Greater PS Real Estate News
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For a change of pace, we thought you might like to see a brief summary of the greater Palm Springs area real estate market, based on data in the latest Desert Housing Report produced by Market Watch, LLC.
The median price of a detached home in the greater Palm Springs area fell in November and is currently $649,000, which is up 5% year-over-year. Such a monthly decline is a little unusual since prices typically begin to rise in November, The latest price is now 9% below the peak of a few months ago.
Market Watch will continue to carefully track the market’s progress. “It is important to follow the data during times like this and not the many alarming comments often made,” said the report.
The median price for attached homes in November was $450,000, which is down for the sixth month. However, it is still 15% higher than last year. You may recall that seasonal price corrections of 10% to 15% often occur during the summer. So far, the decline from the peak six months ago is 8%. Market Watch said that it continues to expect a larger than normal price adjustment to around $435,000, which would bring them nearer the area’s 4% growth curve.
Home sales continue to decline, the report said. The three-month average of sales in November was 474 units a month, which is 41% less than last year. In the three years before the pandemic, November sales averaged 700 units per month, so sales are running 32% below average. With mortgage rates continuing to run high, Market Watch said it does not appear sales will turn around anytime soon.
On December 1, the area’s inventory stood at 2,048 units, which is higher than last month and 1,398 units more than last year. This monthly increase is again opposite to most other California regions, where inventory generally declined in November.
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Some of the inventory gain in the area is seasonal. We believe that if the pattern continues, total inventory will probably reach 2,500 units by February.
The average selling time in the region continues to increase. At the end of November, the median number of “days in the market” throughout the Valley was 35 days, which is the same as last month and nine days more than last year. Market Watch said, “As we’ve stated, we’re pretty certain we’ve seen the low in this metric and believe it will be back to 50 or 60 days relatively soon.”
At the end of November, 17% of sales occurred above list price compared to 44% a year ago. We are rapidly approaching the historic norm for this metric of around 10%.
Bonnie and Hank Steele began work as Realtors in 1983, They have successfully listed, staged and sold homes in suburban New York City, St. Simon`s and Sea Island, Georgia, and the Palm Springs area. To sell your home safely in the shortest possible time at the highest possible price, call 760-219-1450