Palm Springs Area Summer 2020 Market Update

Our Palm Springs market is hot; here’s what you need to know.

What’s happening in the market? Well, homes are very affordable thanks to crazy low interest rates. The only time the affordability index was higher was back when distressed properties dominated the market amid the housing crisis. Right now, prices are increasing; six leading authorities on the housing market produced surveys, and only one predicted a depreciation of home values—a modest dip of 0.32%. That same entity then predicted values to rise steadily in 2021 and 2022, so it seems things are headed in the right direction. 

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to skip to topics that interest you most: 

0:52 — Are we headed for a V-shaped recovery? 

1:40 — Record housing affordability and other buyer motivations 

3:45 — Pending sales and new listings nationally and regionally 

5:22 — Average price per square foot is on the rise and the sustainability of appreciation 

6:40 — Homes are flying off the market, and well-priced homes are seeing multiple offers

With all of the market factors combined, it’s a surprisingly great time to make a move in real estate. As always, if you have a question about the value of your home or are interested in buying in this market, we’d be happy to help you out. Reach out to us with a call, email, or text.