Located just outside of Palm Springs, Palm Desert has faced its fair share of real estate struggles since 2007, even prior to the economic recession that began in 2008, which only worsened the situation for the Palm Desert real estate market. Nevertheless, recent months have offered optimistic views of the future of the Palm Desert real estate. Real estate experts have noted that the Southern California region has posted increases in both home sales and median sales prices, with both actually reaching year-over-year gains. Experts are also confident that the federal tax credit for first-time homebuyers, as well as the greater affordability of housing in the region and the easier access to credit will allow for the recovery of the Palm Desert real estate market in the coming months.
According to DQNews.com, the Southern California region has posted increases in both its home sales and median sales prices, with home sales maintaining year-over-year gains for the 18th consecutive month and median sales prices reaching year-over-year gains for the first time since the summer of 2007. During December of 2009, Southern California posted a total of 22,238 new and resale houses and condos sold, which was a 16.4 percent increase from the 19,181 sold during the previous months, and a 12.1 percent increase from the 19,926 sold in December of 2008. The median sales price for homes sold in Southern California during December of 2009 was $289,000, a slight 1.4 percent increase from $285,000 of the previous month, and a 4 percent increase from $287,000 of the December of 2008.
The Desert Sun has also reported that the Palm Desert real estate market for apartments has improved over the past few months as many previous homeowners were displaced from homes that were foreclosed on. Realtors have reported that many previous homeowners have opted for apartments, increasing the demand for apartments significantly over the past few months. Realtors have also noted that the affordability of the apartments has also been a major incentive for attracting prospective investors.