May 2, 2021

The Monday Minute - May 3, 2021

 

With strong buyer activity and a shortage of new listings, the Palm Springs area real estate market remains very much in favor of sellers. Buyers are competing for the best homes, and most good homes are selling for over asking. Cash buyers are common making it tougher for buyers financing their purchases to compete.

 

 

Check out the charts for this update below, and go to www.DesertMarketUpdate.com for the monthly update.

May 2, 2021

Desert Lifestyle Report - May 2021

 

COVID Restrictions to Be Lifted Statewide on June 15!

 

While California experienced a rather dramatic surge in COVID-19 cases after the holiday season, the number of new cases has dropped such that we now have the lowest number of new cases per capita of any state in the U.S. right now. As a result, California plans to remove current COVID-related
restrictions on June 15
, assuming that

1) we have sufficient vaccine supply and

2) hospitalizations remain stable and low.


The state, and Riverside County in specific - have made substantial progress in the fight against COVID. In the county, new cases are averaging 3.9 per day per 100,000 people and the positivity rate is 2.1%. The county has fully vaccinated 31.6% of its residents and 46.1% have had at least one dose of the vaccine. Statewide 39.8% of our residents are fully vaccinated and 59.4% have received at least one dose.

 

Click HERE for up-to-date COVID-19 information for Riverside County.

 

PLANNING FOR REOPENING

 

As we look forward to getting back to a semblance of “normal” here in the Palm Springs area, we are starting to see many of our favorite events and venues lay out their plans for the reopening.

 

The McCallum Theatre is gearing up for a full season of wonderful shows, and tickets go on sale mid-May. You’ll enjoy musicals Hairspray & Jersey Boys as well as concerts by Pink Martini, Judy Collins, Christ Botti, and much more. The calendar of events is now available online and you can view it at this link: McCallum Event Calendar

 

Live music is planning its return with many of the local shows at the casinos being rescheduled for later this year. Upcoming shows include Franki Valley and the Four Seasons, Johnny Mathis, Chicago, Chaka Khan, Gladys Knight, Pitbull, and more. Tickets to rescheduled shows are available now at Agua Caliente and Fantasy Springs casinos:

 

Click HERE Agua Caliente show calendar

 

Click HERE Fantasy Springs show calendar

 

We are starting to see some of our usual seasonal events return to a more “normal” experience. ShortFest, the international short film festival will be the first film festival in Palm Springs to hold all of its screenings in-theater rather than online. ShortFest will be held June 22-28 and tickets will go on sale May 17. You can get more information and buy tickets at this link: Palm Springs ShortFest.

 

THINGS TO DO IN MAY

 

Currently, restaurants are open for outdoor dining and indoor dining at reduced capacity, so you can still eat out and avoid the heat. Casinos are open, as are retail shops, museums, and art galleries, at reduced capacity. And of course, we still have an abundance of outdoor activities to enjoy, including golf, tennis, pickleball, biking, and hiking.

 

 

 

Desert X, Through May 16

   

The third edition of this popular, valley-wide outdoor art experience features eleven art installations! You can download an iOS or Android app to assist you on your self-guided tour.

 

Click HERE for information and a map of the installations.

   

Comedy & Improv Festival, May 21-23

 

If you love comedy & improv, and you want to be the life of the party, you can discover your inner comedian in these improv workshops, comedy shows, and competitions at the CVRep Theatre in Cathedral City.  You’ll learn from the pros and have a great time doing it!

 

Click HERE for more information.

 

Toby Keith, May 15

 

Live music is starting to return to the desert, and Spotlight 29 Casino features the country music Toby Keith in their outdoor venue Coachella Crossroads this month!

 

Click HERE to purchase tickets.

 

Play Pickleball, May 22-23

 

This sport borrows a bit from tennis, ping-pong, and racquetball and is one of the fastest-growing sports in the country. If you’re not a member of a local country club that offers the sport, you can hit the courts at Fritz Burns Park in La Quinta or Freedom Park in Palm Desert. 

 

Click HERE to for more information on Freedom Park

 

Click HERE to for more information on Fritz Burns Park

 

Ride a Vintage Warbird

 

The Palm Springs Air Museum is not just a museum but prides itself on the fact that they still fly many of the planes in their collection. For a unique, one-of-a-kind experience, you can book a ride in one of five vintage aircraft that played important roles in our military’s past. 

 

Click HERE to for more information

 

Go Birdwatching

 

Just a quick 30-minute drive from Palm Springs, the Big Morongo Canyon Preserve is an internationally recognized birding site and is home to more than 250 different species of birds. You’ll also enjoy hiking on the preserve’s six trails ranging from 1/2 mile to 11 miles in length.

 

Click HERE to for more information

 

Check Out a New Restaurant

While many restaurants were either temporarily shut down or operating at reduced capacity during the pandemic, several new restaurants have opened recently, including one that has a special menu for man’s best friend, so now’s a great time to support the newest additions to our local dining scene

  • Cafe La Jefa- This Latina-owned modern coffeehouse offers specialty crafted coffee, teas, and healthy gourmet food-to-go. Click HERE for more information.
  • El Patio - This family-owned establishment features authentic Mexican cuisine and outdoor patio dining. Click HERE for more information.
  • Boozehounds - Boozehounds is a pet-friendly restaurant, café, and bar, that offers gluten-free and vegan options for humans and a special menu of food for dogs. Click HERE for more information.
  • Bar Cecil - A luxe new bar and bistro that pays homage to the artist, diarist, and designer Cecil Beaton. Check out The Fifty Dollar Martini -- Yes, it's really $50 -- but features Beluga Vodka and cavier! Click HERE for more information.

 

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 your important real estate needs.

 

April 26, 2021

The Monday Minute - April 26, 2021

The Palms Springs real estate market continues to be good for our sellers. Most homes are getting multiple offers above asking price. Inventory remains low, and that's providing a challenge to buyers who are looking for good homes ... they are just hard to come by in the current market. 

Most experts believe we will see an increase in the number of homes available for sale in the coming weeks, but at the present, the number of new homes hitting the market each week remains constant.

April 19, 2021

Palm Springs Real Estate Still Selling Fast!

As COVID restrictions begin to ease and more people are getting their vaccinations, we continue to see strong home sales in the Palm Springs area. Today's buyers include younger workers who are seeing permanent changes in their work-from-home status as well as investors looking to diversify their portfolios. Add these new buyers to our consistent pool of retirement home and vacation home buyers, and this has provided a strength to our market that we have not seen in many years. People are flocking to The Coachella Valley for its great location, blue-sunny skies, palm trees, and most of all, great home values.

 

With so much competition, multiple offers and sales prices that are well above asking price is the new normal. It's rare to see good homes on the market for longer than a week. Buyers need to be quick and ready to pay full price or even more for the right property. And buyers financing their purchases are having a difficult time competing with cash buyers. 

 

Recent lending changes are, however, allowing our buyers who require financing to better compete with our cash buyers. Many lenders are now able to complete underwriting on a buyer’s loan prior to their making an offer. This reduces risk to a seller as it’s during the underwriting process that conditions often arise that complicate getting final loan approval.

 

The number of homes sold last month increased by +44.9% and the number of pending sales is up +154.5% when compared to the same month a year ago. 

 

There were 727 homes available for sale last month, compared to the 3,047 homes that were available for sale in March 2020 … a (-76.1%) decrease in available housing over that period! Low inventory continues to be a challenge for our buyers and inventory levels are remaining consistent with what we've seen over the last 6 months.

 

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 (+27.3%) over the same month last year, while the median price for attached homes (condos) is up (+15.3%).

 

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 $689,506 an Increase of (+32.4%) over the same month last year.  
  • Number of Days on Market. Days on market have decreased (-44.9%), homes are selling on average of 54 days.
  • The Number of Homes for Sale. There were 727 homes for sale last month, a (-76.1%) decline over February 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 3.250% while the FHA fixed-rate are at 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 when you look at the numbers for each of the major cities in the area. The Number of Homes Sold in March 2021 vs. March 2020 are up in all cities led by Indian Wells (+113.8%), Rancho Mirage (+93.5%) and Bermuda Dunes (+80%).

 

When looking at the Average Selling Prices, Bermuda Dunes stood out with a strong (+49.5%) increase over last March solds, followed by Indian Wells (+37.7%) and La Quinta (+36.8%).  Every city in the Coachella Valley experienced an increase in average sold price last month. 

The Number of Days on Market decreased for all cities in the Coachella Valley except for Coachella. Homes sold fastest last month in Indio (-45.1%), Cathedral City (-40.3%), and La Quints (-38.5%).

______________________________________

City Watch - Indio

 

Number of Homes for Sale = 250  (-47%)

Number of Homes Sold = 186  (+43.1%)

Average List Price = $489,004 (+16.9%)

Average Sale Price = $444,603 (+11.6%)

Average Days on Market = 45 (-45.1%)

_____________________________________________________________

 

   

If you're considering putting your home on the market, let us help you get it SOLD! We have great strategies for maximizing your home's exposure and getting the best price and this could be the best time to get your home sold.

 

If you'd like a detailed market report for a specific city, just 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?

April 19, 2021

The Monday Minute - April 19, 2021

The Palms Springs real estate market is very stable right now, with inventory and buyer activity remaining constant week after week. We're not seeing any increase in inventory and buyer activity remains steady. As our winter visitors head home for summer, we'll keep tracking the numbers to see if more homes come on the market as we move into the off-season.

Scroll down to view the charts for this update.

April 11, 2021

The Monday Minute - April 12, 2021

 

Our seller's market continues in the Palm Springs area, with the number of homes available for sale down by 70% over this time last year. Combined with strong buyer activity, we're seeing multiple offers, selling prices over asking, and cash deals in abundance.

 

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

April 4, 2021

The Monday Minute - April 5, 2021

It's becoming tough to find a home in the Palm Springs area right now. The season increase in inventory that we normally see each spring is not happening this year. Will we see more homes on the market once the winter visitors return north for summer? Stay tuned to find out. 

I'll be tracking the numbers each week so you'll be the first to catch the latest trends in our local real estate market. Scroll down to view the charts from this update. 

March 21, 2021

The Monday Minute - March 22, 2021

The inventory shortage in the Palm Springs area continues as the number of new home purchases is outpacing the number of homes listed for sale. The usual seasonal surge in new listings does not appear to be materializing this year, and if that continues, it could pose real problems for home buyers looking for a home in the area.

It's never been a better time for home sellers, so if you're thinking about getting your Palm Springs area home on the market, call now (760) 625-7229 and let us show you our strategies for taking advantage of this seller's market.

March 15, 2021

Bidding Wars And Multiple Offers Are The New Norm!

 

By now we all know what COVID-19 has done to our local real estate market. The Coachella Valley has been a primary destination to find relief and warmth from the cold, locked-down city life. As a result, we are seeing an increase in cash buyers and more financing at higher price points

 

With so much competition, it's not unusual to see multiple offers on a home and sales prices that are well above asking price. The days of negotiating a lower price and taking your time to decide on a home are gone, for now. Buyers need to be quick and be ready to pay full price or even more for the right property. And buyers financing their purchases are having a difficult time competing with cash buyers. 

 

This high demand low supply has caused 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 +13.8% and the number of pending sales is up +96% when compared to the same month a year ago. Buyers are active in all price ranges, good homes are attracting a ton of interest and are selling for over asking with multiple offers. 

 

Buyers getting homes under contract quickly causes home values to increase dramatically. When one buyer loses a home to another buyer with a stronger offer, they tend to offer a high price at the next home so they don't lose it. This is driving average selling prices higher,  increasing the average selling price by +23.18% across the Palm Springs area when compared to the same month last year. 

 

There were 906 homes available for sale last month, compared to the 3,120 homes that were available for sale in Feb 2020 … a (-71%) 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.

 

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 (+19.4%).

 

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 $679,890 an Increase of (+23.18%) over the same month last year.  
  • Number of Days on Market. Days on market have decreased (-32.3%), homes are selling on average of 63 days.
  • The Number of Homes for Sale. There were 906 homes for sale last month, a (-71%) decline over February of last year. Inventory hits an all-time low, 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 3.250% while the FHA fixed-rate are at 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 when you look at the numbers for each of the major cities in the area. The Number of Homes Sold in February 2021 vs. February 2020 is up in all cities except for Coachella (-52.2%).

 

When looking at the Average Selling Prices, La Quinta stood out with a whopping (+44.4%) increase over last February. Every city in the Coachella Valley experienced an increase in average sold price except for Bermuda Dunes (-27.5%).

 

The Number of Days on Market decreased for all cities in the Coachella Valley except for Coachella with an increase of (+92%).

______________________________________

City Watch - La Quinta

 

Number of Homes for Sale = 143  (-73.3%)

Number of Homes Sold = 181  (+40.3%)

Average List Price = $1,193,168 (+22.6%)

Average Sale Price = $978,264 (+44.4%)

Average Days on Market = 64 (-8.6%)

____________________________________________________________

 

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 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?

 

March 14, 2021

The Monday Minute - March 15, 2021

 

With the number of homes available for sale in the Palm Springs area runing 70% below normal for this time of year, it's a challenging time for many of our buyers. But we are still finding great homes for our buyers, so call now (760) 625-7229 and let's get your home search started!

Scroll down to view the charts that accompany this report.