At the end of April, the median price of a detached home in the greater Palm Springs area was $670,500, up almost 20% year-over-year.
Over two years it’s up an astonishing 52%, according to the Desert Housing Report produced by Market Watch.
The median price for attached homes in April was $479,450, which is up 37% year-over-year and up 60% over two years.
12-Month Change in Price of Average Size Home
Three cities have year-over-year gains above 40% for their detached homes -- Rancho Mirage, Indian Wells and Palm Springs.
In the attached market, seven cities have gains over 40% -- Rancho Mirage, Bermuda Dunes, Desert Hot Springs, Palm Desert, Cathedral City, Indio and Palm Springs.
Total Sales -- 12-Month Moving Average
The 12-month moving average of sales, which takes out seasonality, shows total sales in April averaged 931 units a month, which is 31 units less than last month and 11% below last year.
Sales of detached homes are down 10%, while those of attached homes are off 13%.
Once again, the largest decline in sales was in the four major resort cities – La Quinta, Palm Desert, Palm Springs and Rancho Mirage. Sales in La Quinta are off the most at 37%.
Market Watch expects the trend of long-term sales to continue to move down due to supply restrictions from low inventory.
COACHELLA VALLEY INVENTORY RISES
On May 1, the area’s inventory was 859 units, which is 149 units more than last year. “We are somewhat encouraged by the fact that inventory has been rising the last two months when historically it has fallen due to seasonal factors,” said the report. "But we need the growth in inventory to increase. The only hope for higher inventory is a surge in new listings. But with only 1,240 new listings in April, which is just a normal April number, we don`t see it happening yet."
NUMBER OF DAYS IN THE MARKET
The sales pace at the end of April, or average days in market in the area, was 21 days, which is 13 days less than last year.
With inventory remaining low, Market Watch said that supply and demand forces will continue to keep selling times near current, low levels.
To understand how truly low these selling times are, please note that before the pandemic average selling times were 60 to 70 days.
If you have any questions about your how the real estate market is affecting your particular property, simply send us an e-mail. We`ll be glad to answer your questions.
As the above numbers and analysis show, we are still in a strong sellers’ market in the midst of our prime sales season. Anyone who is thinking about listing their home for sale should consider making their move now.
Please contact us if you would like to learn more about your options, including a free home valuation to see what your home is worth in today’s market. And when you list your home, a complimentary staging consult will be offered. We are ready to serve you.
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