New listings and buyer activity in the Palm Springs area remain consistent this week, but we are not seeing the normal seasonal increase in new listings. That is putting continued upward pressure on selling prices and making buyers compete for the best homes as soon as they hit the market. 

Scroll down to view the charts that accompany this update.

With COVID-19 restriction & statewide lockdowns, the valley has become a refuge for people from the major cities. This has caused a frenzy, therefore an increase in home sales over the last few months that shows no signs of slowing down.

The number of homes sold last month increased by +43.4% 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. Every new listing is attracting a ton of interest and many homes are selling for over asking.

We all know the supply and demand rule … low supply combined with high demand results in an increase in price. Apply this rule to our housing inventory, and it creates a +31.1% increase in the average selling price across the Palm Springs area when compared to the same month last year. 

There were 1,557 homes available for sale last month, compared to the 3,117 homes that were available for sale in December 2019 … a (-50%) decrease in available housing over that period! Low inventory continues to be a problem for our buyers and inventory levels are remaining consistent with what we saw for the last 6 months of 2020.

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 (+22.3%) over the same month last year, while the median price for attached homes (condos) is up (+17.9%).

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 $643,154 an Increase of (+30.8%) over the same month last year.  
• Number of Days on Market. Days on market have decreased (-13.9%), homes are selling on average of 62 days.
• The Number of Homes for Sale. There were 1,557 homes for sale last month, a (-50%) decline over December of last year. Inventory hits an all-time low, 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. Conforming 30-year fixed-rate mortgages are staying steady at 2.8.75% while the FHA fixed-rate edged up slightly to 2.5% and VA loans are at 2.5%.

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 December 2020 vs. December 2019 is up in all cities except for Coachella, which is down (-50%).

When looking at the Average Selling Prices, Indian Wells stood out with a crazy (+77.8%) increase over last December's solds. Every city in the Coachella Valley experienced an increase in average sold price except for Desert Hot Springs, down (-6%),  Rancho Mirage down (-0.9%), and Bermuda Dunes down (-0.7%).

The Number of Days on Market decreased for all city in the Coachella Valley.

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City Watch - Indian Wells

Number of Homes for Sale = 168  (-25%)

Number of Homes Sold = 69  (+213.6%)

Average List Price = $2,032,768 (+34.1%)

Average Sale Price = $1,384,931 (+77.8%)

Average Days on Market = 76 (-34.5%)

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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?

New listings and buyer activity in the Palm Springs area have recovered after a rather dramatic slump over the holidays. Upward pricing pressure continues as inventory remains near record lows.

Scroll down to view all of the charts for this update.

The holidays have definitely impacted the Palm Springs real estate market. With big drops in new listings and new escrows, but a big jump in average selling prices.

Check out the charts for the update below.

The Palm Springs area real estate market remains strong through this holiday season. The big issue is lack of available inventory, and that continues to drive up home prices and is making it a challenging market for buyers.

Scroll down to view the charts that accompany this update. 

With COVID-19, state wide lockdowns and all the uncertainty going on with country’s economy, the desert’s real estate market seems to be thriving. In fact, the increase in home sales we’ve seen over the last few months has incredible and shows no signs of slowing down.

The number of homes sold last month increased by +40.5% 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, in some cases backup 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 +17.6% increase in the average selling price across the Palm Springs area when compared to the same month last year. 

There were 2,809 homes available for sale last month, compared to the 4,010 homes that were available for sale in November 2019 … a (-30%) 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. 

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%) over the same month last year, while the median price for attached homes (condos) is up (+14.5%).  

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 $581,100 an Increase of (+17.6%) over the same month last year.  
• Number of Days on Market. Days on market have decreased (-13.5%), homes are selling in a average of 64 days.
• The Number of Homes for Sale. There were 2,809 homes for sale last month, a (-30%) decline over November 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. Conforming 30-year fixed-rate mortgages are staying steady at 2.625% while the FHA fixed-rate edged up slightly to 2.75% and VA loans are at 2.75%.

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 November 2020 vs. November 2019 are up in all cities EXCEPT: Desert Hot Springs (-5.2%). Palm Springs, Rancho Mirage, Indian Wells, and La Quinta saw the most dramatic increases in the number of homes sold, with (+53.1%), (+70.5%), (+188.2%) and (+68.3%) increases respectively.

When looking at the Average Selling Prices, Cathedral City stood out with a whopping (+43.7%) increase over last November solds.  Every city in the Coachella Valley experienced and increase in average sold price except Palm Desert, which was essentially flat.

The Number of Days on Market decreased for all city in the Coachella Valley EXCEPT: Cathedral City (+11.3%), Bermuda Dunes (+16.7%) and Indian Wells (+11%).

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City Watch - Cathedral City

Number of Homes for Sale = 188  (-28.5%)

Number of Homes Sold = 63  (+10.5%)

Average List Price = $418,129 (+19.8%)

Average Sale Price = $454,252 (+43.7%)

Average Days on Market = 59 (+11.3%)

_____________________________________________________________

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?

Home prices are on the rise in the Palm Springs area are on the rise due to one overriding factor, the lack of available inventory. 

Watch our latest update, then scroll down to view all of the charts from this update.

Did we see a rebound in buyer activity after the drop over the Thanksgiving weekend? Watch our latest video to find out.  

Scroll down to view all of the charts that accompany this update. 

Last week was a holiday week for many people, and it looks like the Palm Springs area real estate market was on holiday as well! Virtually all numbers were down this week -- by a lot -- and that was likely a direct impact of our long Thanksgiving weekend.

Check out all the charts that accompany this video below.

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.