Palm Springs, California’s real estate market is fairing a bit better than other Coachella Valley cities when you look at some recently released data. In April 2009, the median sales price of a home in Palm Springs was $210,000, down less than 12 percent from April 2008. In comparison, the median sales price in Riverside County dropped approximately 39 percent within the same time frame.
Data also shows that the total inventory of Coachella Valley is the lowest since 2005. This means that buyers are taking advantage of the current market.
One reason why Palm Springs may be keeping some of its market strength is because of its second home market and strong Canadian clientele. A lot of the current deals on homes are expected to go away in the near future which is why buying a home in Palm Springs now will prove to be a good long-term investment.
The general economy and the housing market tend to work hand in hand. Therefore, it seems apparent that one cannot recover without help from the other. We seem to have seen the rock bottom of the economy and the real estate market, and while we’re not out-of-the-water yet, we’re certainly on our way up to the surface.
Interested in buying or selling a home in the Coachella Valley area? Contact Patrick Stewart Properties today.
