New listings in the Palm Springs area were up +11.7% last week, the biggest jump we’ve seen in new listings in several weeks. At the same time, inventory remained essentially flat as did the number of new escrows. 

 

Average selling prices rose +6% to  $617,444.

 

Will we see a return to normal inventory as the desert opens up for our winter visitors? 

 

With cooler weather onto way, and a return of our seasonal visitors, we could see a shift in the market, but it’s too soon to say what that may look like. 

 

The BNP Paribas Open, delayed from its usual March timeframe, will take place next month, as will the Palm Springs Modernism Week Fall Preview. Most restaurants are fully opened for the season so we are definitely moving into our fall/winter selling season.

 

Come back each Monday to get the latest update on our local real estate market. 

  

NOTE: The video version of The Monday Minute will return on September 27.