On July 1st there were 75 multi-family market available in the Palm Springs area. Even with a lot of properties overpriced and having been on the market for a long time, our available properties for sale is 38% LOWER than it was 2 and 1/2 years ago!

When priced correctly, multi-family units sell very quickly, usually with multiple offers in a matter of days.

Total available - 75

Market Time	Number of units	Percentage
6 months or longer	27	36%
3 to 6 months	21	28%
2 to 3 months	7	9%
1 to 2 months	7	9%
30 days or less	13	17%

-- Jeannie

Palm Springs Area - (Palm Springs, Cathedral City, Rancho Mirage, Desert Hot Springs, Palm Desert, La Quinta, Indio, Bermuda Dunes)

The market was even stronger in June. It's quite a contract to the news report I see on a National Level, or even the rest of Riverside County.

Our area is unique in Riverside County in that the Coachella Valley is a small market area in high demand, both as a place to live as well as investment property. It's known world wide as a retirement resort and attracts tourists from all over the world.

Several new developments are back on the market and selling briskly. Oceo in Palm Springs on South Palm Canyon is one that sold out its first Phase almost immediately.

Month	Total Inventory	Pendings	New Listings
January 2009	6579	505	1403
March 2011	5132	1119	1075
May 2011	4340	471	997
June 2011	4212	469	824

Each month I reiterate you have to understand the numbers to really see what is happening in the marketplace. Anyone can make a case for whatever they want to project if they use the right numbers.

Some explanations of my report:

Total Inventory tells us how many properties are on the market for sale. When inventory is rising, prices will fall because there are more properties competing for buyers.

When inventory is declining, prices will rise, such as we saw in 2004 to 2006.

When inventory is rising, prices will fall, as we saw in 2007 to 2009.

Contingent Other an offer has been received with contingencies. Escrow is open, but buyer can cancel with no penalty.

Pendings tells us how many properties went into escrow for the month. This gives us a very quick picture of the current activity.

-- Jeannie

Palm Springs Area - (Palm Springs, Cathedral City, Rancho Mirage, Desert Hot Springs, Palm Desert, La Quinta, Indio, Bermuda Dunes)

Home sales rose 6% in the Coachella Valley for the month of May, with sales in Riverside County declining.

Buyer inquiries have increased substantially from investors, with at least 30 to 40% of purchases being made with cash.

Month	Total Inventory	Pendings	New Listings
January 2009	6579	505	1403
March 2011	5132	1119	1075
May 2011	4340	471	997

Each month I reiterate you have to understand the numbers to really see what is happening in the marketplace. Anyone can make a case for whatever they want to project if they use the right numbers.

Some explanations of my report:

Total Inventory tells us how many properties are on the market for sale. When inventory is rising, prices will fall because there are more properties competing for buyers.

When inventory is declining, prices will rise, such as we saw in 2004 to 2006.

When inventory is rising, prices will fall, as we saw in 2007 to 2009.

Contingent Other an offer has been received with contingencies. Escrow is open, but buyer can cancel with no penalty.

Pendings tells us how many properties went into escrow for the month. This gives us a very quick picture of the current activity.

-- Jeannie

Palm Springs Area - (Palm Springs, Cathedral City, Rancho Mirage, Desert Hot Springs, Palm Desert, La Quinta, Indio, Bermuda Dunes)

The Coachella Valley continues to outperform Riverside County – Inland Empire. We are unique in that we are a smaller market with diversity of second homes, families, retired folks….it’s a great place to work, live and invest.

Sales INCREASED in February 7.9% compared to a decline of 11% for Riverside County. Statewide sales decreased 6.4%. This area is showing continuing signs of improvement.

The rental market has stabilized…….few vacancies, shorter time to locate a tenant. Imperative that your unit be the nicest on the block, the cleanest and the best price. Substantial rental raises are anticipated. Very little new constructions is occurring, more previous owners are becoming tenants, which puts additional demand on existing supply. This will occur until prices and cost of construction become comparable.

From CNN Money: http://money.cnn.com/2011/03/15/real_estate/rent_rise_housing/index.htm
Inventory continues to decline!!!

Month	Total Inventory	Pendings	New Listings
March 2011	5132	1119	1075
January 2009	6579	505	1403

Each month I reiterate you have to understand the numbers to really see what is happening in the marketplace. Anyone can make a case for whatever they want to project if they use the right numbers.

Some explanations of my report:

Total Inventory tells us how many properties are on the market for sale. When inventory is rising, prices will fall because there are more properties competing for buyers.

When inventory is declining, prices will rise, such as we saw in 2004 to 2006.

Contingent Other an offer has been received with contingencies. Escrow is open, but buyer can cancel with no penalty.

Pendings tells us how many properties went into escrow for the month. This gives us a very quick picture of the current activity.

-- Jeannie

Palm Springs Area - (Palm Springs, Cathedral City, Rancho Mirage, Desert Hot Springs, Palm Desert, La Quinta, Indio, Bermuda Dunes)

Available properties for sale in the Palm Springs area - as a comparison from January 2008 to February 2010.

	2008	2010	Percentage Decline
Single Family Homes	5612	3443	39%
Condos	1868	1616	14%
Multi-Family	201	119	41%

Even with unemployment being in the 12 to 15% range for the Coachella Valley (Palm Springs, Palm Desert, Cathedral City, La Quinta, Rancho Mirage, Indio, Desert Hot Springs) the supply of unsold single family homes is now at 3.8 months compared to 16.6 months in January 2008.

This is the lowest inventory we have had in five years! Any property that is priced correctly will have multiple offers almost immediately after coming on the market. Most properties sell well over the listing price.

Check out: Wall Street Journal - California Home Inventory Shrinks Rapidly

-- Jeannie

Palm Springs Area - (Palm Springs, Cathedral City, Rancho Mirage, Desert Hot Springs, Palm Desert, La Quinta, Indio, Bermuda Dunes)

Inventory Rose 5% from October….still at an all time low.

I’m having a lot of success getting short sales approved on Investor Owned Property.

Market slowed slightly prior to Thanksgiving Holiday.

Rental Market is slow due to unemployment issues in the valley.

Currently On The Market
Condos - 116 REO, 142 Short Sale
SFR’s - 309 REO, 485 Short Sale
Multi-fam - 9 REO, 18 Short Sale

Short sales are increasing since banks are realizing a short sale is far less costly than having a foreclosure.

Some explanations of my report:

Total Inventory tells us how many properties are on the market for sale. When inventory is rising, prices will fall because there are more properties competing for buyers.

When inventory is declining, prices will rise, such as we saw in 2004 to 2006.

Pendings tells us how many properties went into escrow for the month. This gives us a very quick picture of the current activity.

Type	Total Inventory	Contingent Other	Pendings	New Listings	New Listings/Sales Ratio	Sales As Percent Of Inventory
Single Family Homes	3173	307	336	718	1.1 to 1	20%
Condos	1518	118	86	314	1.5 to 1	13.4%
Multi-Family	112	6	9	18	1.2 to 1	13.4%

Each month I reiterate you have to understand the numbers to really see what is happening in the marketplace. Anyone can make a case for whatever they want to project if they use the right numbers.

*REO – stands for Real Estate Owned and is a term that means Bank Owned Real Estate…obtained from a foreclosure action.

Recent Market Updates

-- Jeannie

Palm Springs Area - (Palm Springs, Cathedral City, Rancho Mirage, Desert Hot Springs, Palm Desert, La Quinta, Indio, Bermuda Dunes)

Inventory increased 3% from September, but still 30% less than January 31, 2009.

The season officially begins 10/1/09…. Reason for slight increase in new listings.

Banks now agreeing to short sales on investment property.

Many investors purchasing properties for cash.

70% of new listings are regular sales (not Bank Owned or Short Sales)

Condos - 341 total, 43 REO, 27 Short Sale
SFR’s - 777 total, 158 REO, 101 Short Sale
Multi-fam - 24 total, 8 REO, 3 Short Sale
Here’s an example of a duplex that sold this month…..multiple offers in 4 days!

In order to be successful in getting a good property at a great price, it’s important to be ready to submit an offer as soon as the property comes on the market. Get a qualification letter from your lender and have your “proof of funds” to close escrow available. I try to submit the first offer when a great property hits the market.

Real Property Investment is now earning 6 to 8% return on your investment. Income property is once again “creating income”.

Some explanations of my report:

Total Inventory tells us how many properties are on the market for sale. When inventory is rising, prices will fall because there are more properties competing for buyers.

When inventory is declining, prices will rise, such as we saw in 2004 to 2006.

Pendings tells us how many properties went into escrow for the month. This gives us a very quick picture of the current activity.

Type	Total Inventory	Contingent Other	Pendings	New Listings	New Listings/Sales Ratio	Sales As Percent Of Inventory
Single Family Homes	3000	343	404	777	1 to 1	24.9%
Condos	1448	95	69	342	2 to 1	11.3%
Multi-Family	119	13	8	35	1.7 to 1	17.6%

Each month I reiterate you have to understand the numbers to really see what is happening in the marketplace. Anyone can make a case for whatever they want to project if they use the right numbers.

*REO – stands for Real Estate Owned and is a term that means Bank Owned Real Estate…obtained from a foreclosure action.

Recent Market Updates

-- Jeannie

Palm Springs Area - (Palm Springs, Cathedral City, Rancho Mirage, Desert Hot Springs, Palm Desert, La Quinta, Indio, Bermuda Dunes)

September almost identical to August activity. The market continued to improve throughout the summer months, even with temperatures well over 100 degrees. Fewer Foreclosures…Many more Short Sales. * 635 properties closed escrow in September. Rental Market firming up.

In order to be successful in getting a good property at a great price, it’s important to be ready to submit an offer as soon as the property comes on the market. Get a qualification letter from your lender and have your “proof of funds” to close escrow available. I try to submit the first offer when a great property hits the market.

New Listings are reflecting the shift from foreclosures to short sales:

Condos - 262 total, 39 REO, 28 Short Sale
SFR’s - 646 total, 115 REO, 118 Short Sale
Multi-fam - 11 total, 5 REO, 1 Short Sale

On investment property it is common to enjoy a 7% cash on cash return…..Where else in today’s financial market can you achieve this kind of earnings safely?

Send an email or make a phone call…. There are some great buys in the desert. Some attractive investments are SFR’s in Cathedral City, multi-family in South Palm Desert and condos in Indian Creek Villas.

Some explanations of my report:

Total Inventory

tells us how many properties are on the market for sale. When inventory is rising, prices will fall because there are more properties competing for buyers.

When inventory is declining, prices will rise, such as we saw in 2004 to 2006.

Pendings

tells us how many properties went into escrow for the month. This gives us a very quick picture of the current activity.

Charting “Solds” or actual closed escrows will provide pricing information but in a changing market such as we are in currently, it will not reflect an accurate picture, i.e., Solds usually were placed under contract at least 30 and sometimes as much as 90 days prior to title actually transferring to the new buyer.

Type	Total Inventory	Contingent Other	Pendings	New Listings	New Listings/Sales Ratio	Sales As Percent Of Inventory
Single Family Homes	2972	331	404	646	.8 to 1	24.7%
Condos	1347	71	70	262	1.8 to 1	10.5%
Multi-Family	110	5	10	11	.7 to 1	13.6%

The category “contingent other” is when a property is placed into escrow but the buyer still has contingencies in the transaction. Pending is when all contingencies have been removed and the buyers deposit becomes non-refundable. Agents are supposed to report a property going into escrow as “contingent other” until all contingencies are removed, at which time the property is moved into “pending” status. Unfortunately some agents are now leaving their listing in the “contingent other” status until it is ready to close escrow and some agents place an open escrow into pending immediately. This inconsistency in reporting will skew the results somewhat, but the trends will remain the same .Any questions or suggestions, PLEASE let me know!

Each month I reiterate you have to understand the numbers to really see what is happening in the marketplace. Anyone can make a case for whatever they want to project if they use the right numbers.

*REO – stands for Real Estate Owned and is a term that means Bank Owned Real Estate…obtained from a foreclosure action.

Recent Market Updates

-- Jeannie

Palm Springs Area - (Palm Springs, Cathedral City, Rancho Mirage, Desert Hot Springs, Palm Desert, La Quinta, Indio, Bermuda Dunes)

4% DECLINE in Inventory During Month of August 2009. Many properties priced “under” fair market value allowing the market to set the price through competitive bidding. Banks more cooperative in allowing short sales for investor owned properties. Less Amount of Time for Banks to respond to Short Sales. Rental Market firming up.

Banks are quite different from a year ago. Most banks are now easier to work with and it is possible to sell as a short sale, even if you are an investor owner of a property that is “under water”.

Still an unknown what current foreclosure filings will do to inventory. With banks being more willing to negotiate/work with investors as well as owner occupiers, the new supply may be diminished.

A total of 581 properties closed escrow in August. I track properties “going into” escrow because that statistic gives more accurate information as to what the market is currently doing. Once a property goes into escrow, it can take up to 90 or 120 days to close!

On investment property it is common to enjoy a 7% cash on cash return…. Where else in today’s financial market can you achieve this kind of earnings safely?

Send an email or make a phone call….I’ll share some amazing properties for sale in the current market.

Some explanations of my report:

Total Inventory

tells us how many properties are on the market for sale. When inventory is rising, prices will fall because there are more properties competing for buyers.

When inventory is declining, prices will rise, such as we saw in 2004 to 2006.

Pendings

tells us how many properties went into escrow for the month. This gives us a very quick picture of the current activity.

Charting “Solds” or actual closed escrows will provide pricing information but in a changing market such as we are in currently, it will not reflect an accurate picture, i.e., Solds usually were placed under contract at least 30 and sometimes as much as 90 days prior to title actually transferring to the new buyer.

Type	Total Inventory	Contingent Other	Pendings	New Listings	New Listings/Sales Ratio	Sales As Percent Of Inventory
Single Family Homes	3000	332	400	567	.775 to 1	24.4%
Condos	1342	89	88	233	1.3 to 1	13.2%
Multi-Family	127	7	11	16	.89 to 1	14.2%

The category “contingent other” is when a property is placed into escrow but the buyer still has contingencies in the transaction. Pending is when all contingencies have been removed and the buyers deposit becomes non-refundable. Agents are supposed to report a property going into escrow as “contingent other” until all contingencies are removed, at which time the property is moved into “pending” status. Unfortunately some agents are now leaving their listing in the “contingent other” status until it is ready to close escrow and some agents place an open escrow into pending immediately. This inconsistency in reporting will skew the results somewhat, but the trends will remain the same .Any questions or suggestions, PLEASE let me know!

Each month I reiterate you have to understand the numbers to really see what is happening in the marketplace. Anyone can make a case for whatever they want to project if they use the right numbers.

*REO – stands for Real Estate Owned and is a term that means Bank Owned Real Estate…obtained from a foreclosure action.

Recent Market Updates

-- Jeannie

Palm Springs Area - (Palm Springs, Cathedral City, Rancho Mirage, Desert Hot Springs, Palm Desert, La Quinta, Indio, Bermuda Dunes)

41% decline in inventory since 1/31/09 Multiple Offers on Most Listings Many Listings sell OVER Listing Price Investors return to market with Cash Purchases

If no additional catastrophe occurs like the October 08 credit meltdown, the bottom of our market occurred in February 2009. Sales have increased each month since February and inventory has declined.

In February it was possible to purchase a home in Desert Hot Springs for $50,000! Those same homes are now selling for $100,000!

Duplexes that were selling for $150/160,000 are now approaching $200,000.

The Federal Reserve today kept interest rates at historical lows and indicated they would continue that policy.

It’s an amazing time to purchase real estate.

Questions? Comments? Send an email or give me a call.

Some explanations of my report:

Total Inventory

tells us how many properties are on the market for sale. When inventory is rising, prices will fall because there are more properties competing for buyers.

When inventory is declining, prices will rise, such as we saw in 2004 to 2006.

Pendings

tells us how many properties went into escrow for the month. This gives us a very quick picture of the current activity.

Charting “Solds” or actual closed escrows will provide pricing information but in a changing market such as we are in currently, it will not reflect an accurate picture, i.e., Solds usually were placed under contract at least 30 and sometimes as much as 90 days prior to title actually transferring to the new buyer.

Type	Total Inventory	Contingent Other	Pendings	New Listings	New Listings/Sales Ratio	Sales As Percent Of Inventory
Single Family Homes	3137	321	388	704	1 to 1	22.6%
Condos	1380	97	74	226	1.3 to 1	12.4%
Multi-Family	134	9	16	28	1.1 to 1	18.7%

The category contingent other has been added this month. Most of the time a buyer has 17 days from the date of acceptance in which to remove all contingencies and his/her deposit goes non-refundable. Agents are supposed to report a property going into escrow as “contingent other” until the 17th day or when all contingencies are removed, at which time the property is moved into “pending” status. I have discovered many agents are now leaving their listing in the “contingent other” status until it is ready to close escrow, thus the reason I have added this category. Any questions regarding this, let me know!

Each month I reiterate you have to understand the numbers to really see what is happening in the marketplace. Anyone can make a case for whatever they want to project if they use the right numbers.

*REO – stands for Real Estate Owned and is a term that means Bank Owned Real Estate…obtained from a foreclosure action.

-- Jeannie