What's Happening with Palm Springs Real Estate?

 

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Today, I'll give you a Palm Springs real estate market update. 

A lot of people have been asking if we are in a buyer's or seller's market. Right now, we have an inventory of 5.2 months, meaning that if no other homes came on the market, it would take 5.2 months to sell the homes currently listed on the market. Six months of inventory is considered a balanced market. Anything over six months is a buyer's market, and anything under is a seller's market. So we are in a slight seller's market in Palm Springs. 

As of September 1, our inventory stood at 3,619 units. That's 685 units higher than last year. The seasonal nature of our inventory is such that September usually has the lowest numbers. Inventory should start to rise each month and peak in January or February, our high season.

The median price per square foot has declined slightly from last month, but it is still above last year's number. Right now, it's at $172 per square foot in all price ranges. 

At the end of August, 8 out of 9 cities in the Coachella Valley had positive year-over-year price returns. This is great news because there were four cities with negative returns in June. Since this happened during the weakest seasonal price months, we can expect an upward pricing trend.

Right now, interest rates hover around 4% for conventional loans. The Fed is talking about raising them at the end of the year, so now is a great time to purchase a home. With the appreciating home value, it's a great time to sell your home for top dollar.

If you have any questions about today's video or about real estate in general, give me a call or send me an email. I look forward to hearing from you!