With the kids back in school and the weather cooling, snowbirds, their money and their golf clubs are back to the Greater Palm Springs area. However, Housing inventory continues to remain historically very low. Nationally, buyer and seller activity remained strong, buoyed by low mortgage rates and a strong economy.
The real estate market this fall looking healthy in Coachella Valley. With a strong economy and great mortgage rates, there is a lot to remain optimistic about.
On a city by city basis we continue to see strong price gains, especially in detached homes. Seven of the 11 cities show positive 12-month gains in their median prices while two cities are slightly lower. Palm Springs, with the median price of $642,500, is up 10.3% for the year and 7.1% above its all-time high made in 2006 and 2007. Only La Quinta and Rancho Mirage show marginally lower prices. When you look at sales on a city by city basis, eight major cities show higher sales, while only two cities – Thousand Palms and Rancho Mirage – are lower.
In Washington there are discussions around a broad overhaul of the housing finance system, including the re-privatization of Fannie Mae and Freddie Mac and reforms to federal agencies involved with financing substantial portions of the mortgages made every year. Many of these policy conversations and eventual changes will take months or years to be implemented and their impact is not yet clear.
While Halloween decorations are beginning to adorn homes around the country, the real estate market this fall is looking far from scary.
Palm Springs Real Estate Market September 2019 Highlights:
- The median price for detached homes in Palm Springs was up 10.3 percent.
- The median price for attached homes in Cathedral City was up 20.8 percent.
- Inventory increased 35.1 percent in Rancho Mirage
- Sales increased 33.3 percent in Indian Wells
- Inventory increased 34.4 percent in Palm Desert.
- The median price for attached homes in La Quinta was down 6.4 percent
- The median price for attached homes in Indio was down 7.0 percent.
- Inventory increased 14.3 percent, the median price for attached home decreased 21.9 percent in Desert Hot Springs
- The median price for detached homes in Coachella was up 9.1 percent.