The video version of The Monday Minute won’t be out this week due to the July 4th holiday, but here’s a quick update on last week’s numbers. 

 

The Palms Springs area real estate market continues its transformation as inventory rises once again, and we now have more homes available for sale than we’ve seen in the last two years. A consistent set of new listings each week, combined with a marked drop-off in buyer activity, is driving this trend. 

 

We are seeing twice as many price reductions as we had last year at this time, and that means that owners of overpriced homes are finding that need to reduce their asking price to generate interest in their homes. The rapid price increases we saw over the last two years have ended, as has the frenzied buyer market that saw almost every new listing selling for way over asking with multiple offers.

 

That said, good homes that are appropriately priced are still selling quickly, usually for asking or slightly above. But many homes are taking longer to sell, and buyers are finding it easier to get offers accepted due to there being less competition from other buyers.