It’s finally April. The latest numbers are in for our real estate market and they’re shocking. We all know it’s a hot market, but these statistics show just how hot it really is:
- The median price for a detached home in the Desert is up 27% over last year to $549,000.
- The median price for a condo is up to $345,000.
- There are just 742 units available for purchase. Usually around this time of year, we have three to four thousand available units.
- We’re selling almost 1,200 units per month, giving us just about three weeks of inventory. Experts expect this trend to continue for the foreseeable future.
With such low inventory, well-priced and staged homes that come on the market are getting multiple offers. One agent this past weekend told me she had 27 showings in a day and a half with 12 full-price or better offers. That’s what’s happening across the board.
At this point in time, it’s smart for home sellers to work with an agent who knows how to price, knows how to prepare your home for sale, and knows how to get your home sold for top dollar.
As for buyers, an experienced agent is important for you to have as well. A lot of agents are coming in who are working with buyers from other areas and have never worked in this market. They have problems getting their offers accepted because the agents in this market don’t quite trust that they’ll get the deal closed. They tend to prefer using an agent from the area who understands the problems that might come up in this market.
If you have any questions for me about buying or selling a home or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.