While we’re still mostly in a seller’s market, Palm Springs’ increasing inventory and stabilizing prices are creating new opportunities for buyers.
After years of skyrocketing home prices and bidding wars, you may be wondering if the Palm Springs area is finally shifting to a buyer’s market. While we’re still mostly in a seller’s market, there are signs that things are starting to change. However, this doesn’t mean there aren’t opportunities for buyers right now. Today, I’ll break down three key things buyers can take advantage of in the current market:
More homes to choose from. The Palm Springs area currently has 3,667 homes for sale, which is the most we’ve seen since 2019. This increase in inventory gives buyers more options and less competition. Although we’re still in a seller’s market, the number of homes available is helping to create a more balanced dynamic. As we head into the summer months, this number could continue to rise, offering buyers even more opportunities.
Home prices are stabilizing. Prices in the Palm Springs area are beginning to level off as many homes have seen price reductions due to concerns about a potential recession and stock market volatility. In fact, around 7-8% of homes in the area have had price adjustments just in the past month. If you’re thinking about buying, this could be the opportunity you’ve been waiting for, especially considering that the median home price has remained relatively steady at around $700,000 over the past three years. It’s also worth noting that home prices typically hit their seasonal lows from September to December, so if you can wait, you may find even better deals during that time.
“Palm Springs is still a seller’s market, but buyers can benefit from more inventory and price cuts”
More room to negotiate. With increased inventory, buyers now have more leverage in today’s market. Sellers are more willing to negotiate in order to close deals, which hasn’t always been the case in recent years. Right now, single-family homes are selling at an average discount of 2.5% off the last asking price, compared to 2.3% last year. Condos are selling at a 2.9% discount, compared to 2.8% the previous year. Sellers are also more open to offering concessions, such as covering repairs or buyer agent fees. This shift gives you more opportunities to negotiate a better deal, especially if you’re able to take advantage of these current market conditions.
Interest rates and market uncertainties. There’s also the possibility that interest rates may be cut later this year, which would benefit buyers looking to secure a lower rate. However, uncertainties surrounding tariffs and the stock market are affecting buyer confidence. Even with these uncertainties, real estate remains one of the best long-term investments, especially if you plan to stay in the home for five to seven years.
While the market is still mostly in a seller’s favor, there are plenty of opportunities for buyers who know where to look. With more homes available, prices stabilizing, and more room to negotiate, the market is shifting in your direction. If you’re ready to take advantage of these changes or have any real estate-related questions, feel free to reach out. You can call or text me at 760-774-3066 or email me at Will@WillCookRealEstate.com to discuss how I can help you make the most of today’s housing market.
