Sept. 15, 2020

A Remarkable Upswing in the Palm Springs Real Estate Market

 

As we enter the 4th quarter of 2020, we are seeing a remarkable upswing in the local real estate market!

 

Even though there has been an economic slowdown over the past five months due to COVID-19, home sales have increased dramatically — surpassing the number of homes sold last September. The number of homes sold increased +25.5% when compared to the same month a year ago. Buyers are buying in all price ranges and good homes priced right are selling quickly. We’re also frequently seeing multiple offers, a marked change from last summer.

 

Home selling prices are also on the rise, and low inventory, combined with unusually strong buyer activity, has resulted in a +24.13% increase in the average selling price across the Palm Springs area when compared to the same month last year. 

 

Housing inventory stands at 2,909 homes available for sale, compared to the 3,782 homes that were available for sale in September 2019 … a significant (-23.1%) decrease in available housing over that period! Low inventory continues to be a problem here in the Palm Springs area, and I would anticipate that inventory will remain below normal at least through December of this year.

 

The high demand and low inventory has been a major factor for home prices increasing, with the median sale price for detached homes (single-family) up (+20.4%) over the same month last year, while the median price for attached homes (condos) is down (-4%).

 

Let’s look at the three key market indicators, Average Sold Price, Number of Homes for Sale, and Number of Days on Market, for a good snapshot of the Palm Springs area real estate market and, its overall health.

  • Average Home Sale Prices. The average home sale price last month in the Palm Springs area was $583,927 an Increase of (+24.13%) over the same month last year.  
  • Number of Days on Market. Days on market have increased (+9.5%), homes are selling on average of 81 days.
  • The Number of Homes for Sale. There were 2,909 homes for sale last month, a (-23.1%) decline over August of last year. Inventory remains below average, if trends continue we'll see fewer homes on the market over the coming months.

Interest rates are still at an all-time low and will continue to drive new purchases and refinance activity. 30-year fixed-rate mortgages are staying steady at 2.75% and 15-year fixed loans are at 2.375%. The FHA 30-year fixed rate stands at 2.75% and 30-year fixed jumbo loans are at 3.25% plus .375 points.

 

City Standouts! What’s Up and Who’s Down?

 

The strength in our market is best shown by the incredible increase in the number of homes sold across the valley last month. The Number of Homes Sold in August 2020 vs. August 2019 are up in all cities EXCEPT: Cathedral City (-9.3%), Desert Hot Springs (-20.3%) and Coachella (-39.1%). Indian Wells, La Quinta and Rancho Mirage saw the most dramatic increases in number of homes sold, with (+95.2%), (+78.8%), and (+73.9%) increases respectively. 

 

When looking at the Average Selling Prices, La Quinta stood out with a whopping (+37%) increase over last August. Every city in the Coachella Valley experienced an increase in average sales price except for Indian Wells (-11.9%) and Bermuda Dunes (-13.6%).

 

The Number of Days on Market Increased for most cities in the Coachella Vally except for Rancho Mirage (-10.6%), Indian Wells (-31.3%), and Coachella (-23.4%).

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City Watch - Rancho Mirage

 

  Number of Homes for Sale = 413  (-0.2%)

Number of Homes Sold = 120  (+73.9%)

Average List Price = $984,043 (+6.7%)

Average Sale Price = $724,070 (+15.4%)

Average Days on Market = 93 (-10.6%)

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If you're considering putting your home on the market, let us help you get it SOLD! We're seeing multiple offers for homes that are properly priced, and with fewer homes on the market, this could be the best time to get your home sold.

 

If you'd like a detailed market report for a specific city, just click here: Send Me A City Report.

 

Give us a call at (760) 625-7229, or visit www.thehamiltonregroup.com, for an easy-to-use home search, and for information on how we can help you with all your important real estate needs.

 

The Hamilton Real Estate Group is evolving to meet all of our customer’s real estate needs. If you are ready to sell, call or email us, or for a FREE instant home valuation report, click here: What's My Home Worth?

Sept. 14, 2020

The Monday Minute - September 14, 2020

This week was a "down" week for the market. New listings ... Down. New escrows ... Down. Closed transactions ... Down. Is this indicative of a change in the market? What about selling prices, they down?  Find out by watching our latest video right here on The Monday Minute.

Call (760) 625-7229 to get your free home price valuation, or get your INSTANT home pricing report online now at www.PriceMyDesertHome.com.

 

Sept. 7, 2020

The Monday Minute - September 7, 2020

Did more homes come on the market this week? Are new escrows up? What about selling prices? Are they continuing to rise? Find out by watching our latest video right here on The Monday Minute.

 

 

Call (760) 625-7229 to get your free home price valuation, or get your INSTANT home pricing report online now at www.PriceMyDesertHome.com

 

Aug. 31, 2020

The Monday Minute - August 31, 2020

As we enter the final month of summer here in the Palm Springs area, we will have experienced one of the most robust summer real estate markets in many years.

 

 

Are home prices continuing to rise? Watch the latest update to find out! And if you want to take advantage of this seller’s market, call (760) 625-7229 to get your free home price valuation, or get one online INSTANTLY at www.PriceMyDesertHome.com

 

Aug. 24, 2020

The Monday Minute - August 24, 2020

 

This week’s Monday Minute will be text only, as I am currently relaxing by the koi pond at a wonderful Air BnB in San Diego to take a break from the summer heat in the desert. We’ll be back to our usual video update next week, but read on for this week’s update. It has some good news for both buyers and sellers.

 

The good news for buyers is the number of new listings has now been above 400 per week for the seven of the last eight weeks. That’s almost double the number of weekly new listings that we saw in late April when we began tracking the weekly stats. New listings were up (+3.6%) last week over the prior week at 430.

 

Buyer activity was strong last week with a (+17%) increase in new escrows — 316 new escrows last week — compared to the prior week. Recent activity is triple what it was when we started tracking new escrows back in late April. 

 

Closed transactions were up (+5.7%) over last week, to 336, and we’re continuing to see most escrows close. 

 

Price reductions were down (-9.7%) over last week — down to 168 — as the strong buyer activity is pushing pricing upwards and resulting in the need for fewer price reductions to get homes sold. 

 

The good news for sellers is the average selling price continues to trend upwards. Last week the average sale price rose (+2.6%) over the prior week to $518,772. That’s a (+11.2%) increase over the July average selling price of $461,705.

 

We remain in a seller’s market at this time, and if the shortage of inventory continues, we should see this continue as we transition into the prime selling season over the next two months. 

 

If you’re considering selling your home, click here to get your free INSTANT home price valuation: www.PriceMyDesertHome.com, and if you’re considering a purchase in the area, start your home search online at www.FindYourDesertHome.com

 

 

 

 

 

Aug. 17, 2020

The Monday Minute - August 17, 2020

The Palm Springs real estate market remains hot as we pass the mid-point of summer. Selling prices are on the rise and we're seeing multiple offers on many properties. 

Call us if you're considering selling your home and we'll show you how to get your home sold quickly for top dollar! Get your free INSTANT home valuation at www.PriceMyDesertHome.com.

 

Aug. 16, 2020

Palm Springs Area Home Sales Rebound and Price Gains Continue!

 

As we cross the halfway point of 2020, we are seeing a remarkable recovery in the local Palm Springs area real estate market!

 

After a dramatic drop in home sales in April and May, home sales have bounced back dramatically from the COVID-19 shutdown, actually surpassing the number of homes sold last July. The number of homes sold increased +6.3% when compared to the same month a year ago. Buyers are submitting offers — and we’re often seeing multiple offers — and they are following through to closing. 

 

Home selling prices are also on the rise, and low inventory, combined with unusually strong buyer activity has resulted in a +17.22% increase in the average selling price across the Palm Springs area when compared to the same month last year. 

 

Housing inventory stands at 3,140 homes available for sale, compared to the 4,096 homes that were available for sale in July 2019 … a significant (-23.3%) decrease in available housing over that period! Low inventory continues to be a problem here in the Palm Springs area, and I would anticipate that inventory will remain below normal at least throughout the summer. 

 

The high demand and low inventory has been a major factor for home prices increasing, with the median sale price for detached homes (single-family) up (+10.2%) over the same month last year, while the median price for attached homes (condos) is down (-2.1%).  

 

Let’s look at the three key market indicators, Average Sold PriceNumber of Homes for Sale, and Number of Days on Market, for a good snapshot of the Palm Springs area real estate market and, its overall health.

 

  • Average Home Sale Prices. The average home sale price last month in the Palm Springs area was $535,194 an Increase of (+17.22%) over the same month last year. 
  • Number of Days on Market. Days on market have increased (+2.6%), homes are selling on average of 80 days. 
  • The Number of Homes for Sale. There were 3,140 homes for sale last month, a (-23.3%) decline over July of last year. Inventory remains below average, if trends continue we'll see fewer homes on the market over the coming months. 

Interest rates are still at an all-time low and will continue to drive new purchases and refinance activity. 30-year fixed-rate mortgages rates have dropped to 2.75% and 15-year fixed loans are at 2.375%. The FHA 30-year fixed rate stands at 2.75% and 30-year fixed jumbo loans are at 3.25% plus .375 points.

 

City Standouts! What’s Up and Who’s Down? 

 

 

As indicated above, the Number of Homes Sold in July 2020 vs. July 2019 are up in all cities except Cathedral City (-1.2%), Palm Desert (-2%) and Indio (-4.3%). The largest jump in home sales was seen in Indian Wells, with a (+40.7%) increase in the number of homes sold.

 

When it comes to Average Sale Price, Desert Hot Springs stood out with a strong (+23%) increase in sales over last July. Every city in the Coachella Valley experienced an increase in average selling price except for Rancho Mirage (-2%) and Bermuda Dunes (-1.5%).

 

The number of Days on Market decreased for most cities in the Coachella Vally except for Palm Springs and Palm Desert. Generally speaking, strong buyer activity is resulting in most homes selling much quicker than last year. 

 

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City Watch - Indio

 

Number of Homes for Sale = 362  (-26.7%)

Number of Homes Sold = 132  (-4.3%)

Average List Price = $454,519 (+11.0%)

Average Sale Price = $374,011 (+9.6%)

Average Days on Market = 68 (-0.0%)

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If you're considering putting your home on the market, let us help you get it SOLD! We're seeing multiple offers for homes that are properly priced, and with fewer homes on the market, this could be the best time to get your home sold.

 

If you'd like a detailed market report for a specific city, just click here: Send Me A City Report.

 

Give us a call at (760) 625-7229, or visit www.thehamiltonregroup.com, for an easy-to-use home search, and for information on how we can help you with all your important real estate needs.

 

The Hamilton Real Estate Group is evolving to meet all of our customer’s real estate needs. If you are ready to sell, call or email us, or for a FREE instant home valuation report, click here: What's My Home Worth?

 

Aug. 10, 2020

The Monday Minute - August 10, 2020

With new listings up and buyer activity up, our seller's market keeps heating up! Is now a good time to buy or sell a home in the Palm Springs area? Find out here!

Call us if you're considering selling your home and we'll show you how to get your home sold quickly for top dollar! Or check out our home search at www.FindYourDesertHome.com.

Aug. 3, 2020

The Monday Minute - August 3, 2020

Our market has been hot! Can it get even hotter? Watch the video to find out!

Call us if you're considering selling your home and we'll show you how to get your home sold quicky for top dollar!

July 27, 2020

The Monday Minute - July 27, 2020

New listings are trending upward and we hit a new high for new escrows opened last week. Are home prices holding steady? Watch the video to find out!

We're definitely entering a seller's market, so if your thinking about putting your home on the market, get your free, INSTANT home price report here: www.PriceMyDesertHome.com.