The Palm Springs area real estate market is showing no signs of cooling down. While inventory remains low, buyer activity bounced back this week with a +23% increase in new escrows, and closed transactions were up +49.6%.

Don't forget to check out the charts that accompany this update below.

This week the story remains the same ... inventory constraints continue and selling prices continue to trend upward. A slight post-elections slowdown in sales was expected, and we saw that

I would expect that to be a temporary situation as many buyers continue their exodus from the big cities, and historically home sales rebound after a presidential election.

As we enter the holiday season and our weather starts to cool down, the desert the real estate market continues to heat up!

By now we all know the profound effects that COVID-19 has on the country’s economy, but it continues to drive sales in the desert’s real estate market. In fact, the increase in home sales we’ve seen over the last few months continues and shows no signs of slowing down.

The number of homes sold last month increased by +38.4% when compared to the same month a year ago. Buyers are active in all price ranges and good homes priced right continue to sell quickly. We’re still seeing multiple offers on many properties.

You’ve heard this story before … low inventory combined with strong buyer activity continues to drive our market, and as a result, we saw a +26.8% increase in the average selling price across the Palm Springs area when compared to the same month last year. 

There were 2,917 homes available for sale last month, compared to the 3,771 homes that were available for sale in October 2019 … a (-22.6%) decrease in available housing over that period! Low inventory continues to be an issue for our buyers and so far we are not seeing the usual seasonal increase in new listings that are typical for this time of year. Could this be a year in which the seasonal increase in inventory doesn’t materialize? We’ll track this going forward to find out.

The high demand and low inventory have been major factors driving home price increases, with the median sale price for detached homes (single-family) up (+27.5%) over the same month last year, while the median price for attached homes (condos) is up (+12.7%).  

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 $588,937 an Increase of (+26.8%) over the same month last year.  
• Number of Days on Market. Days on market have decreased (-18.3%), homes are selling on average of 67 days.
• The Number of Homes for Sale. There were 2,917 homes for sale last month, a (-22.6%) decline over June of last year. Inventory remains below average, if trends continue we'll see less 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 2.875% while the FHA fixed-rate edged up slightly to 2.5% and VA loans are at 2.986%.

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

You can really see the strength in our market — it’s actually quite pronounced — when you look at the numbers for each of the major cities in the area. The Number of Homes Sold in October 2020 vs. October 2019 is up in all cities except Desert Hot Springs (-7.7%) and Coachella (-34.7%). Palm Springs, Rancho Mirage, Indian Wells, and La Quinta saw the most dramatic increases in the number of homes sold, with (+70.8%), (+72%), (+225%) and (+74.3%) increases respectively.

When looking at the Average Selling Prices, Desert Hot Springs stood out with a strong (+34.7%) increase over last October’s solds. Every city in the Coachella Valley experienced an increase in average selling price last month!

The Number of Days on Market decreased for all cities in the Coachella Valley except for Palm Desert (+4.5%) and Indian Wells (+44.3%).

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City Watch - Indio

Number of Homes for Sale = 371  (-12.7%)

Number of Homes Sold = 155  (+40.9%)

Average List Price = $453,668 (+6.3%)

Average Sale Price = $381,272 (+8.4%)

Average Days on Market = 52 (-30.6%)

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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?

Will we experience the typical post-election dip in sales in the Palm Spring area real estate market? Watch our weekly update to find out!

Then scroll down to check out all of the charts that accompany this update. 

While both the number of new homes coming to market and the number of new escrows are starting to stabilize in the Palm Springs area, the near-record low inventory is continuing to exert a slight upward pressure on home selling prices.

Check out the charts for this update below. 

We continue to see signs of stabilization in the Palm Springs area real estate market. The number of new listings is fairly consistent each week, although inventory remains near record lows. Buyer activity remains consistent, and the rapid price gains we saw over the last few months has softened a bit. Watch the video for our latest update. 

Don't miss the charts below that will give you a good view of recent trends in the Palm Springs area real estate market. 

The Palm Springs area real estate market remains strong but is showing signs of stabilization after a quick spike in sales and rising home selling prices. Watch the video for our latest update. 

Check out the charts below for more details on the current state of our real estat market. 

As the weather cools down in the desert the real estate market continues to heat up!

While COVID-19 has had profound effects on the country in many ways, it has been a boon for the desert’s real estate market. In fact, home sales have increased dramatically — having reached all-time highs in the number of homes sold compared to previous years. The number of homes sold last month increased by +38.2% when compared to the same month a year ago. Buyers are active in all price ranges and good homes priced right are selling quickly and often getting multiple offers.

Home selling prices continue to increase, and low inventory, combined with continued strong buyer activity, has resulted in a +30.1% increase in the average selling price across the Palm Springs area when compared to the same month last year. 

There were 1,995 homes available for sale last month, compared to the 2,787 homes that were available for sale in September 2019 … a significant (-28.4%) decrease in available housing over that period! Low inventory continues to be an issue here in the Palm Springs area, and while there has been a slight uptick in the number of homes available for sale over last month, we are not seeing the usual seasonal increase in new listings that are typical for this time of year. 

The high demand and low inventory have been major factors in home prices increasing, with the median sale price for detached homes (single-family) up (+25.9%) over the same month last year, while the median price for attached homes (condos) is up (+12.5%).  

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 $596,000 an Increase of (+30.1%) over the same month last year.  
• Number of Days on Market. Days on market have decreased (-15.9%) … homes are now selling in an average of 74 days.
• The Number of Homes for Sale. There were 1,995 homes for sale last month, a (-28.4%) decline over September of last year. Inventory remains near record lows, making it challenging for buyers who are looking for that perfect desert home.

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 2.858% and 15-year fixed loans are at 2.354%. The 5/1 ARM rate stands at 3.070% and 30-year jumbo loans are at 3.480%.

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

The strength in our market is clear when looking at the numbers for each of the major cities in the area.  The number of homes sold in September 2020 vs. September 2019 are up in all cities EXCEPT: Desert Hot Springs (-19.3%) and Coachella (-26.7%). Rancho Mirage, Palm Desert, Indian Wells and La Quinta saw the most dramatic increases in number of homes sold, with (+82.3%), (+71.5%), (+79.2%) and (+72%) increases respectively. 

When looking at the Average Selling Prices, Palm Springs stood out with an incredible (+43.2%) increase over last September. Some of this increase can be attributed to the mix of homes being sold as the $1M+ price range is doing very well. Every city in the Coachella Valley experienced an increase in average selling price except for Indian Wells (-18.8%) and Bermuda Dunes (-9.2%).

The Number of Days on Market decreased noticeably for all cities in the Coachella Valley, with Coachella being notable for homes selling in an average of only 20 days!

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City Watch - La Quinta

Number of Homes for Sale = 538  (-14.9%)

Number of Homes Sold = 203  (+72%)

Average List Price = $977,092 (+12%)

Average Sale Price = $783,257 (+36.9%)

Average Days on Market = 77 (-28.7%)

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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?

After a rapid increase in buyer activity and average selling prices, it appears that we're seeing a bit of stabilization in the market. While inventory remains tight, buyer activity and selling prices seem to be leveling off.

Check out the charts below, and if you'd like an instant, online home price valuation report, go to www.PriceMyDesertHome.com.

Home prices rose again last week in the Palm Springs area. New listings were up (+9.1%) last week offering more opportunities for our buyers. We continue to see a robust market with good homes priced right often seeing multiple offers. 

If you want a free home price valuation, get it online here: www.PriceMyDesertHome.com.