New listings in the Palm Springs area were up +11.7% last week, the biggest jump we’ve seen in new listings in several weeks. At the same time, inventory remained essentially flat as did the number of new escrows. 

Average selling prices rose +6% to  $617,444.

Will we see a return to normal inventory as the desert opens up for our winter visitors? 

With cooler weather onto way, and a return of our seasonal visitors, we could see a shift in the market, but it’s too soon to say what that may look like. 

The BNP Paribas Open, delayed from its usual March timeframe, will take place next month, as will the Palm Springs Modernism Week Fall Preview. Most restaurants are fully opened for the season so we are definitely moving into our fall/winter selling season.

Come back each Monday to get the latest update on our local real estate market. 

NOTE: The video version of The Monday Minute will return on September 27.

While the real estate market continues to be strong in the Palm Springs area, we are still waiting for our inventory to return to normal as we close out the summer. Our market continues to be characterized by low inventory that's resulting in fewer sales than last year, with homes still selling quickly for top dollar. While the number of new listings has is down, it still appears that the upward trend in inventory is due to some buyers sitting on the sidelines. 

When we look at what's happening in the market month to month, we find that the number of homes for sale is up +8.7% in August compared to July.  The number of homes sold this past month is down -16% compared to July and the average selling prices in August is up +1.4% compared to July.

Will we see a shift from the intense seller's market we have experienced recently? It's really still too soon to tell. Much of the lack of inventory was attributed to seller reluctance to list their homes for sale due to COVID concerns. Moving into October we will see major events, like the Indian Wells tennis tournament, return to the desert. That, along with cooler weather, will bring many of our seasonal visitors back to the Coachella Valley. Will a gradual return to a more "normal" existence result in more homes being listed for sale?  Conventional wisdom says "yes", but the only way to know for sure is to stay on top of the numbers so we can spot those market shifts as they occur.

For weekly updates and to see if this short-term trend becomes the beginning of an adjustment to our local market, check out our weekly update each Monday at 

www.MondayMinute.com. 

Let's look at the key market indicators that show how our market is performing compared to this time last year; Average Sold Price, Number of Days on Market, and Number of Homes for Sale.

• Average Home Sale Prices.  Last month, the average home sale price last month in the Palm Springs area was $663,070 an Increase of (+14%) over the same month last year.
• Number of Days on Market. Days on market have decreased (-64%), homes are selling on average of 32 days.
• The Number of Homes for Sale. There were 829 homes for sale last month, a (-58%) decline over August of last year. Inventory remains well below normal for this time of year. 

Interest rates are still at an all-time low and will continue to drive new purchases and refinance activity. Conforming 30-year fixed-rate mortgages are at 3.250%, while the FHA fixed-rate are at 2.875% and VA loans are at 2.875%

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

You can see the strength in our market when you look at the numbers for each major city in the area.

The Number of Homes Sold in August  2021 vs. August 2020 is down in all cities except for Desert Hot Springs +15%, Cathedral City +16.2%, and Coachella +14.3%. The biggest percentage drop in sales was in Indian Wells, down -51.2%

When it comes to Average Selling Price, Coachella stood out with a huge +49.8.% increase over last August's solds. Every city in the Coachella Valley experienced an increase in average selling price except for Bermuda Dunes, which was down -8.3%. Once again the highest average sale price was in Indian Wells at $1,118,000.

Homes continue to sell quickly, and The Number of Days on Market decreased dramatically for all cities in the Coachella Valley except for Coachella, which remained flat.

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City Watch - Rancho Mirage

Number of Homes for Sale = 889  (-66%)

Number of Homes Sold = 65  (-45.8%)

Average List Price = $1,392,751 (+41.9%)

Average Sale Price = $899,319 (+24.2%)

Average Days on Market = 36 (-61.3%)

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If you're considering putting your home on the market, let us help you get it SOLD! We see multiple offers for properly priced homes, 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, email us and let us know which city reports you'd like to receive.

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?

This week we see a dramatic drop in new listings, down -19.6%, new escrows, down -13.4%, and closed transactions, down 39.8%. While the number of homes available for sale remained stable, that was primarily due to less buyer activity, as noted in the decline in new escrows last week. 

Average selling prices were down slightly -8.1% to $582,573. 

With inventory still 65% below what would be normal for this time of year, we are still seeing good homes that are priced right selling quickly and for top dollar. 

But we are not seeing the rapid rise in pricing that characterized the first six months of the year. 

NOTE: The video version of The Monday Minute will return on September 27.

We see a significant increase in new listings, new escrows, and closed transactions this week in the Palm Springs area. Will that be a trend that continues as we move into the fall selling season?

It's too soon to say, but we'll be monitoring the trends each week, so come back every Monday for the latest update. And don't forget to check out our monthly update, with stats for each of the major cities in the Coachella Valley at www.DesertMarketUpdate.com.

Summer's Coming to an End!

As we move into September, we are looking forward to the easing of the hot summer heat and the "re-opening" of the desert. Many restaurants that close over the summer will be opening their doors, and many of the special events the Palm Springs area is known for will be welcoming guests this fall.

THINGS TO DO IN SEPTEMBER

Special Events

Cinema Diverse - Palm Springs' annual LGBTQ film festival is back this year with a combination of in-person and online streaming of the festival's films. This 14th edition of the film festival kicks off on September 16 with a screening of Cloris Leachman's last film, Jump, Darling. In-person screenings will be at the Palm Springs Cultural Center, and capacity will be limited.  

For more information, click HERE.

The Night Sky Festival - If you want to see stars in the night sky as never before, you won't want to miss the 6th annual Night Sky Festival — September 3-5 — at Joshua Tree National Park. You'll enjoy spectacular views in the Sky's The Limit Observatory, and there will be two night sky photography workshops held during the event. 

For more information, click HERE.  

ENJOY SOME MUSIC

With COVID putting a bit of a damper on our live concert activity, we finally see a resurgence of live entertainment coming back to the desert. Two of the valley's most popular venues — The Purple Room and Vicky's of Santa Fe — are re-opening, and the local casinos have resumed booking live acts as well.

The Purple Room - The ever-popular Purple Room is back! Each Sunday features Michael Holme's in The Judy Show, which is a "must-see" if you have not yet seen it. My favorite, Rose Mallett, sings jazz & blues each Tuesday, and sassy Sharon Sills entertains every Thursday. 

For more information, click HERE.

Vicky's of Santa Fe - This perennial favorite in Indian Wells re-opens on September 23. While the schedule of entertainers has not been released yet, you're sure to find great jazz, blues, and R&B music there every night of the week. There's room for dancing and no cover charge. 

For more information, click HERE.

Agua Caliente Casino - Agua Caliente has one of the premier showrooms in the valley, and live shows scheduled this month included:

• Pat Benstar and Neil Giraldo - Sep 4
• Tower of Power and Average White Band - Sep 11
• Styx - Sep 18 

For more information, click HERE.

Fantasy Springs Casino - Fantasy Springs' special events center is back in action and features some great acts this month:

• Chicago - Sep 11
• Little Big Town - Sep 17
• Comedian George Lopez - Sep 18 

For more information, click HERE.

Morongo Casino - Morongo Casino is just getting their entertainment schedule back up and running, but they are bringing rock' n' roll legend, Brian Wilson, to town on Sep 16. 

For more information, click HERE.

ENJOY GREAT FOOD

Restaurants Re-Opening for Season

Arnold Palmers - Popular with locals, Arnold Palmer's features American cuisine, including fantastic seafood and steaks, along with comfort food favorites. The large outdoor patio is where you want to be, and you'll enjoy live music while you dine. 

For more info and to view menus click HERE.

John Henry's Cafe - A Palm Springs favorite, this hidden gem — literally, you'll have to find it tucked away behind the 99¢ store on Sunrise Way — serves great food, well-priced, in a beautiful outdoor patio setting. Be warned, the cocktails here are served strong! 

For more info and to view menus click HERE.

Lavender Bistro - Another excellent option for New American Cuisine, the spectacular outdoor dining space with live music makes for a perfect evening out with family and friends. 

For more info and to view menus click HERE.

Cafe des Beaux-Arts - Conveniently located on El Paseo in Palm Desert, this is the perfect place for people to watch while enjoying Parisian-style French food. Open for breakfast, lunch, and dinner. 

For more info and to view menus click HERE.

Palm Springs Life's "Best Of The Best" Fine Dining

Now is a great time to check out the Palm Springs Life magazine's editors' picks for the best "fine dining." 

• Palm Springs - Johannes
• Cathedral City - Trilussa Ristorante
• Palm Desert - Jillians
• Indian Wells - Vicky's of Santa Fe
• La Quinta - Lavender Bistro
• Indio - The Bistro
• Best Californian - RD RNNR, La Quinta

Click HERE for more information on these restaurants.

GET TICKETS FOR UPCOMING EVENTS

McCallum Theatre - The McCallum Theatre has a full slate of shows scheduled for this coming season. In December, the theater re-opens with Broadway show Hairspray, followed by Barry Manilow's annual Give of Love Christmas special. Other featured artists include LeAnn Rimes, Patti LuPone, The TEN Tenors, Kristin Chenoweth, Jay Leno, and much more. Tickets go quickly, so order yours today!

For more information and to purchase tickets, click HERE.

Modernism Week Fall Preview - Palm Springs Modernism Week holds its Fall Preview event October 14-17, and some tickets are still available. But you'll need to get your tickets now before they sell out!

For more information, click HERE.

BNP Paribas Open - The BNP Paribas makes a late start this year. This popular two-week event that usually takes place each March is now scheduled for Oct 4-17. But it's not too early to get tickets as the best seats sell out quickly. 

For more information, click HERE.

Joshua Tree Music Festival: This music festival is not on the scale of the Coachella Music Festival, and it's family-friendly. You'll find a diverse schedule of performers performing outdoors in beautiful Joshua Tree, and cozy air-conditioned camper trailers are available for rent. 

For more information, click HERE.

Don't forget to check out The Monday Minute every Monday to get an up-to-date snapshot of our local real estate market. 

• Is inventory improving? 
• Are home prices still rising? 
• What is the average sale price?

Check out the Monday Minute each week for an answer to these questions and more. You'll find it every Monday at this link: www.TheMondayMinute.com

To view our most recent full-month market report, click here: Desert Market Update.

Or 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 of your real estate needs.

The Palm Springs real estate market has settled into a consistent pattern over the last few weeks. Slightly more homes are available for sale even as new listings are trending slightly downward. How can that be? 

Much of that can be attributed to slowing buyer activity. Buyer activity is down 35% compared to the beginning of May.

Scroll down to view the charts for this update.

Inventory continues to increase ever so slightly in the Palm Springs area! With many buyers sitting on the sidelines, there is less competition for homes than there was during the 1st half of the year.

Yet the best homes, if they're priced right, are still selling quickly. Scroll down for the charts from this update.

While the market remains strong in the Palm Springs area, we are seeing a slight shift in market indicators as we head toward the end of the summer selling season. 

When we look at what's happening in the market month to month, we find that the number of homes for sale is up +18.3% in July compared to June.  The number of homes sold this past month is down -14% compared to July of last year and the average selling prices in July are also down -7.4% compared to June.

We're also monitoring the weekly trends to see if we can observe any shifts in the market. We have noticed a clear trend of a gradual increase in inventory while new listings are essentially flat. We attribute the increased inventory to a slight decline in buyer activity.  Closed transactions are up slightly +0.9% over last week. These numbers could be early indicators of a shift from the intense seller's market we have experienced over the last year and we're keeping an eye on this trend each week to see if this continues into fall.

For weekly updates and to see if this short-term trend becomes

the beginning of an adjustment to our local market,

check out our weekly update each Monday at 

www.MondayMinute.com.

Let's look at the key market indicators that show how our market is performing compared to this time last year; Average Sold Price, Number of Days on Market, and Number of Homes for Sale.

• Average Home Sale Prices.  Last month, the average home sale price last month in the Palm Springs area was $652,000 an Increase of (+23.5%) over the same month last year.
• Number of Days on Market. Days on market have decreased (-58.7%). Homes are selling faster, in an average of 33 days.
• The Number of Homes for Sale. There were 763 homes for sale last month, a (-63.2%) decline over July of last year. Inventory remains well below normal for this time of year.

Interest rates are still at an all-time low and will continue to drive new purchases and refinance activity. Conforming 30-year fixed-rate mortgages are staying steady at 3.125%, while the FHA fixed-rate are at 2.875% and VA loans are at 2.875%.

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

You can see the strength in our market when you look at the numbers for each major city in the area.

The Number of Homes Sold in July 2021 vs. July 2020 have decreased in all cities except for Desert Hot Springs +12.7%. The steepest percentage declines were in Indian Wells, down -34.2%, followed by Coachella, down -21.1%, and La Quinta, down -18.2%

When it comes to Average Selling Price, Indian Wells took its usual 1st place position with the highest average selling price of $1.36M,a +52.2% increase over last July. Every city in the Coachella Valley experienced an increase in average selling price, with large gains in Desert Hot Springs, up +43.5%, Bermuda Dunes, up +37.8%, Palm Desert, up +33.7%, and Indio, up +30%.

Homes continue to sell quickly, and The Number of Days on Market decreased for all cities in the Coachella Valley.

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City Watch - Indio

Number of Homes for Sale = 81  (-60.5%)

Number of Homes Sold = 114  (-15.6%)

Average List Price = $824,000 (+67.5%)

Average Sale Price = $490,000 (+30%)

Average Days on Market = 29 (+57.4%)

_____________________________________________________________

If you're considering putting your home on the market, let us help you get it SOLD! We see multiple offers for properly priced homes, 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, email us and let us know which city reports you'd like to receive.

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?

We continue to see a slow, gradual increase in the number of homes available for sale in the Palm Springs area. But this increase is not due to more homes coming to market, but a decline in buyer activity.

With the recent rapid rise in selling prices, many buyers have decided to sit on the sidelines and wait for the market to settle down a bit before resuming their home searches. 

Scroll down to view the charts from this update. 

We may be seeing a slight shift in the strong seller's market in the Palm Springs area. Inventory is increasing slightly, primarily a result of a decline in buyer activity.

Is that impacting the average selling price? Watch the latest video to find out, then scroll down to get all of the charts from the video.