July 20, 2020

The Monday Minute - July 20, 2020

This week we have good news for both buyers and sellers. More homes came on the market and new escrows were up!

Get details in the charts below!. 

July 15, 2020

Price Gains Continue And Home Sales Doubled From Last Month!

 

 

Low inventory and strong buyer activity has resulted in a 10.7% increase in average selling price across the palm Springs area when compared to the same month a year ago. 

 

While home sales are not back to what they were pre-COVID-19, the number of homes sold has nearly doubled when compared to the prior month. The number of homes sold in June was 732, a decrease of -22.9% from a year ago but a strong increase of +52.8% from the prior month. Buyers are submitting offers — and we’re often seeing multiple offers —and they are following through to closing. 

 

There were 4,482 homes available for sale in June 2019, and this month there are only 3,436 homes available for sale … a noticeable (-23.3%) 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 inventory will remain below normal throughout the summer.

 

The high demand and low inventory has been a major factor for home prices increasing, with the median sale price for detached homes (single-family) up (+6.7%) over the same month last year, while the median price for attached homes (condos) is down (-6%).

 

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 $561,974 an Increase of (+10.7%) over the same month last year.  
  • Number of Days on Market. Days on market have increased (+2.5%), homes are selling on average of 81 days.
  • The Number of Homes for Sale. There were 3,436 homes for sale last month, a (-23.3%) 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 rates have dropped to 3.00% and 15-year fixed loans are at 2.625%. The FHA 30-year fixed rate stands at 2.75% and 30-year fixed jumbo loans are at 3.75%.

 

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

As indicated above, the Number of Homes Sold in June 2020 vs. June 2019 were down in all cities EXCEPT: Bermuda Dunes (+60%) and Coachella (+40%).

 

When it comes to Average Sold Price, Bermuda Dunes stood out with a whopping (+54.5%) increase over last June solds. Every city in the Coachella Valley experienced and increase in average sold price, reflective of supply constraints and strong buyer demand.

 

The Number of Days on Market Decreased for most city in the Coachella Vally EXCEPT; Desert Hot Springs, Palm Desert, Bermuda Dunes and Indian Wells.

 

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City Watch - Rancho Mirage

 

Number of Homes for Sale = 458  (-11.2%)

Number of Homes Sold = 69  (-6.8%)

Average List Price = $984,026 (-2.1%)

Average Sale Price = $690,331 (+5.9%)

Average Days on Market = 86 (-8.5%)

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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?

July 13, 2020

The Monday Minute - July 13, 2020

We continue to move into a seller's market in the Palm Springs area, with consistently strong buyer activity in spite of our low inventory of available homes for sale. 

 

 

As a result selling prices steady and we're seeing multiple offers on good homes priced right.

 

 

 

 

 

 

 

 

 

July 5, 2020

The Monday Minute - July 6, 2020

New listings in the Palm Springs area were up 37% last week and new escrows were up 13%. Our local real estate market remains strong. Watch the video to get the full update! 

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 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