The economy is improving, unemployment is falling, and the Greater Palm Springs Area housing market remains strong as we head into the holiday season, a period when activity typically slows as people take time to travel, celebrate, and spend time with loved ones. Although the market is not as frenetic as was seen earlier this year, buyer demand is high, bolstered by attractive mortgage rates and a low supply of inventory.
In November, the median price of a detached home in the Coachella Valley was 615 000 which represents a 12 month gain of 17 1 The median price for attached homes was 389 450 Last November the price was 315 000 which represents a gain of 23 6 The year over year price gains for detached homes in the nine cities range from 44 4 in Bermuda Dunes to 26 2 in Cathedral City Of the larger regional cities, La Quinta and Palm Desert show the largest price increases for attached homes at 43 8 and 36 9 respectively.
Market-wide, inventory levels were down 59. percent. This is a little disconcerting since historically November and December
see rather large inventory increases.
Total sales in November averaged 812 units a month, which is considerably less than the 1 120 units last year but above the pre pandemic November average of 693 units Sales.
After a year of record-setting activity, homes are still selling quickly and at a steady pace, and strong demand and low inventory help ensure the Palm Springs housing market will remain competitive for some time to come.