Discover how steady sales and rising inventory in Greater Palm Springs create more options for buyers and help sellers price their homes correctly.
Are you curious about what’s happening in the real estate market in Greater Palm Springs? Whether you’re buying or selling, it’s crucial to understand what’s happening right now. Today, I’ll share the latest trends and what they mean to buyers and sellers.
What’s happening with sales? Sales in the Greater Palm Springs area have held steady, with 506 units sold this January, just slightly more than the 504 sold last year. This indicates a stable market, with no major changes from last year. However, sales are still running about 26.3% below normal for this time of year. While that may seem like a dip, it’s actually a sign of a balanced market.
Home prices are steady. The median price for a detached home in Greater Palm Springs has risen to $689,753, up $30,753 from last year. Prices typically drop a bit toward the end of the year, but this winter they’ve been holding steady. While prices haven’t dramatically increased over the past two and a half years, they’ve remained stable, which is great for both buyers and sellers.
More homes on the market. If you’re looking to buy, you’ll be happy to know that there are more homes available now. The inventory has increased to 3,389 units, 1,023 more than last year. This increase gives buyers more options to choose from and makes it easier to find the right home. The inventory levels are now also comparable to what we saw before the pandemic, which means things are getting back to normal.
“The winter market is evolving, and the right strategy can make all the difference.”
Prices in different areas. Price trends vary across the Coachella Valley. For example, homes in Coachella have seen a notable 17.4% price increase, while homes in Indian Wells have experienced a decline of 12.6%. These variations show how important it is to understand the specific market conditions in the area where you’re looking to buy or sell.
The market is moving quickly. Homes in Greater Palm Springs are selling fast. The average number of days a home stays on the market is between 40 and 50 days, and as of January, it was 43 days—only two days longer than last year. This fast pace helps keep prices stable and means buyers need to act quickly when they find the right home.
What does this mean for you? For buyers, the increase in available homes is a good sign, but interest rates are still high, which affects your affordability. However, with more homes on the market, you’ll have a little more room to negotiate.
For sellers, it’s important to price your home correctly from the start. As inventory continues to rise, standing out becomes more important than ever. The key to attracting buyers is ensuring your home is priced right and looks its best. And working with an experienced real estate agent can help you navigate these changes and sell your home faster.
The winter market is evolving, and the right strategy can make all the difference. With more inventory on the market, buyers have more options, but they need to act quickly before homes are gone. Sellers must make sure their home is priced right and looks its best to stand out in a growing market. If you’re thinking about buying or selling, you can call or text me at 760-774-3066 or email me at Will@WillCookRealEstate.com. I’m here to help you make the best move for your goals.
