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Although home sales have decreased in the Coachella Valley, the ratio of available homes to buyers is still low.  This means sellers still have the upper hand in the market, leading to multiple offers and homes selling for more than the asking price. Additionally, the market is experiencing a typical spring rebound. In April 2023, the median price for a home in Desert Hot Springs was $385K, showing a decrease of 6.7% from the previous year. On average, homes in Desert Hot Springs sold after 34 days on the market compared to 38 days the last year. As a result, the number of homes sold in April 2023 was 34, lower than the 77 sold in the same month of the previous year.

Home sales prices may have decreased from their peak in the previous year, but they are still significantly higher than the lows of 2021. According to projections from Zillow, home prices will continue to rise in the spring and peak in the summer. However, it is essential to note that they are expected to slow down in 2023 due to increased mortgage rates.

As a result, the number of homes available for sale has decreased, causing an increase in selling prices. In addition, according to recent data, the average duration for a home to stay on the market fell to 66 days in March 2023, compared to 77 days in February.

If you want to buy a new home, now is a great time to negotiate a good deal. The City has finalized zoning laws that comply with State Law AB 1069 and SB 2299, which means Accessory Dwelling Units (Granny Flats) can now be built on most single-family homes. To learn more about finding the perfect property in the Palm Springs area that fits your budget and lifestyle, contact your local Realtor®.

Homes in the Coachella Valley took an average of 48 days to sell in March, just one day longer than the previous month. Although this figure is 25 days longer than last year's period, it is still lower than pre-pandemic levels, owing to the region's high demand and low mortgage rates. However, experts predict that interest rates will rise in the coming months, which means potential buyers should act quickly to purchase a new home.

If you want to sell your property in the fast-paced market, a top agent can help you maximize your profit. Contact us to learn about the latest local real estate market trends and find a customized mortgage solution that works for you. Choosing the right mortgage is critical to securing your dream home and avoiding disappointment.

Although home sales have slowed, prices remain stable because buyers seek homes that fit their lifestyles. For instance, at the Vintage Club in Palm Springs, a property with a 1950s-style diner, theater, and wine cellar is priced at over $800,000. While prices are rising, sellers must recognize that buying a home instead of renting has many benefits. Local economies benefit from home purchases through salaries, sales commissions, construction, landscaping, repairs, renovations, and pool services.

A noticeable drop in newly listed homes each month could be attributed to homeowners wary of dealing with higher interest rates. Additionally, it's becoming more common for homes to sell above their original asking price. These challenges could be daunting for homebuyers, so it's essential to enlist the help of experienced real estate agents who can navigate the market's complexities.

Despite the ongoing pandemic, the real estate market continues to experience exceptionally high prices and a shortage of available homes. Experts suggest that this trend is familiar and has been happening in Southern California for quite some time. The pandemic, however, has only made the situation more pressing. The rise in affluent buyers and mobile professionals seeking second homes has increased demand, causing prices to surge and bidding wars to ensue. Nevertheless, these elevated prices and limited inventory make it difficult for some homebuyers to find a property that fits their needs.

Home sales in March across the Coachella Valley were lower than last year's period. However, the declining percentage was relatively less in La Quinta and Indio. The months of supply ratio slightly increased in March from February, but it remains below the historical average. Moreover, there was an increase in the percentage of homes selling above the listed price, which indicates positive news for home sellers and buyers in the region.