As we examine the real estate data for the Coachella Valley for April 2023, we observe some interesting trends that are shaping the local market, impacting both buyers and sellers in different ways. Let’s look at the numbers to see how the market is changing and what that means for buyers and sellers.

Year-over-Year Comparison: April 2022 vs. April 2023

The number of homes for sale rose from 781 in April 2022 to 1,739 in April 2023, representing a strong 122.7% increase. This rise in inventory is a clear indication that more homeowners are putting their properties on the market, perhaps lured by the rising home values and hoping to capture maximum profits.

However, the increase in supply hasn't been met with a corresponding growth in demand. Sales of homes in April 2023 decreased by 27.3% to 691, down from 951 in April 2022. This decrease may be due to several factors, including potential buyer hesitance in the face of rising prices and higher interest rates. Fewer options due to low inventory is also a likely factor in the drop-off in sales. 

May is an excellent month to visit the Palm Springs area, as it offers a delightful blend of warm weather, clear skies, and an array of exciting events. The diverse range of activities includes the Arthur Lyon’s Film Noir Festival, the energetic White Party Palm Springs, a wide selection of music, comedy, and art, and world-class golf courses catering to all skill levels. May in Palm Springs promises a fantastic experience for visitors seeking adventure, relaxation, or both.

EVENTS

Joshua Tree Music Festival - May 18-21.

This family-friendly global music event, founded by Barnett English, is known for its intimate atmosphere and diverse lineup of under-the-radar talent. Now in its 20th year, the festival attracts around 3,500 attendees and offers music, workshops, yoga classes, sound baths, and art stations. The festival's unique desert atmosphere encourages a blending of boundaries between performers and attendees and emphasizes the festival's focus on creating an inclusive and liberating environment.

For more information, click HERE.

The Coachella Valley real estate market continues to see significant year-over-year changes, with a substantial increase in inventory and a decrease in the number of homes sold, a decrease in average selling price, and an increase in the time to sell. However, when you look at last month’s numbers, we see that inventory seems to have stabilized, although at a level about half of what’s normal, more homes are selling, and average selling prices have remained essentially flat. 

The big events this month are the annual Coachella and Stagecoach music festivals, but that's not all that's happening in the Palm Springs area in April. We have music concerts in every genre, a variety of live theater events, amazing art exhibits, and much more. Whether you're here to celebrate the 85th anniversary of the City of Palm Springs or just looking for a good comedy show, you'll find something of interest.

EVENTS

Coachella Music Festival - April 14-16 and 21-23

The 2023 Coachella Music Festival features headliners Bad Bunny, BLACKPINK, and Frank Ocean, along with exciting EDM acts in the dance tents. Attendees can also enjoy captivating art installations and diverse food options, making Coachella an unforgettable experience. Set to take place over two weekends in April, the festival promises a unique blend of music genres, immersive art, and vibrant atmosphere that will delight audiences from around the globe. 

For more information, click HERE.

Stagecoach Country Music Festival - April 28-30

The 2023 Coachella Country Music Festival is set to enthrall fans with headlining acts Luke Bryan, Kane Brown, and Chris Stapleton. The festival offers attendees a unique blend of country music performances and engaging attractions, including the Honkytonk Dance Hall, featuring line dancing lessons and live DJs, and the delicious BBQ options at Guy Fieri's Stagecoach Smokehouse.

For more information, click HERE.

As we move towards the end of the high season in the Coachella Valley, we seem to be entering a “new normal” in the real estate market, with the inventory at a plateau, sales down compared to this time last year, and a slight dip in average selling prices. Interest rates continue to dampen sales, as does general uncertainty about the financial markets. Let's take a look at the numbers from last month.

Year-over-Year Comparison: February 2022 vs. February 2023

1. Inventory: There were 597 homes for sale in February 2022, while February 2023 saw a significant increase to 1,805 listings – a (+202.3%) rise. This increase in inventory provides more options for potential buyers, making it a more favorable market for them.
2. Homes Sold: In February 2022, 755 homes were sold; in February 2023, only 515 homes were sold, marking a (-31.8%) decrease. Higher mortgage interest rates and buyer uncertainty about the direction of the market are likely factors in the drop in the number of homes sold.
3. Average Sold Price: The average sold price in February 2022 was $850,000; in February 2023, it decreased to $813,000 – a (-4.4%) drop. This decline may indicate a shift towards a buyer's market, with sellers possibly lowering their prices to attract more interest.
4. Average Days on Market: Homes in February 2022 stayed on the market for an average of 34 days, while in February 2023, the average increased to 64 days – a (+88.2%) increase. This longer time on the market may result from the increased inventory and more discerning buyers, as they have more options to choose from.

There’s a lot happening in the Coachella Valley in March, from the renowned BNP Paribas Open tennis tournament, featuring top players from around the world, to the La Quinta Art Celebration, showcasing over 200 world-class artists. With music concerts, theater productions, art exhibitions, and culinary events, there's something for everyone. Read on to find out more about the most exciting happenings in the Palm Springs area during the month of March. 

EVENTS

BNP Paribas Open - March 6-19

The BNP Paribas Open in Indian Wells is one of the largest professional tennis tournaments in the world, attracting over 400,000 tennis fans from around the world. The event draws top players from around the globe to compete for prize money and prestigious titles. Crowd favorite Raphael Nadal and last years mens winner Taylor Fritz are expected to return, as is defending women’s champ Iga Swiatek. 

For more information, click HERE.

Fashion Week El Paseo - March 17-23

Fashion Week El Paseo is a week-long celebration of fashion and design, featuring runway shows, cocktail receptions, trunk shows, and celebrity meet-and-greets, Popular designer Michael Costello will be presenting his latest designs, as will award-winning designer Josie Natori and Nikki Yassemi Wirthensohn.

For more information, click HERE.

The real estate market in the Coachella Valley has undergone significant changes in January 2023 compared to the same month last year. According to recent statistics, the number of homes for sale has increased by an astounding 215.3%, from 602 in January 2022 to 1,898 in January 2023. However, the number of homes sold in January 2023 decreased by 52.6%, from 743 in January 2022 to 352. 

The average selling price of homes in January 2023 was $885,000, a 5.2% increase from January 2022's average of $841,000. The average number of days a home stays on the market has increased from 38 days in January 2022 to 55 days in January 2023, a 44.7% increase.

In comparison to December 2022, the number of homes for sale in January 2023 has slightly increased by 1.3%, from 1,873 to 1,898 homes. The number of homes sold in January 2023 has decreased by 17.4% compared to December 2022, from 426 to 352. The average sold price in January 2023 has increased by 23.4% from December 2022's average of $717,000 to $885,000.

With warmer weather on the way, February is an excellent time to visit the Coachella Valley, with a wide range of events that showcase the best of what we have to offer. Whether you're interested in golf, wine, food, cars, or modern design, you'll find something that of interest in our desert paradise. 

EVENTS

Rancho Mirage Writer's Festival - Feb 1-3

The 2023 Rancho Mirage Writer's Festival is an exciting event for book lovers and aspiring writers alike! This year's festival features a lineup of some of the most well-known and acclaimed authors in the world, including Fran Lebowitz, Maureen Dowd, Susan Choi, and Dave Barry. The festival offers the opportunity to attend readings, panel discussions, and workshops led by literary giants. In addition to the main events, there will also be book signings, an open mic night, and an exhibition showcasing local writers. 

For more information, click HERE.

Taste of Jalisco - Feb 3-5

The 7th annual Taste of Jalisco is a 3-day food festival celebrating Mexican cuisine and showcasing the best dishes from the state of Jalisco, home of tequila and mariachi music. With live music, dancing, and plenty of great food and drink, this is a perfect event for foodies and culture buffs alike.

For more information, click HERE.

The Coachella Valley real estate market in December 2023 saw some significant changes compared to the previous year. The number of homes for sale increased by 203.6% from 617 in December 2021 to 1873 in December 2022. This increase in inventory is a positive indication of a market starting it’s return to “normal". 

However, the number of homes sold in December 2022 decreased by 55% to 419, compared to 932 in December 2021, which is a cause for concern. This decrease in sales may be due to the higher mortgage interest rates, economic uncertainty, and the recent increase in selling prices. 

Despite increasing inventory, selling prices are holding steady. The average sold price in December 2022 was $717,000, a small 1% decrease from December 2021's average of $724,000. This indicates that there is still strong buyer demand for good properties, and the best homes are still selling at or above their asking prices.

If your weather is cold, windy, and snowy, or just continually cloudy and rainy, it might be time for you to visit our winter paradise here in the desert. A lot is going on in January, starting with the Palm Springs International Film Festival. We have a major golf tournament, a wine festival, many concerts, and some great art exhibits. There’s something for everyone, so read on, and see why so many visitors spend their winters here.

EVENTS

Palm Springs International Film Festival - Jan 5-16

Now in its 34th year, the Palm Springs International Film Festival is the first big awards show of the season and returns as an in-person event for the first time since 2020. The star-studded gala that kicks off the event will be hosted by Entertainment Tonight’s Keven Frazier & Nischell Turner and will feature the presentation of The Spotlight Award to actor Brendan Fraser. 

For more information, click HERE.