June 29, 2020

The Monday Minute - June 29, 2020

Is it still a good time to sell a home in the Palm Springs area? And are selling prices dropping or rising? Find out here every Monday, on The Monday Minute!   

It's a great time to list your home for sale, as you'll be competing with fewer other sellers. Call me for a free consultation! (760) 625-7229.

 

June 22, 2020

The Monday Minute - June 22, 2020

 

It's turning into a seller's market in the Palm Springs area, with buyer activity accelerating over the last several weeks, and low inventory keeping sale prices strong. It's a great time to list your home for sale, as you'll be competing with fewer other sellers. Call me for a free consultation! (760) 625-7229.

Don't forget to check out the charts below to get a better view of our weekly trends.

 

 

 

 

 

 

 

 

 

 

June 15, 2020

The Monday Minute - June 15, 2020

It's turning into a bit of a seller's market in the Palm Springs area, with buyer activity accelerating over the last several weeks, and low inventory keeping sale prices strong.

Don't forget to check out the charts below to get a better view of our weekly trends.

June 14, 2020

It's Turning Into a Seller's Market in Palm Springs!

Home sale prices in the greater Palm Springs area continued to increase, with the average sale price jumping nearly 19% over the same time last year. While home sales have been impacted by the Coronavirus and lack of inventory -- home sales were down (-57.3%) over last May -- we are seeing a dramatic increase in buyer activity over the last few weeks.

 

Our June 15 update on TheMondayMinute.com shows that new escrows were up 15% over the prior week, and they have shown a consistent upward trend for the last 9 weeks. At the same time, new listings are running well below normal, with (-25.2%) fewer homes on the market than we usually see at this time of year.

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The Monday Minute   

Given that everything in the world seems to be changing daily, we will be giving a brief weekly update on the local real estate market every Monday. You can find The Monday Minute each week at this link: The Monday Minute.

 

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Last month there were 3,568 homes available for sale, compared to 4,771 homes available for sale in May 2019 … a noticeable (-25.2%) decrease in available housing over that period! Low inventory continues to be a problem here in the Palm Springs area, and with buyer activity at a 2-month high, we are clearly moving into a seller's market over the summer.     

 

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 $582,780 an Increase of (+18.6%) over the same month last year.  
  • Number of Days on Market. Days on market have increased (5%), with homes selling in an average of 85 days.
  • The Number of Homes for Sale. There were 3,568 homes for sale last month, a (-25.2%) decline over May of last year. Inventory remains below average, if trends continue we'll see fewer homes on the market than we normally do over the summer.

Home sales are clearly down due to two factors: 1) the extremely limited inventory and 2) the temporary pause in buying activity during the 1st six weeks of COVID-19.

 

One factor that is driving the upward trend in average selling prices is the strength in the luxury home market. Of the 479 homes sold last month, forty-six -- nearly 10% of all homes sold -- sold for over $1M. Of that forty-six, 16 sold for over $2M, and five of those sales were for over $5M. 

 

Interest rates are still at an all-time low and will continue to drive new purchases and refinance activity. 30-year fixed-rate mortgages rates have dropped to 3.125% and 15-year fixed loans are at 3.125%. The FHA 30-year fixed rate stands at 2.75% and 30-year fixed jumbo loans are at 3.375%.

 

 

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

 

As indicated above, the Number of Homes Sold in May 2020 vs. May 2019 was down in all cities, while average selling prices were on an upward trend.

 

When it comes to Average Selling Price, Palm Springs stood out with a whopping (+280%) increase over last May. This was driven by significant sales in the luxury market. Only Rancho Mirage, Palm Desert and Desert Hot Springs experienced decreases in average sold price percentages, with declines of (-2.8%), (-2.0%) and (-1.1%) respectively.

 

The Number of Days on Market decreased for every city in the Coachella Vally EXCEPT; Palm Springs (+7.0%), Cathedral City (+19.3%), Indio (+26.5%), and Indian Wells (+25.2%).

 

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?  

June 7, 2020

The Monday Minute - June 8, 2020

It's starting to turn into a seller's market. Buyers are making offers and inventory, while increasing, is still below demand!

Check out the charts below to view the weekly trends!

June 1, 2020

The Monday Minute, June 1, 2010

The Palm Springs area real estate market continues to show strength.  New escrows continue to climb, so it could be a great time to sell your home! Get your free home valuation report by clicking HERE.

 

 See the trends for the last 4 weeks in the charts below

 

May 25, 2020

The Monday Minute, May 25, 2020

 

With “Stay-at-Home” orders being relaxed, we see a definite increase in activity in the Palm Springs area real estate market last week.  Give us a call for your personal consultation to find out if it's the right time to buy or sell!

More homes are being listed for sale and buyer activity continues to increase. Low inventory combined with high demand is keeping selling prices steady.

 

May 18, 2020

The Monday Minute - May 18, 2020

 

   

Five weeks in we are clearly seeing a steady real estate market in the Palm Springs area.  Find out how many new homes came on the market and how many homes sold last week, and then give us a call for you our personal consultation!

Check out the charts below to find out if it's a good time to buy or sell. It's the best way to stay up-to-date on what's happening in our local real estate market. 

 

May 15, 2020

Home Sales Drop, But Prices Remain Steady in the Palm Springs Area

 

   

With our first full month of data since COVID-19, we are now starting to see the impact of the virus on our local real estate market. The bottom line ... sales dropped dramatically while selling prices remained stable. 

 

Home prices in the greater Palm Springs area continued to show strength for most cities, even though sales have been impacted by the Coronavirus. Compared to the same month last year, we've seen a decrease in the number of homes sold ... in April a total of 576 homes were sold, a -47% decrease over the same time last year. Based on recent Market Watch statistics from Palm Springs Life magazine, we anticipate that home sales will level out and will start to trend upward in the months to come.

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The Monday Minute   

Given that everything in the world seems to be changing daily, we will be giving a brief weekly update on the local real estate market every Monday. You can find The Monday Minute each week at this link: The Monday Minute.

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Inventory is still near record lows! There were 4,999 homes available for sale in April 2019, and this month there are only 3,653 homes available for sale … a (-26.9%) decrease in available housing over that period! Low inventory continues to be a problem here in the Palm Springs area, and I would anticipate that we'll see the number of homes available for sale to remain below normal as we move into the summer selling season. 

 

 

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 $505,136, essentially flat over the same month last year.  
  • Number of Days on Market. Days on market have increased slightly (+1.3%), with homes still selling relatively quickly, an average of 78 days compared to 77 over the same month last year.
  • The Number of Homes for Sale. There were 3,653 homes for sale last month, a (-26.9%) decline over April of last year. Inventory remains below average, if trends continue we'll see fewer homes on the market over the coming months.

Interest rates remain near all-time lows and will continue to drive new purchases and refinance activity. Conforming 30-year fixed-rate mortgages rates have dropped to 2.875% and conforming 15-year fixed loans are at 2.75%. You can get a 5/1 ARM for 2.875% and the FHA 30-year fixed rate stands at 2.75%. 

 

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


 

As you can see, the Number of Homes Sold in April 2020 vs. April 2019 was down in all cities, with the least impact felt in Coachella and Cathedral City. 

 

When it comes to Average Sold Price, Coachella stood out with a  (+22.2%%) increase over last April. Only Rancho Mirage, Indio, Indian Wells, and La Quinta experienced decreases in average sold price percentages, with the largest drop in average sale prices in Indian Wells (-38.6%).

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City Watch - Palm Desert

 

Number of Homes for Sale = 843  (-20.9%)

Number of Homes Sold = 114  (-50.2%)

Average List Price = $746,627 (+7.3%)

Average Sale Price = $504,185 (+12.2%)

Average Days on Market = 77 (+2.7%)

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The Number of Days on Market decreased for every city in the Coachella Vally EXCEPT; Palm Springs (+3.6%), Cathedral City (+8.3%), Palm Desert (+2.7%), Bermuda Dunes (+21.7%), and Indian Wells (+56.7%). 

 

If you're considering putting your home on the market, let us help you get it 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?  

May 11, 2020

The Monday Minute - May 11, 2020

  

This marks the 4th weekly update and you can start to see some trends in the data. Are buyer’s making offers? Are more homes available for sale? Check out our latest video to find out, and then give us a call for you our personal consultation!

Check out the charts below to start getting a read on the trends. It's the best way to stay up-to-date on what's happening locally.