We have reached a milestone – the most homes sold in one month in the last 2 years! A total of 954 properties closed escrow in the month of March 2011. This statistic combined with an approximately 9% drop in year over year supply of inventory has starting to change the face of the Real Estate market in the Coachella Valley.
The median Sold price has steadily climbed an average of $214,495 up 21.9% change from March of 2009. Lastly the Months Supply of Inventory – meaning how many months existing inventory would last if no new homes came on the market – is now at 5.9 months – again this represents a new two year low.
Mortgages rates are still very competitive hovering around 5% though all industry buzz is that these are going to rise and soon. If you are in the market now is a decidedly good time to strike. If you are thinking of selling now is a good time to explore your options.