At the Coachella Valley State of the Real Estate Market meeting on Tues Oct. 23, Real Data Strategies president , Patrick Veling, the shift in the real estate market means that agents and sellers must adjust how they do business.
Statistics shared outlined the valley's recent tough times:
Total homes sold in the valley are down 53% from two years ago.
The average price of sold homes vs. last yer is down in every valley city except Indian Wells, Indio and Palm Desert,
Though upscale homes are holding up solidly in the current market, communities with largely median and below median priced homes are finding the going rough.
Many valley cities have home and condo inventories that would take one to two years to exhaust at the current pace.
Desert Sellers are encouraged to drop prices.
The glut of homes on the market is good for buyers. Loans are available albeit with a great credit score and a down payment.
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