With a 3.9-month absorption rate, our market is continuing its trend of favoring sellers. As time passes, the seller’s market we’ve been seeing becomes even stronger.
This is the first time we’ve seen inventory dip below a four-month absorption rate since 2013. However, certain other statistics have remained steady. For example, our average days on market has stayed consistent at 73 days for seven months now.
By looking at the months of sales by price range we can see that inventory has gone down since last year across every price point, with all homes priced below $300,000 having the lowest absorption rate. Homes at this price point have just 2.5 months of inventory.
Our Valley inventory continued to decline through the month of August, but this was expected because of seasonal trends. However, this decline occurred at an above-average rate.
Inventory as of September 1st, 2017 is at 3,182 units. This is the lowest number we’ve seen since 2014, but we can expect inventory to rise in the coming fall and winter months. However, the number is not expected to rise past 4,500 as we move into the 2018 selling season.
The year-over-year change in the median price of detached homes across nine major cities shows that only one, Rancho Mirage, is lower. La Quinta had the largest year-over-year gain, at 13.9%. Followed by Cathedral City, which had a year-over-year change of 9.1% and Palm Springs with 7.9%.
The median detached home price in Palm Springs is only 1.3% away from its all-time high made in 2006.
The year-over-year change in the median price of attached homes shows five cities with higher prices and three with lower.
Also, with interest rates rising combined with the current appreciation of home pricing makes now a great time to consider selling your Palm Springs area home.
While there is more competition among buyers. As long as interest rates remain low, buyers still have a great opportunity to get into this market.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
About WILL COOK GROUP|Keller Williams Luxury Homes|BRE# 01879277
Ranked in the top 1% of all agents valley wide, Will is an Associate Broker and Team Leader of the WILL COOK GROUP at Keller Williams Luxury Homes
A native of Baton Rouge, Louisiana, Will attended graduate school in Boston and worked as a Medical Software Project Director focused on managing client expectations through sophisticated software implementation projects for many years. Will’s experience managing large scale projects in the corporate world has suited his transition to real estate over 15 years ago. Will’s mission has been to use integrity and accountability to exceed his client`s expectations. He has worked in the luxury markets of Boston and Miami Beach and has also owned his own real estate firm in Louisiana.
As expert real estate advisers serving the Palm Springs Area real estate market, Will and his team specialize in finding buyers great deals and they would love to help you find your very own slice of the California Desert!
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"“Listed on Thursday and in escrow the 3 days later! This is the second amazing home buying experience we have had with Will Cook and his team. He sold our home and also got us into our new one. Will's knowledge of the Coachella Valley area market and trends is outstanding. He takes time to explain everything in layman's terms so you are not left wondering about anything. We met with him a few months before we were ready to sell and followed ALL of his suggestions in preparing our home for sale and it paid off. So, listen to Will and follow his lead! His assistant, John, was on top of all communications and extremely helpful with sometimes confusing documents. They both kept on top of the escrow and closing process and everything went off without an issue on selling our home or the purchase of our new one. You are in good hands with Will for sure.” "