Palm Springs Area Real Estate Market Update April 2021
April was another strong month for home sales in the greater Palm Springs area. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. Record low inventory and record high sales are the two conditions driving home prices higher in every city.
The median price of a detached home in the Coachella Valley in April was $559,750, up 27.2% over last year’s value. For the 10th straight month, the median price for attached homes in the Valley rose. It ended the month of April at $349,900, which is 17% higher than last April.
Four cities now show year-over-year price gains over 30% – Indian Wells, Rancho Mirage, Palm Springs and Desert Hot Springs.
Market-wide, inventory levels were down 76.2 percent. Local Real Estate Associations believe much of this is due to a reluctance of many homeowners to list their house during the pandemic and that once the vaccine is widely distributed, inventory should begin to rise.
While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.
If you’re concerned about making the decision to buy or sell right now, call or text 760-766-6093 to discuss what’s happening in the greater Palm Springs area housing market.