Real Estate Kicks Off 2017 With a Boom

Real Estate Kicks Off 2017 With a Boom

KMIR

Indian Wells, CA

The real estate market in the desert is booming.

"Everybody’s really busy, people are out looking, open houses are busy, there’s a lot of business going on in the desert … it’s the busiest I’ve seen in here in real estate in a long time," says Diana Bernardi, president of the California Desert Association of Realtors adding that existing home prices for January were up seven percent from last January and the number of homes sold went up too, "last year 404 homes sold in January this year we had 433 existing home sales." 

Prices are almost back up to pre-recession levels. Bernardi says the median home price at the lowest point was $175,000 and right now it’s $357,500, only $60,000 off from the peak price.

Bernardi says there are several reasons for the valley’s boost: wages are up, interest rates are down and prices in the valley are still affordable.

But it’s people who come visit and fall in love with the valley who play a big role home sales, "Coachella valley’s economy is doing really well we have a lot of visitors coming in and they come and they visit they stay and they buy and then they stay full time."

She says another group contributing to the increase in home sales are people who lost their homes in the recession are getting back into the market, "After seven years if you’ve had a foreclosure you can get back in the market and buy a home, those times are starting now to expire and people who’ve … had foreclosures they can now come back into the market and purchase a home."

And Bernardi says the home sales are having an impact on the overall economy, "That’s great news for the Coachella Valley because you have more people, more businesses opening up, it’s a win win for everybody."