PALM SPRINGS REAL ESTATE MARKET – 2023 UPDATE
We are exposed to a lot of general information on real estate market prices and trends, from various news sources – print media, TV, and on-line media, mostly on a macro scale nationally, state by state, and even regionally. All of which is meaningless if we want information on our community. For the real estate report today and in the future, I will focus specifically on Palm Springs or the nine communities that make up the Coachella Valley’s larger community which include Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Indian Wells, La Quinta, Desert Hot Springs, Coachella, and Indio.
SEPTEMBER 2023 HOUSING REPORT
SALES: The rapid rise in long-term mortgage rates continues to impact monthly sales. The three-month average of sales in the Coachella Valley declined in September to 532 units a month, which is 49 units less than last year. The sales decline continues proportionally in both the detached and attached market. Every city except Cathedral City, Indian Wells and Rancho Mirage has lower three-month sales. The city with the largest sales decline is Palm Springs. There, the percentage of sales declines was 18%; the city with the largest sales increase was Rancho Mirage, with sales up 18%.
PRICES: The median price of a detached home in the Coachella Valley ended September 2023 at $660,404, unchanged for the month but down 1.4% year over year.
The small decline over the last four months has been primarily a seasonal decline in the summer months. The median attached price in the Valley declined $4,000 in September and is now down 6.5%. Every city but La Quinta and Bermuda Dunes has Year over year declined in the price of their average size detached home. These cities have declines that range from -8% for Desert Hot Springs to -7.9% for Palm Desert. Six
cities still have year over year gains for their attached homes – Indian Wells, Desert Hot Springs, Indio, La Quinta, Rancho Mirage and Bermuda Dunes.
Note: I invite you to look at this space for periodic updates. I will be identifying emerging trends that are relevant to our Palm Springs market. If you are planning to buy or sell property in Palm Springs or in the Coachella Valley and have questions on your specific market, please contact me at [email protected] or 760-861-0952.