Palm Sprigs Home Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.
Average Daily Sales (Single Family)
Pending sales are currently averaging 16 units a day compared to 22 units a year ago. That’s a sales decline of 27%, which is less than the other two regions. The chart clearly shows that pending sales of SFRs have been rising now for one month and we can expect closed sales to follow.
Average Daily Sales (Condos)
This chart shows average closed and pending sales in the Coachella Valley for condominiums. It continues to show that the coronavirus quarantine has affected the condo market more than single family residences. Average pending sales of condos, at four units a day, are down 60% from a year ago. While sales SFRs are rising, condo sales have been forming a sales base around four units a day for one month.
This chart plots one year of daily inventory, and as of June 1st it was 2,740 units. A year ago it was 3,419. At the beginning of the March 19 quarantine it was 3,019 units. This continues to show a steady decline since the quarantine.
Average Price per Sq. Ft. by City
This table shows current price per square foot, the price per square foot a year ago, and the price per square foot on March 19 by city for both single family residences and condominiums. It shows positive price changes in single family residences in four of the nine cities and also for the region, primarily due to the large gains in Palm Springs. Condominium prices are mixed city by city, but again are up in the region primarily due to Palm Springs.
Prices are going to continue to go up, when the buyers in Coachella Valley that are restricted are now allowed to come out and actually look at houses, they’re making a lot of purchases very quickly.
We are set up for virtual listing presentations, virtual home tours, digital signature programs, and so much more! Mark Kunce with Avenue Properties has the systems and tools to keep you safe and get the job done! Contact us 760-766-6093 today.