homes in September 2008, according to the Desert Area Multiple Listing Service, the real estate industry’s consumer-oriented standard for existing and some new home sales throughout the Coachella Valley and high desert.”

The prognosis for Palm Desert home sales seems to be looking up leading into the holiday season based on similar news for the commercial sector, according to a November 8, 2009 article also in the Desert Sun. The piece, written by Debra Gruszecki, found that “The Coachella Valley’s 2009 holiday forecast is a bit like a gift sent from that beloved, but eccentric out-of-town aunt: You’re hopeful, but you’re just not sure what’s really beneath all the wrapping. As holiday decorations and the accompanying sales signs start to multiply as desert retailers, merchants are holding their breath that recent good news on Wall Street and other sectors of the national economy will result in a not-so-humbug shopping season here.”

Real estate in Palm Desert will likely be facing higher home prices in the upcoming months, according to a third article in the Desert Sun, this one published on November 14, 2009. This piece noted that “Home prices are expected to grow modestly next year and sales will keep rising as the housing market continues to recover, the National Association of Realtors said Friday…Patrick Veling, founder and president of Brea-based Real Data Strategies, said it’s difficult to say how the Coachella Valley scene will play out when stacked against national projections, because ‘all real estate is local’ and, as such, is driven by the local economy.”