Market Update - Palm Springs - July 2024

If you’re thinking about selling your home or buying a new one, it's important to have a good understanding of what’s going on in the Palm Springs area market.

Knowing the most important data such as the average sales price, the number of homes sold, and days on market will better prepare you to sell or buy your home.

Our July market report showcases everything you need to know about local real estate trends.

Average Sales Price

Months of Supply

Average Days on Market

Average Discount off list price

Hello, fellow desert dwellers and real estate aficionados! 🌵  It's time for your monthly dose of Coachella Valley real estate news, and we've got some juicy tidbits to share.

Price Trends: Is the Market Cooling?

After hitting record highs a few months ago, we're seeing a slight cool-down.  The median price for a detached home dipped to $669,000 in July, just a tad higher than last year.  Attached homes are holding steady, with a slight increase to $460,000.

But here's where it gets interesting: Coachella is the standout star, boasting a whopping 27.8% gain in detached home prices! Meanwhile, Palm Springs has seen a modest 10% decline. So, if you're hunting for a bargain, it might be time to set your sights on Palm Springs.

Sales have dipped a bit compared to last year, but inventory is on the rise, which is good news for buyers! 🏡 This means more options to choose from and potentially less competition. Keep an eye on Palm Desert and Palm Springs, as they continue to lead the pack in sales volume.

Months of Supply: A Stable Market

The "months of supply" ratio is a key indicator of market balance.  Right now, it's hovering around a healthy 3.7 months, meaning we're not seeing a major swing towards a buyer's or seller's market. This stability is good news for everyone involved.

Days on Market: A Bit More Time to Choose

Homes are taking a bit longer to sell, giving buyers a little more breathing room to find that perfect oasis. 🌴 Coachella remains the speediest market, with homes flying off the shelves in just 18 days.

While most cities are seeing slight discounts on homes, Coachella is bucking the trend with a small premium. So, if you're a seller in Coachella, you might have the upper hand right now.

The Coachella Valley real estate market is a fascinating mix of stability and subtle shifts.  Whether you're buying or selling, knowledge is power. Stay tuned to our monthly reports for the latest updates and reach out to the Paul Kaplan Group for personalized guidance in this ever-changing landscape.

Let's make your desert real estate dreams a reality!  The Paul Kaplan Group, 760-459-1396

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