Inventory continues to climb in the Palm Springs area, with 2,171 homes available for sale last week. This is the highest number we've seen all year. New escrows were down 3.7% to 111, and buyer activity continues to trend well below what we saw last year.  While down 16.6% from last week,  price reductions are trending well above the previous year's numbers. The average selling price was down 4.7% compared to the last week, and buyers are finding more sellers willing to negotiate on pricing. 

The Monday Minute is text only this week due to illness. ☹️ COVID got me, but I should be back in business with the video next week. 

New listings are up, and inventory continues to climb as our market shifts out of the aggressive seller's market. New escrows were down this week, and the increase in mortgage interest rates last week will not help matters. 

Price reductions are over 300 for the third week in a row, evidence that many sellers' homes are still priced for the market before the shift.  Overpriced homes are not selling, and homes are definitely taking longer to sell.

Inventory continues to rise in the Palm Springs area, with over three times as many homes available for sale as there were at the beginning of the year. Price reductions topped 300 for the 2nd week in a row, and average selling prices were flat compared to last week.

As the temperatures are cooling down, our arts and entertainment scene is heating up! This month is loaded with art festivals, amazing music events, the national pickleball championship, and much more! There really is something for everybody, and there’s no better time to visit the Palm Springs area!

SIGNATURE EVENTS

Greater Palm Springs Pride - Nov 4-6

While most major cities hold their Pride celebrations in June, we have to wait until the summer heat breaks for our local celebrations. This year is the 35th edition of Pride weekend, featuring a parade, a festival with live music, food vendors, and more.

For more information, click HERE. 

Margaritaville USA Pickleball National Championships  - Nov 5-13

Here’s your chance to watch the best of the best in the fasting-growing sport in the country. Often described as a combination of tennis & ping pong, you’ll enjoy both singles and doubles matches in all age groups at the Indian Wells Tennis Garden.

For more information and to buy tickets, click HERE. 

Cathedral City Hot Air Balloon Festival - Nov 18-20

Come out and enjoy the 8th annual Hot Air Balloon Festival. The event takes place over three days and includes tethered balloon rides, live music, food trucks, and an outdoor market. Sunrise balloon launches take place at 6:30 am each morning, and there’s a pancake breakfast on Sunday.

For more information, click HERE. 

McCormick’s Classic Car Auction - Nov 18-20

Calling all classic car lovers! Twice a year McCormick’s produces two of the largest classic car auctions on the west coast. Featuring over 500 classic and exotic cars, this is the best place to see some of the most awesome restorations of rare and desirable classic cars. As always, admission is free on Friday!

For more information, click HERE.

WildLights - Nov 22 - Dec 30

Check out the Living Desert as it’s transformed into a magical winter wonderland. Christmas lights are strung throughout the Living Desert, and mesmerizing glowing animal lanterns will amaze! The model train set and carousel are given a holiday makeover, and there’s live music and food as well. 

For more information, click HERE.

OTHER EVENTS

First Fridays on El Paseo - Nov 4

First Fridays return to El Paseo and will occur monthly through May 2023. It’s the perfect way to enjoy our beautiful fall weather. Stroll El Paseo and check out the fabulous art galleries, cruising classic cars, and consignment shops. Singer Whitney Lyman performs from 3:30 - 5:30 pm on the center lawn at The Gardens of El Paseo.

For more information, click HERE.

Palm Springs Vintage Market - Nov 6

If you’re looking for some awesome vintage furnishings or accessories, this is the place to be. Held on the first Sunday of the month from 7 am - 2 pm in the Palm Springs Cultural Center parking lot, you enjoy shopping a variety of merchandise with live music and food vendors. 

For more information, click HERE.

Veteran’s Day Parade - Nov 11

Pay respect to our active-duty and veteran service members with this parade in downtown Palm Springs. The parade starts at 3:30 pm and concludes with a patriotic concert and fireworks finale.

For more information, click HERE.

Palm Springs Wine & Food Experience - Nov 19

Food & Wine! The perfect combination! Presented by USA Today, this rich culinary experience features a gourmet showcase by local chefs, cooking demonstrations, and great wines. This is an over-21 event, so leave the kids at home!

For more information, click HERE.

Props & Hops Craft Beer Fest - Nov 19

The 10th annual Props & Hops festival is back with some of the area's best brews (and a few from out of the area), a show of vintage aircraft, and live music from local entertainers. If you’re adventurous, book a ride on one of the flying warplanes and get the experience of a lifetime!

For more information or to purchase tickets, click HERE.

LAUGH A LITTLE

Caliente Comedy - Every Friday Night

Come out and enjoy a few hearty laughs at Caliente Comedy! Just stop by the Cascade Lounge at Agua Caliente Palm Springs every Friday at 8 pm for a great comedy show by some of the best touring comics around. 

• Jamie Kennedy - Nov 4
• Jesica Michelle Singleton - Nov 11
• Trenton Davis - Nov 18
• Justin Rivera - Nov 25

For more information and to buy tickets, click HERE.

ENJOY SOME MUSIC

Palm Springs Women’s Jazz Festival - Nov 11-13

The Palm Springs Women’s Jazz & Blues Association was established to foster an appreciation of female jazz & blues musicians who often struggle for recognition. The festival will feature performances by some of the finest female musicians, as well as films, exhibits, and presentations intended to promote the work of women artists. 

For more information and to buy tickets, click HERE.

McCallum Theatre - Small and intimate, the McCallum is one of the best venues in the desert.

• Vienna Boys Choir - Nov 16
• Rain - A Tribute to The Beatles - Nov 25-27
• Jake Shimabukuro - Nov 29

For more information and to buy tickets, click HERE.

Agua Caliente Casino - Agua Caliente has one of the premier showrooms in the valley, and live shows scheduled this month include:

• Frankie Vallie & The Four Seasons - Nov 10
• Tony Orlando - Nov 26

For more information and to buy tickets, click HERE.

Fantasy Springs Casino

• Three Pop Divas - Nov 12

For more information and to buy tickets, click HERE

Morongo Casino

• En Vogue - Nov 10
• Jimmie Allen - Nov 18

For more information and to buy tickets, click HERE

Spotlight 29 Casino

• Salute to Our Heroes w/Blake Shelton - Nov 11

For more information and to buy tickets, click HERE

CHECK OUT A LOCAL THEATER

McCallum Theatre 

• Nearly Lear - Nov 4
• The Book of Mormon - Nov 18-20

For more information and to get tickets, click HERE.

CVRep 

• The Humans - Nov 8-20

For more information and to get tickets, click HERE.

Palm Canyon Theatre 

• Broadway in Drag Pageant - Nov 4
• Nunsensations - Through Nov 13

For more information and to get tickets, click HERE.

Desert Theatreworks 

• Barefoot in the Park - Nov 4-27

For more information and to get tickets, click HERE.

Desert Rose Playhouse 

• Xanadu - Nov 9-20

For more information and to get tickets, click HERE.

Dezart Performs 

• Choir Boy - Through Nov 6

For more information and to get tickets, click HERE

ART EXHIBITIONS

Rancho Mirage Festival of the Arts - Nov 5-6

Enjoy 30 hand-picked artists from various genres at the Rancho Mirage Amphitheater. With an emphasis on experimentation and craftsmanship, you’ll enjoy museum-quality artwork complemented by live music, including Jazz Under the Stars each evening. 

For more information, click HERE

La Quinta Art Celebration - Nov 10-13

You’ll enjoy 200 world-class artists from across the country and abroad as the La Quinta Art Celebration returns to the Civic Center this year. The event will feature live music on the amphitheater stage and al fresco dining with fresh fish, cajun food, and made-to-order mini donuts. 

For more information, click HERE

Artwalk at Indian Wells - Nov 19-20

West Coast Artists presents the Artwalk at Indian Wells Village featuring 60 diverse artists. You’ll find one-of-a-kind works in various media, including sculpture, blown glass, paper, jewelry, and more. Enjoy lunch at nearby Don Diego’s or Eureka.

For more information, click HERE

Palm Springs Museum of Art

• Pride: Say Gay! T-Party & T-Dance - Nov 4
• Fall Exhibitions Opening Party - Nov 30
• Phillip K. Smith III: Light + Change - Nov 25 - May 7

For more information, click HERE

Beyond Van Gogh  - Through Nov 27

You won’t want to miss this immersive experience featuring the work of post-impressionist artist Vincent Van Gogh. This limited-engagement event brings to life the artwork of one of the most influential artists in the art world!

For more information and to buy tickets, click HERE.

The Monday Minute

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.

Copyright © 2022 Hamilton Desert Homes, LLC. All rights reserved

This week the inventory in the Palm Springs area rose to its highest number in over 2 years. With that increase in inventory, we saw buyer activity rise as well. 

Price reductions were up over 40% to 359, the highest number we've seen since we started tracking this number. We are clearly returning to a normal real estate market in the Coachella Valley with a better balance between supply and demand.

The Coachella Valley real estate market is moving out of the seller's market, and we may soon see a return to a "normal" market where supply (inventory ) and demand (buyer activity) are more balanced. 

Last week we saw the most significant number of price reductions in the last three years, and inventory rose to its highest number since the start of the pandemic. The rapid acceleration of selling prices has stalled, and we may see prices stabilize and even decline slightly over the coming months.

The Coachella Valley real estate has been stabilizing over the last months, and it looks like we could be entering a neutral market! We have seen a steadily increasing number of homes available for sale, price increases have leveled off, and buyer activity is well below what it was last year. 

Inventory, which was increasing in the first half of the year, has remained steady recently, and new listings have fluctuated but have been relatively consistent each week. 

Due to rising interest rates and economic tightening, buyer activity has declined over the last few months. With fewer buyers in the market, sellers will be more willing to negotiate, which will be good for buyers. 

While interest rates are a concern for many buyers, we anticipate that interest rates will drop significantly next year as the inflation numbers come down.  This will allow buyers who take out a loan at a higher interest rate to refinance later and realize a significant reduction in their monthly mortgage payment.  

We are seeing another uptick in new homes in the Palm Springs area, with 1,836 homes currently on the market. That's a 3.4% increase over last week. Buyer activity was up 32.4% last week, with 98 new escrows recorded.

Our average selling prices were up 9.8% to $665,833, and we're seeing stabilizing selling prices after a 2-year run-up in home prices.

The Monday Minute is text-only due to scheduling complications.

New listings were up +13.9% last week, and the number of homes available for sale rose to 1,775, the highest number since January 2021. While part of the increase in inventory is attributed to new homes coming to market, the other contributor to the inventory increase is the reduced amount of buyer activity. 

New escrows were down -22.9% over the week prior and that is the lowest number of new escrows we've seen all year. Our price reductions were up +5.9% to 197 and that is also the highest number we've seen so far this year. So while we're still in a seller's market, overpriced homes are getting price reductions more frequently than earlier in the year. 

The Palm Springs area real estate market has remained subdued over the summer months. Inventory has been essentially flat for the last 3 months, and buyer activity is constant, but well below what we saw last year at this time.

Rising mortgage interest rates are giving some buyers pause, and uncertainty in the stock market is impacting some buyers. Seller prices are stabilizing and we're no longer seeing the rapid escalation of selling prices that were commonplace over the last 2 1/2 years.