We are about to enter into a very interesting time in our country with the Inauguration of Donald Trump as President of The United States. This is not a political statement, to be sure, but the next four years are sure to be very eventful.
During the first two weeks of the New Year we had our share of rain. Several storms came through and added much needed rainfall in many areas of California, as well as the desert. Our local mountains also received some much needed snow, and the resulting views are beautiful! And, as usual, our weather here in the desert is better than most of the rest of the country!
The Palm Springs International Film Festival has just ended another very successful year! Each year this event gets larger and receives more recognition. The CareerBuilder Challenge PGA Golf Tournament is getting under way. Each year this tournament attracts a very competitive field, and this year is no exception. We are hoping for perfect weather for the national television audience.
We are now heading into what is usually the busiest period of sales activity for our local real estate market. The showing activity has started to pick up and we have put two of our listings into escrow this week. I expect to see that the next 3-4 months will be very busy.
The Desert Luxury Real Estate Update:
Last year at this time, I predicted that the desert's luxury real estate market would show an increase after a slow down in 2015. And, sales were up across the valley and across almost every price range! The number of sales of homes priced above $500,000 increased by 11% in 2016 from 2015. And, the number of sales of homes priced above $1 Million increased across the valley 7.5%, with 487 homes sold last year compared to 450 sold in 2015.
For 2017, I see a continuation of this increase in the numbers of homes sold. While the number of luxury homes that sell is significant, there is plenty of inventory for buyers to chose from. So, our market remains very competitive, and those homes that are priced right and in the best condition have the best chance of selling.
This month I am including the following items you might find interesting:
||Coachella Valley Homes Sales - 2016 compared to 2015: This chart breaks down the 5 main cities into 5 price ranges, and shows the year over year numbers.
See the chart...
||The Desert Sun also has looked at the 2016 real estate market in this article. From the large number of high-end home sales in Palm Springs, to the Canadian dollar and more.
Read the article...
||As a second home destination, the desert attracts people from all over the country and many places around the world. Did you know that Mexico is the leader in second homes from high-net worth people from the US?
This article is from Inman News...
||Bennion Deville Homes was named Best Real Estate Firm by Desert Sun Readers in the Desert Magazine Best of the Valley voting for 2017. We're pretty proud of this honor!
Please read more...
||The 10 Most Expensive Homes Sold in the Desert in 2016, according to the California Desert Area MLS: These homes ranged in price from $5,750,000 for a home at Old Las Palmas in Palm Springs to $13,000,000 for Bob Hope's Southridge House in Palm Springs. There were 4 homes at The Madison Club, and homes at The Vintage, Indian Canyon in Palm Springs and Bighorn Golf Club are also included.
See the complete list...
With our very best wishes to you for a year filled with good health, prosperity and good cheer!
Bruce & Keith
Bruce (760) 779-1653
Keith (760) 333-3350