Nov. 15, 2020

The Monday Minute - November 16, 2020

This week the story remains the same ... inventory constraints continue and selling prices continue to trend upward. A slight post-elections slowdown in sales was expected, and we saw that

I would expect that to be a temporary situation as many buyers continue their exodus from the big cities, and historically home sales rebound after a presidential election.

Nov. 15, 2020

As Cooler Weather Arrives Local Real Estate Remains Hot!

 

As we enter the holiday season and our weather starts to cool down, the desert the real estate market continues to heat up!

 

By now we all know the profound effects that COVID-19 has on the country’s economy, but it continues to drive sales in the desert’s real estate market. In fact, the increase in home sales we’ve seen over the last few months continues and shows no signs of slowing down.

 

The number of homes sold last month increased by +38.4% when compared to the same month a year ago. Buyers are active in all price ranges and good homes priced right continue to sell quickly. We’re still seeing multiple offers on many properties.

 

You’ve heard this story before … low inventory combined with strong buyer activity continues to drive our market, and as a result, we saw a +26.8% increase in the average selling price across the Palm Springs area when compared to the same month last year. 

 

There were 2,917 homes available for sale last month, compared to the 3,771 homes that were available for sale in October 2019 … a (-22.6%) decrease in available housing over that period! Low inventory continues to be an issue for our buyers and so far we are not seeing the usual seasonal increase in new listings that are typical for this time of year. Could this be a year in which the seasonal increase in inventory doesn’t materialize? We’ll track this going forward to find out.

 

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 (+27.5%) over the same month last year, while the median price for attached homes (condos) is up (+12.7%).  

  

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 $588,937 an Increase of (+26.8%) over the same month last year.  
  • Number of Days on Market. Days on market have decreased (-18.3%), homes are selling on average of 67 days.
  • The Number of Homes for Sale. There were 2,917 homes for sale last month, a (-22.6%) decline over June of last year. Inventory remains below average, 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. 30-year fixed-rate mortgages are staying steady at 2.875% while the FHA fixed-rate edged up slightly to 2.5% and VA loans are at 2.986%.

 

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

 

You can really see the strength in our market — it’s actually quite pronounced — when you look at the numbers for each of the major cities in the area. The Number of Homes Sold in October 2020 vs. October 2019 is up in all cities except Desert Hot Springs (-7.7%) and Coachella (-34.7%). Palm Springs, Rancho Mirage, Indian Wells, and La Quinta saw the most dramatic increases in the number of homes sold, with (+70.8%), (+72%), (+225%) and (+74.3%) increases respectively.

 

When looking at the Average Selling Prices, Desert Hot Springs stood out with a strong (+34.7%) increase over last October’s solds. Every city in the Coachella Valley experienced an increase in average selling price last month!

 

The Number of Days on Market decreased for all cities in the Coachella Valley except for Palm Desert (+4.5%) and Indian Wells (+44.3%).

______________________________________

City Watch - Indio

 

Number of Homes for Sale = 371  (-12.7%)

Number of Homes Sold = 155  (+40.9%)

Average List Price = $453,668 (+6.3%)

Average Sale Price = $381,272 (+8.4%)

Average Days on Market = 52 (-30.6%)

_____________________________________________________________

 

   

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 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?

Nov. 9, 2020

The Monday Minute - November 9, 2020

 

Will we experience the typical post-election dip in sales in the Palm Spring area real estate market? Watch our weekly update to find out!

 

 

Then scroll down to check out all of the charts that accompany this update. 

Nov. 1, 2020

The Monday Minute - November 2, 2020

While both the number of new homes coming to market and the number of new escrows are starting to stabilize in the Palm Springs area, the near-record low inventory is continuing to exert a slight upward pressure on home selling prices.

 

 

Check out the charts for this update below. 

Oct. 25, 2020

The Monday Minute - October 26, 2020

We continue to see signs of stabilization in the Palm Springs area real estate market. The number of new listings is fairly consistent each week, although inventory remains near record lows. Buyer activity remains consistent, and the rapid price gains we saw over the last few months has softened a bit. Watch the video for our latest update. 

 

 

Don't miss the charts below that will give you a good view of recent trends in the Palm Springs area real estate market. 

 

 

 

 

 

 

 

 

Oct. 19, 2020

The Monday Minute October 19, 2020

The Palm Springs area real estate market remains strong but is showing signs of stabilization after a quick spike in sales and rising home selling prices. Watch the video for our latest update. 

 

 

Check out the charts below for more details on the current state of our real estat market. 

 

 

 

 

 

 

 

 

 

 

 

Oct. 14, 2020

Homes Are Selling For More, And In Record Time!

As the weather cools down in the desert the real estate market continues to heat up!

 

While COVID-19 has had profound effects on the country in many ways, it has been a boon for the desert’s real estate market. In fact, home sales have increased dramatically — having reached all-time highs in the number of homes sold compared to previous years. The number of homes sold last month increased by +38.2% when compared to the same month a year ago. Buyers are active in all price ranges and good homes priced right are selling quickly and often getting multiple offers.

 

Home selling prices continue to increase, and low inventory, combined with continued strong buyer activity, has resulted in a +30.1% increase in the average selling price across the Palm Springs area when compared to the same month last year. 

 

There were 1,995 homes available for sale last month, compared to the 2,787 homes that were available for sale in September 2019 … a significant (-28.4%) decrease in available housing over that period! Low inventory continues to be an issue here in the Palm Springs area, and while there has been a slight uptick in the number of homes available for sale over last month, we are not seeing the usual seasonal increase in new listings that are typical for this time of year. 

 

The high demand and low inventory have been major factors in home prices increasing, with the median sale price for detached homes (single-family) up (+25.9%) over the same month last year, while the median price for attached homes (condos) is up (+12.5%).  

  

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 $596,000 an Increase of (+30.1%) over the same month last year.  
  • Number of Days on Market. Days on market have decreased (-15.9%) … homes are now selling in an average of 74 days.
  • The Number of Homes for Sale. There were 1,995 homes for sale last month, a (-28.4%) decline over September of last year. Inventory remains near record lows, making it challenging for buyers who are looking for that perfect desert home.

Interest rates are still at an all-time low and will continue to drive new purchases and refinance activity. 30-year fixed-rate mortgages are staying steady at 2.858% and 15-year fixed loans are at 2.354%. The 5/1 ARM rate stands at 3.070% and 30-year jumbo loans are at 3.480%.

 

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

 

The strength in our market is clear when looking at the numbers for each of the major cities in the area.  The number of homes sold in September 2020 vs. September 2019 are up in all cities EXCEPT: Desert Hot Springs (-19.3%) and Coachella (-26.7%). Rancho Mirage, Palm Desert, Indian Wells and La Quinta saw the most dramatic increases in number of homes sold, with (+82.3%), (+71.5%), (+79.2%) and (+72%) increases respectively. 

 

 

When looking at the Average Selling Prices, Palm Springs stood out with an incredible (+43.2%) increase over last September. Some of this increase can be attributed to the mix of homes being sold as the $1M+ price range is doing very well. Every city in the Coachella Valley experienced an increase in average selling price except for Indian Wells (-18.8%) and Bermuda Dunes (-9.2%).

 

The Number of Days on Market decreased noticeably for all cities in the Coachella Valley, with Coachella being notable for homes selling in an average of only 20 days!

______________________________________

City Watch - La Quinta

 

Number of Homes for Sale = 538  (-14.9%)

Number of Homes Sold = 203  (+72%)

Average List Price = $977,092 (+12%)

Average Sale Price = $783,257 (+36.9%)

Average Days on Market = 77 (-28.7%)

_____________________________________________________________

 

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?

Oct. 12, 2020

The Monday Minute - October 12, 2020

After a rapid increase in buyer activity and average selling prices, it appears that we're seeing a bit of stabilization in the market. While inventory remains tight, buyer activity and selling prices seem to be leveling off.

Check out the charts below, and if you'd like an instant, online home price valuation report, go to www.PriceMyDesertHome.com.

 

 

 

 

 

 

 

 

 

Oct. 5, 2020

The Monday Minute - October 5, 2020

Home prices rose again last week in the Palm Springs area. New listings were up (+9.1%) last week offering more opportunities for our buyers. We continue to see a robust market with good homes priced right often seeing multiple offers. 

 

 

If you want a free home price valuation, get it online here: www.PriceMyDesertHome.com

Sept. 30, 2020

Desert Lifestyle Report - October 2020

Re-Opening Begins in The Palm Springs Area!

 

After a 4-month hiatus, the Desert Lifestyle report returns. With cooler weather on the horizon, and some COVID-19 restrictions being eased for Riverside County, a visit to the Palm Springs area could be the perfect antidote for those who have been cooped up at home for the last few months. With a wide variety of outdoor activities available and a great selection of restaurants for outdoor dining, the desert is still a great place to escape the craziness of the big city or those cloudy, rainy days up north.

 

California’s “Blueprint for a Safer Economy”

 

The state of California has unveiled their “Blueprint for a Safer Economy” that puts each county into one of four categories - color-coded purple, red, orange, and yellow -- based on their the number of new COVD-19 cases per 1,000 population and positivity rate. Riverside County moved from purple to red on August 31 and with that, additional businesses have been allowed to open, although many are at reduced capacity. All of our pet lovers can now get back to the groomer, and fitness buffs can now return to the gym. And if your Sunday involves morning worship or an afternoon movie, you're set. The following businesses are now able to re-open.

  • Gyms & fitness centers (10% capacity)
  • Movie theaters (25% capacity)
  • Places of worship (25% capacity)
  • Indoor dining (25% capacity)
  • Shopping malls (50% capacity)
  • Museums (25% capacity)
  • Personal care, including nail salons
  • Pet groomers

Bars and breweries remain closed at this time. 

 

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

 

OCTOBER EVENTS GO VIRTUAL

 

With COVID-19 like to be with us for a while, you’ll find that many of the popular events in the Palm Springs area will either be going virtual or proceeding without spectators. Two of the best events for October are now virtual, so whether you’re here, or not able to travel, you can still participate. 

 

Modernism Week Fall Preview, Oct 15

   

The Modernism Week Fall Preview event goes virtual this year, so everybody can attend while avoiding the usual crowds. This fall, the event’s online experience offers seven different programs priced from $5 to $35 per event. You’ll also enjoy two free films, and all events can be experienced on your mobile phone, laptop or smart TV.!

 

Click HERE for information on the event and to purchase tickets.

 

Palm Springs Comedy Festival, Oct 11-18

 

Comedians from around the world will have the chance to showcase their talent, from any country, in this year’s virtual Palm Springs International Comedy Film Festival. Featuring a talent pool from around the world, this year’s festival will have competitions in the following categories: Stand-up, Improv, Sketch, Feature Film, Short Film, TV Pilot, Web Series, Animation, and Music. 

 

Click HERE for more information and to buy tickets.

 

THINGS TO DO IN OCTOBER

   

If you’re able to make it to the desert this month, you’ll find a wide variety of activities to keep you busy. From drive-in movies (whoever thought those would come back?) to The Living Desert, you’re certain to find something of interest. 

 

Drive-In Movies

 

While movie theaters are now allowed to open, at 25% capacity, there are some good options for those if us who are not yet comfortable spending a couple of hours indoors to watch a movie. You’ve got three good options for drive-in movies this month.

 

The Drive-In at Springs Air Museum. Screening movies every Thurs, Fri, Sat, Sun.

 

Click HERE for information on the screenings and to purchase tickets.

 

Mary Pickford Theater. Screening schedule TBD.

 

Click HERE for information on the screenings and to purchase tickets.

 

Carpool Cinema at The Westfield Mall. Screening movies every Thurs, Fri, Sat, Sun until Nov 1.

 

Click HERE for information on the screenings and for ticket information

 

The Living Desert

 

The Living Desert has re-opened with summer hours and timed ticketing to limit the number of visitors on the premises at a given time. Some indoor spaces may be closed, but all outdoor attractions and hiking trails are open.

 

Click HERE for information and to purchase tickets.

 

Palm Springs Vintage Market

 

If you’re looking for some cool vintage furnishings for your home, the Palm Springs Vintage Market will be reopening this month.  Held on the 1st Sunday of every month. Capacity will be reduced, both for vendors and attendees, but it’s one of Palm Springs’ favorite places to find cool, unique items for the home, and it’s back!

 

Click HERE for information on the screenings and to purchase tickets.

 

Casinos

 

If you’re itching to drop a few bills in the slot machine, our local casinos are all open. All local casinos are operating at 50% capacity and require that all guests wear face masks. Modifications have been made to enforce social distancing and enhanced cleaning procedures for high-touch surfaces have been implemented.

 

Agua Caliente Casino. With locations in Palm Springs, Rancho Mirage, and opening in Cathedral City this fall.  Click HERE for information.

 

Fantasy Springs Casino. Located in Indio just off the 10 freeway. The bowling lanes are currently closed.  Click HERE for information.

 

Spotlight 29 Casino. Located in Indio.  Click HERE for information.

 

Augustine Casino. Located in Coachella, locals love this casino. no. It’s the only place in the valley with $3 Blackjack. Click HERE for information.

 

10 INSTAGRAM-WORTH PLACES IN PALM SPRINGS

If you’re looking for some high-impact backgrounds to spice up your Instagram account, Palm Springs Life magazine has you covered. Check out their recommendations on the 10 most Instagram-worth places in Palm Springs, then get out there and enjoy our sunshine and snap some awesome 

 

Click HERE to find your perfect Instagram spot.

 

BEST OUTDOOR ACTIVITIES 

Hiking

 

If you like the great outdoors, October is a wonderful time to visit the desert. Even on warmer days, the evenings and mornings are cool, and perfect for getting out and taking in the local beauty. 

 

Bear Creek Nature Trail. This 4.8-mile paved trail in La Quinta stretches along the base of the southern Santa Rosa Mountains through a protected nature preserve. Walkers, joggers, bicyclists, and leashed dogs are all welcome.  Click HERE for information.

 

Indian Canyons. The calm, serene setting of Indian Canyons is the ancestral home of the Agua Caliente Band of Cahuilla Indians. With miles of winding hiking trails and the lazy stream that flows through the canyon, this is the perfect place for an escape from reality.  Click HERE for information.

 

Tours

 

Adventure Hummer Tours Enjoy a self-guided tour of Joshua Tree Park in your own Hummer. The vehicle come fully equipped with camping & sleeping gear and is a great way to explore the park.  Click HERE for information

 

Red Jeep Tours. Back in business starting Oct. 1, unique open-air Jeep tours are available for the San Andreas Fault, Joshua Tree Park, Painted Canyon, and more. Get outdoors and experience the desert’s beauty up close.    Click HERE for information.

 

Sunnylands Garden Tours. The gardens at Sunnylands are now open and guests are welcome to take self-guided tours of the gardens. Parking is free and charging stations for electric vehicles are available. The cafe & gift shop are closed at this time.  Click HERE for information.

 

Tennis & Pickleball

 

If you love a good tennis match or a morning of pickleball, check out the offerings at the JW Marriott in Palm Desert or the La Quinta resort. You can book private tennis lessons with USPTA-certified pros or try the fast-paced paddle sport pickleball, which has

an easier learning curve. Lessons are available at both the JW Marriott and the La Quinta Resort.

 

Click HERE for information on the JW Marriott tennis & pickleball schedule.

 

Click HERE for information on the La Quinta Resort tennis & pickleball schedule

 

OUTDOOR DINING

While restaurants are now able to open for indoor dining, at limited capacity, many of us are not comfortable with indoor dining right now. The good news is that many local restaurants are expanding their patios and providing a very COVID-friendly dining experience including more separation between tables, thorough cleaning of tables between seatings, and single-use menus. If you’re looking for a great outdoor dining experience, here are some of my recommendations. 

 

Palm Springs

  • Tacquila - Awesome Mexican food made with fresh ingredients, served with the best tequilas. Click HERE for more information.
  • Kimpton Hotel - “Dinner Under the Stars” offers rooftop dining with mountain views. Open to non-hotel guests each Wednesday. Click HERE for more information.
  • Eight4Nine - One of the nicest outdoor patios, with lights in the trees and socially distanced tables, the setting is wonderful and the food a delight. Click HERE for more information.

Rancho Mirage

  • Si Bon - This charming European-style bistro offers Belgian-inspired dishes — and delicious waffles — on their large cooled patio. Click HERE for more information.
  • Fleming’s - If you’re in the mood for a great steak, head over to Fleming’s at The River. They have limited outdoor patio seating available.  Click HERE for more information.
  • Babes’ Bar-B-Que - If you enjoy good Bar-b-que and beer, check out Babe’s Bar-B-Que & Brewery, also in The River. They offer outdoor patio dining.   Click HERE for more information.

Palm Desert

  • Pacifica - Great seafood, and my favorite place to order scallops, with one of the best outdoor patios in the area. Click HERE for more information.
  • Tommy Bahama’s - Good food and the best patio for lunch as they use both misters and swamp coolers to keep the patio comfortable. Click HERE for more information.
  • Casuelas Cafe - Good Mexican food, good margaritas, and the grilled fish tacos are my favorite. The patio is large and normally cooled with swamp coolers. Click HERE for more information.
  • Wilma & Frieda - Homestyle cooking done right, with fresh ingredients and inventive preparations. Highly recommended for breakfast or lunch. Click HERE for more information.

Indian Wells

  • The Vue - Enjoy good food, creative craft cocktails, and the largest selection of whiskeys in the desert. Outdoor patio dining offered by reservation. Click HERE for more information.

La Quinta

  • Cliff HouseAnother option for great seafood. Cliff House has two separate outdoor patios, one directly adjacent to the rocky cliffs that give the restaurant its name. Click HERE for more information.