While the market remains strong in the Palm Springs area, we are seeing a slight shift in market indicators as we head toward the end of the summer selling season. 

 

When we look at what's happening in the market month to month, we find that the number of homes for sale is up +18.3% in July compared to June.  The number of homes sold this past month is down -14% compared to July of last year and the average selling prices in July are also down -7.4% compared to June.

 

We're also monitoring the weekly trends to see if we can observe any shifts in the market. We have noticed a clear trend of a gradual increase in inventory while new listings are essentially flat. We attribute the increased inventory to a slight decline in buyer activity.  Closed transactions are up slightly +0.9% over last week. These numbers could be early indicators of a shift from the intense seller's market we have experienced over the last year and we're keeping an eye on this trend each week to see if this continues into fall.

 

For weekly updates and to see if this short-term trend becomes

the beginning of an adjustment to our local market,

check out our weekly update each Monday at 

www.MondayMinute.com.

 

Let's look at the key market indicators that show how our market is performing compared to this time last year; Average Sold PriceNumber of Days on Market, and Number of Homes for Sale.

  • Average Home Sale Prices.  Last month, the average home sale price last month in the Palm Springs area was $652,000 an Increase of (+23.5%) over the same month last year.
  • Number of Days on Market. Days on market have decreased (-58.7%). Homes are selling faster, in an average of 33 days.
  • The Number of Homes for Sale. There were 763 homes for sale last month, a (-63.2%) decline over July of last year. Inventory remains well below normal for this time of year.

Interest rates are still at an all-time low and will continue to drive new purchases and refinance activity. Conforming 30-year fixed-rate mortgages are staying steady at 3.125%, while the FHA fixed-rate are at 2.875% and VA loans are at 2.875%.

 

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

 

You can see the strength in our market when you look at the numbers for each major city in the area.

 

The Number of Homes Sold in July 2021 vs. July 2020 have decreased in all cities except for Desert Hot Springs +12.7%. The steepest percentage declines were in Indian Wells, down -34.2%, followed by Coachella, down -21.1%, and La Quinta, down -18.2%

 

When it comes to Average Selling Price, Indian Wells took its usual 1st place position with the highest average selling price of $1.36M,a +52.2% increase over last July. Every city in the Coachella Valley experienced an increase in average selling price, with large gains in Desert Hot Springs, up +43.5%, Bermuda Dunes, up +37.8%, Palm Desert, up +33.7%, and Indio, up +30%.

 

Homes continue to sell quickly, and The Number of Days on Market decreased for all cities in the Coachella Valley.

 

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City Watch - Indio

 

Number of Homes for Sale = 81  (-60.5%)

Number of Homes Sold = 114  (-15.6%)

Average List Price = $824,000 (+67.5%)

Average Sale Price = $490,000 (+30%)

Average Days on Market = 29 (+57.4%)

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If you're considering putting your home on the market, let us help you get it SOLD! We see multiple offers for properly priced homes, 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, email us and let us know which city reports you'd like to receive.

 

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?