Palm Springs Market Report

By
Real Estate Agent with RE/MAX Desert Properties BRE# 01342880



The temperatures are not the only numbers climbing in Sunny Palm Springs California. At the midway point of 2017 the numbers show some impressive gains.  The Median price for a single family home has risen to $380,000.  While the sales of homes is up 16.2% in just the last three months!  The average time on market has dropped to 74 days from 89 just last year. Sales of Homes Priced $300-$400K have surged 25% and Luxury homes over $900K  are up 20%.  In fact the evenness of the sales is quite noticeable.  There are not really dead price ranges right now.  

  Finally, the "months supply of Inventory" - how many months our current inventory would last if no new homes were listed for sale, has dropped from just over 6 months to just over 4 months.

Clearly, there is a demand for homes in the Coachella Valley!

What can you do if you want to buy?  


Get Pre-qualified with a lender! Be ready to make that offer.  While there are all cash offers these days it is nothing like it was in 2012 and 2013 when seemingly every offer was ALL CASH.  You can compete and get a home in this market if you are prepared.

Know Your Wants and Needs:  Be prepared to know if a house will work or not work for you. Sounds simple, but wasting a day or two debating about an item could cost you your  dream home.

What Can You Do If You Want To Sell?


Prepare your home for Maximum value. This is your market.  Don't squander it by having unfinished repairs, squeaky doors or a dirty, cluttered house.  Buyers in this market are prepared to pay top of market prices.  Give them the reason to do it!

Timing Is Everything: Markets are not stagnant.  Things will not always be this way.  If you need to sell in six months eight months perhaps you could sell now and lease back. Sell and rent a place for the interim.  Think out of the box and maximize your profits.

 
see ALL info on any home just by opening the app
 
 

 

Comments (1)

Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Thanks for the great market report with explanations. You clearly understand your market.

Jul 11, 2017 05:19 AM