What Is Happening in Our Palm Springs Area Market?
Update: 2017-09-22
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Right now, we’re definitely still seeing a seller’s market. But what changes have taken place since last year, and where is our market headed?
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With a 3.9-month absorption rate, our market is continuing its trend of favoring sellers. As time passes, the seller’s market we’ve been seeing becomes even stronger.
This is the first time we’ve seen inventory dip below a four-month absorption rate since 2013. However, certain other statistics have remained steady. For example, our average days on market has stayed consistent at 73 days for seven months now.
By looking at the months of sales by price range we can see that inventory has gone down since last year across every price point, with all homes priced below $300,000 having the lowest absorption rate. Homes at this price point have just 2.5 months of inventory.
Our Valley inventory continued to decline through the month of August, but this was expected because of seasonal trends. However, this decline occurred at an above-average rate.
Inventory as of September 1st, 2017 is at 3,182 units. This is the lowest number we’ve seen since 2014, but we can expect inventory to rise in the coming fall and winter months. However, the number is not expected to rise past 4,500 as we move into the 2018 selling season.
The seller’s market is only getting stronger.
The year-over-year change in the median price of detached homes across nine major cities shows that only one, Rancho Mirage, is lower. La Quinta had the largest year-over-year gain, at 13.9%. Followed by Cathedral City, which had a year-over-year change of 9.1% and Palm Springs with 7.9%.
The median detached home price in Palm Springs is only 1.3% away from its all-time high made in 2006.
The year-over-year change in the median price of attached homes shows five cities with higher prices and three with lower.
Also, with interest rates rising combined with the current appreciation of home pricing makes now a great time to consider selling your Palm Springs area home.
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