Number of escrows on rise in Palm Springs Valley

Increase shows 'we're inching in the right direction,' top Realtor says

Erica Solvig
The Desert Sun

Monthly sales may be down, but the number of escrows is slowly rising in the Coachella Valley.

With the exception of a slight dip during traditionally slow December, the upward trend started in September.

Unlike housing sales figures - which show what's been happening month to month - experts use escrow data to indicate what's coming in the market.

The numbers, released this week by the California Desert Association of Realtors, show January's pending sales still lag the escrow figures seen in early 2007.

Still, officials say the increasing number of pending sales means that other market indicators - mainly the closely watched sales tallies - also should start showing an upswing.

"It's going to be a while before these numbers all start to turn positive," said Greg Berkemer, executive vice president of the California Desert Association of Realtors.

"We're inching in the right direction."

January saw 549 pending sales, down about 7 percent from a year ago and up 11.4 percent from December, according to association figures.

February figures have yet to be released.

But if One Brokerage with 400 desert agents are any indication, the upward trend is continuing.

With a few days to go in February, their agents earlier this week reported 206 pending sales - versus the 150 seen in January - said regional vice president Ron Gerlich.

"Normally, around this time of the year, sales do start to increase," he said. "To have this many openings so far in February, this is the best month we've had in six or seven months.

"Its an indication. There are people out here buying."