May 2023 Hi Desert Real Estate Market Update

Greetings, Real Estate Fans,

We are still experiencing spring-like weather which may help extend our spring sales time. We are still pretty slow. The enclosed Alto report shows we are very close to slipping into a buyers’ market. We have plenty of inventory but, unfortunately many properties are priced above what locals can afford.

Highlights of this Update include-

Inventory has ranged from the low 500’s to the mid 500’s. Plenty for the number of sales we have.

This year we closed 101 escrows in April, down from 177 last year.

Over 71% of sales were below $400,000. As I mentioned above, this can give locals an opportunity to get into the game but most of the inventory is well above this amount.

Average prices grew in Yucca Valley but declined in Joshua Tree and Twentynine Palms.

Average price per square foot grew in Yucca Valley and Joshua Tree but slightly declined in Twentynine Palms.

Looking forward to the May numbers. Sales are slow but we are catching up with the time last year when the market slowed.

Have a great Memorial Weekend. Remember, if you know of someone who can use my help, please send them my way.

Sincerely,

Bob Armstrong
(760) 221-2999
DRE #01275801
GREEN Real Estate Group