Palm Springs Real Estate Report
October 2020
The Greater Palm Springs housing market remains robust, with most Coachella Valley cities capturing double digit gains over a year ago. Inventory remains low, sales are surging, and average days on the market are down.
What the numbers don’t show is the number of homes selling over list price. The number is staggering, really. From 6/1/20 through 10/31/20, we had 131 single family homes in Palm Springs sell for over asking price, at an average of 105% of list price. During the same period last year only 25 homes sold over list price. Other Desert Cities’ “over-list price” sales are not as dramatic but still show significant increases over last year. Cathedral City had 75 homes this year verses 47 last year. Rancho Mirage 42 verses 15, and in Palm Desert 79 verses 43.
This increase is not because of a new “pricing strategy”. We’re not suddenly pricing “low” to garner multiple offers and over-list sales. It’s simply a matter of increased demand, driven primarily by buyers who have been seeking homes in the Coachella Valley in response to COVID-19, coupled with historically low mortgage interest rates. While there are exceptions, most of the homes selling over asking are in overall “move-in condition” and/or have features that epitomize the desert’s famous and sought-after indoor-outdoor lifestyle.
if you are considering a move and want to get the highest possible price for your home, contact us. We have extensive experience selling homes in all types of markets, with a track record of success due to our proven marketing strategies.
POOLSIDE REALTY
John Bevan
DRE 02089387
Russell Hill
DRE 01427657