Quick Facts about the Coachella Valley Real Estate Market:
. Existing home sales increased 23.8% in March 2010 compared with March 2009.
. The average price of an existing home increased 12.8% in March 2010 to
$292,311, compared with March 2009.
. Unsold Inventory fell to 5.7 months in March, compared with 9.8 months in March 2009.
. Canadian Dollar has reached par, equal value with the U.S. Dollar.
. From the Peak (highest prices) to the Trough (lowest prices), the average sales price of homes in the Coachella Valley dropped nearly 52%.
“While the federal tax credit has helped drive sales, near record-high affordability resulting from current prices and low mortgage rates also has impacted the market,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Four years ago, the median price to household income ratio was at a record high of 10 to one. It’s now near a historic low of four to one.”
What Does This Mean to You?
The 52% drop in prices, historically low interest rates, historically low affordability ratio and the strength of the Canadian Dollar have all caused buyers to snatch up properties. Many buyers who found themselves priced out of the market during the boom years now find a “second chance” to buy a home. Furthermore, as the supply of homes on the market (inventory) decreases, prices tend to increase (supply versus demand).
Please understand that the above figures represent the Coachella Valley as a whole. Each community within the desert is unique and each community’s ratios will vary accordingly.
If you have been considering the purchase of a home here in the Coachella Valley, now is the time! Give us a call or shoot us an email. We would love to hear from you and look forward to discussing the opportunities available across the desert.
We can be reached as follows:
Steve’s cell- 760-406-1047
Lynda’s cell- 760-406-1063
Email- SandL@StefaniRealty.com
Website – StefaniRealty.com