We are definitely starting to see a shift in the Palm Springs area real estate market. The number of homes available for sale has been rising over the last few weeks.

That rise has been driven primarily by a reduction in buyer activity as listing activity is still below normal. Scroll down to view the charts that accompany this update.

While the strong seller's market continues in the Palm Springs area, we are keeping an eye on some numbers that may indicate a slight shift in the market as we move through the summer selling season. 

When we look at what's happening in the market over the last two months, we find that the number of new listings dropped -8.8% in June compared to May.  We also notice that the number of homes for sale is down -9.3% in the same period. Average selling prices in June are also down -5.0% compared to May.

We're also monitoring the weekly trends over the past few weeks to see if we can observe any shifts in the market. We noticed an uptick of +4.3% in inventory over the last few weeks, and new escrows have begun to show a slight decline during that time. Closed transactions are also down slightly over the previous four weeks compared to the four weeks prior. These numbers could be early indicators of a shift from the intense seller's market we have experienced over the last year.

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.TheMondayMinute.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 in the Palm Springs area was $715,606, increasing +27.3% over the same month the previous year. 
• Number of Days on Market. Days on market have decreased -54.3%, and homes are selling on average of 37 days.
• The Number of Homes for Sale. There were 645 homes for sale last month, a -72.9% decline over June of last year. Inventory has hit an all-time low, and if trends continue, we'll see fewer homes on the market over the coming months. 

The number of homes sold this month is up +41.9% compared to June of last year. New listings are snapped up quickly in this market, and it's the substantial number of sales keeping inventory at record low levels.

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 3.375%, while the FHA fixed-rate are at 2.99% and VA loans are at 2.99%.

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 June 2021 vs. June 2020 is up by double digits in all cities, led by Indian Wells +91.3%, Desert Hot Springs +77%, Cathedral City +69.2%, and Bermuda Dunes +56.3%.

Average Selling Prices were up in all cities except for Bermuda Dunes, which saw an -5.3% drop in average selling price. Indio had the biggest percentage increase in average selling prices with a +40.7% increase over last June sales. Indian Wells followed closely behind with a +40.2 increase in selling price and Desert Hot Springs with a +37.4 increase. 

Homes continue to sell quickly, and Days on Marked dropped by over 50% in every city except for Cathedral City, down -47.5%, and Coachella, where Days on Marke remained flat at 34.

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City Watch - Palm Springs

Number of Homes for Sale = 93  (-73.2%)

Number of Homes Sold = 247  (+39.5%)

Average List Price = $929,543 (+47.8%)

Average Sale Price = $723,987 (+20%)

Average Days on Market = 28 (+54%)

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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.

Do this week's numbers signify a shift in the Palm Springs area real estate market? We'll be watching the numbers in the coming weeks to see if the hot seller's market continues.

Scroll down to view the charts from this update, and you'll find our monthly market updates online at www.DesertMarketUpdate.com.

New listings, closed escrows, and average selling prices were up this week in the Palm Springs area. Will inventory start its return to normal? Find out with our weekly update every Monday.

Scroll down to view the charts that accompany this update, and don't hesitate to call if you have any questions or would like specific information for your neighborhood.

California Reopens!

After more than 15 months since issuing the country's first stay-at-home order, California has reopened for business!

With 50% of the state's population fully vaccinated and over 72% of people over 12 years of age having received at least one dose of the vaccine, many COVID restrictions have been removed, and life is returning to something resembling "normal" pre-pandemic life. 

For all business sectors in the state, mask mandates, capacity limitations, and social distancing requirements have been dropped. Masks are still required in public transportation and medical facilities, and vaccine verification is required for those attending indoor events with 5,000 people or more.

But for most day-to-day activities, masks are not required.  

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

THINGS TO DO IN JULY

CELEBRATE THE 4TH OF JULY

Let's celebrate the first big holiday of summer, Independence Day on July 4. Here are some of the best places to celebrate in the desert:'

Palm Springs - The city is providing a laser light show in place of fireworks this year, and there will be music, food, and pool parties at four separate locations across the city. 

For more information, click HERE.

Cathedral City - Agua Caliente Casino is partying all weekend in celebration of July 4. They'll have food trucks, live music and dining specials, so you won't want to miss out. 

For more information, click HERE.

Rancho Mirage - The big fireworks show in the valley will be held at the Agua Caliente Casino on Bob Hope. There will be music and giveaways starting at 7 pm, and the fireworks show starts at 9 pm. 

For more information, click HERE.

Palm Desert - The always popular July 4 fireworks event at Palm Desert Civic Center Park is back! While there will not be live music at this year's event, food trucks and vendors will be at the park, and the fireworks show starts at 9pm. 

For more information, click HERE.

Idyllwild - If you want to turn the temperature down a few degrees, head west of Palm Springs to the mountain community of Idyllwild. The Independence Day parade, led by Max the Mayor, a friendly golden retriever, takes place on July 3. 

For more information, click HERE.

VILLAGEFEST RETURNS!

It's back! Villagefest returns July 8 and takes place every Thursday throughout the summer. Palm Canyon Drive in downtown Palm Springs will be closed to traffic, and the street will transform into a festive street fair. Vendor booths will feature food, crafts, artwork and more each Thursday. 

For more information, click HERE.

FOREVER MARILYN IS BACK!

The popular 26-foot tall statue of Marilyn Monroe in her classic pose from "The Seven Year Itch" has returned to Palm Springs. Since her departure from Palm Springs in 2014, she has spent time in New Jersey, Australia, and Connecticut, prior to returning to Palm Springs. Marilyn can be found just outside the Palm Springs Art Museum on Museum Way. 

For more information, click HERE.

VISIT PALM SPRINGS ART MUSEUM.

Speaking of the Palm Springs Art Museum, the museum is now open to the public, and you can visit for free each Thursday from 5-7pm.  If you prefer to escape the heat and visit during the daytime hours, take advantage of Five Dollar Fridays July 16 through July 30 with $5.00 admission all day for non-members. 

For more information and to purchase tickets, click HERE.

LIVE THEATRE MAKES A COMEBACK!

The Alliance of Desert Theatres, a cooperative of 16 local theatre companies and live entertainment organizations,  is preparing to promote various performances starting this summer. The Palm Springs Opera Guild, Palm Canyon Theater, Theatre 29, and many more will be planning out their schedules, including initial shows this summer.  

Click HERE for more information.

MORE LIVE MUSIC.

Oscar's in downtown Palm Springs is bringing live music back this summer. Summer events include shows by Crimson Crow, Rose Mallett, American Idol's Michael Orland, and jazz musician Gunhild Carling. 

Click HERE for more information.

Agua Caliente Casino now has several music events scheduled for July, August & September, including Pat Benatar, Tower of Power, and Styx. 

Click HERE for more information.

LET'S EAT OUT! 

With indoor capacity limits now lifted, it's the perfect time to reserve that indoor table and enjoy a wonderful meal in the cool indoors.

• Larkspur Grill - The newest restaurant in Palm Desert recently opened for business in Hotel Paseo. Offering modern California cuisine with fresh local ingredients, the restaurant offers dinner and happy hour nightly.  Click HERE for more information.
• Wildest - This recently opened Palm Desert venue offers healthy casual dining and wine tasting starting at 3:30 each Tuesday - Sunday. Click HERE for more information.
• Wilma & Frieda - With some of the best upscale homestyle cooking you’ll find anywhere, your options are expanded with Wilma & Frieda’s Palm Springs location, serving breakfast & dinner in a great downtown location. The Palm Desert location is open for breakfast & lunch.  Click HERE for more information.
• The Colony Club - Enjoy theatre deco glamour of the main dining room or dine al fresco poolside at this popular eatery in the Colony Palms Hotel in Palm Springs. Click HERE for more information.
• RD RNNR - If you’re in La Quinta, check out this hot spot with tasty shrimp sandwiches, fried chicken wings and flat iron steaks. And don’t forget the delicious home-made pies and cakes! 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 of your real estate needs.

The Palm Springs real estate market has entered a "new normal" characterized by near-record low inventory, strong buyer activity, and rising prices. This trend has continued over the last 3 months and there is currently no indication this will change.

Scroll down to view the charts from this video update. 

The Palm Springs real estate market continues to be great for sellers and challenging for buyers. Home selling prices are continuing to trend upwards driven by low inventory and strong buyer demand. 

Homes are selling well at all price points and the luxury market is seeing strong sales as well. Scroll down to view the charts that accompany this update.

As we move into the summer selling season, we have yet to see the return to normal inventory levels predicted. The number of new listings each week has dropped -21% compared to this time three months ago, and the number of homes for sale is down 19% in the same period. 

A critical factor in the reduced inventory over the last few months has been the increase in sales, but new escrows have begun to show a decline over the previous three months by -23.5%. So while sales are up significantly over the same time last year, we are starting to see a slight shift in the market when looking at trends over the previous three months.

Why are we seeing a slight downward trend in buyer activity? That's likely due to two main factors. First, with so many homes selling for over asking with multiple offers, buyers for whom a home purchase is not time-sensitive are waiting on the sidelines until the market cools down a bit. Second, with fewer homes coming on the market, there are just fewer homes available for sale right now. 

Let's look at the stats for May 2021 compared to May of last year. There were 711 homes available for sale last month, compared to the 2,778 homes available for sale in May 2020, with a (-74.4%) decrease in available housing over that period! Low inventory continues to be a challenge for our buyers.

The high demand and low inventory have been major factors driving home price increases, with the average sale price for Single-Family Homes are up (+31.6%) over the same month last year, while the average price for Condos is up (+33.9%).

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 snapshot of the Palm Springs area real estate market and its overall health.

• Average Home Sale Prices.  Last month's average home sale price in the Palm Springs area was $743,000, an Increase of (+29%) over the same month the previous year. 
• Number of Days on Market. Days on market have decreased (-56.5%), homes are selling on average of 37 days.
• The Number of Homes for Sale. Last month, there were 711 homes for sale, a (-74.4%) decline over May of last year. Inventory hits an all-time low; if trends continue, we'll see fewer homes on the market over the coming months.

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 May 2021 vs. May 2020 is up in all cities led by Bermuda Dunes (+466.7%), Rancho Mirage (+190.2%), and Palm Desert (+158.8%). Coachella was the only city with single-digit increase in home sales (+8.3%).

When looking at the Average Selling Prices, Palm Desert stood out with a whopping (+46.5%) increase over last May solds, followed closely by Desert Hot Springs (+45.8%), Indio (+42.3%), and Rancho Mirage (+41.4%). Every city in the Coachella Valley experienced an increase in average sold price except for Indian wells, down (-24.9%).

The Number of Days on Market decreased for all cities except for Coachella, with an average 48 days on market, a (+100%) increase.

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City Watch - Coachella

Number of Homes for Sale = 11  (-15.4%)

Number of Homes Sold = 13  (+8.3%)

Average List Price = $446,000 (+4.0%)

Average Sale Price = $294,577 (+2.1.%)

Average Days on Market = 48 (+100%)

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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?

We're still in a strong seller's market in the Palm Springs area, but the number of homes for sale is down over the last 3 months, as are new escrows. Selling prices are remaining stable as we move into the summer selling season

Will inventory return to normal over the summer? Come back every Monday to get the latest update. And scroll down for the charts that accompany this update.

New listings are trending slightly downward in the Palm Springs area over the last few weeks, but inventory is remaining stable. Part of that is due to a slightly reduced number of new escrows.

Will that trend continue? Come back each Monday to find out, and don't forget to scroll down to check out the charts for this update.