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Multimillion Dollar Luxury Market UP in Coachella Valley

Multi-Million Dollar Home Sales UP in the Coachella Valley!

Multimillion-Dollar Sales in the ValleyLuxury Homes Palm Springs

2011
Palm Springs: 37 homes, high $4.9 million
Rancho Mirage: 63 homes, high $4.25 million
Palm Desert: 40 homes, high $5.1 million
Indian Wells: 42 homes, high $6.9 million
La Quinta: 79 homes, high $7.6 million
Source: Palm Springs Regional Association of Realtors

2012
Palm Springs: 56 homes, high $2.7 million
Rancho Mirage: 53 homes, high $3.4 million
Palm Desert: 32 homes, high $10 million
Indian Wells: 68 homes, high $5.7 million
La Quinta: 119 homes, high $7.375 million

Source: Palm Springs Regional Association of Realtors

 

Though inventory is down, sales of million-dollar homes are up in the Coachella Valley this year… which is good news for luxury home sellers!

Randy Wiemer, CEO of the Palm Springs Regional Association of Realtors, said 67 more homes valued at $1 million or more have sold so far this year compared to the same period in 2011.

Some 328 homes valued at $1 million or more have sold this year, up from 261 at this time last year, Wiemer said.

In some cities such as Palm Springs, high-end homes are on the market fewer days as well. Million-dollar homes were on the market an average of 116 days in Palm Springs so far this year, down from 175 last year.
The California Association of Realtors recently reported that the overall housing supply has declined more than 30 percent from last year, with inventory levels at the lowest point in seven years.

In the Coachella Valley, fewer than 2,000 single family homes in all price ranges were for sale in September, compared with 3,065 in September 2011 and 5,752 in September 2010.

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