Greater Palm Springs 2018 Real Estate Market Recap
Dated: February 1 2019
Today we’ll be taking a quick look at what trends we saw in the Coachella Valley real estate market throughout 2018, and how it compared to the market performance of 2017.
In 2017, there was an average of 3,984 active listings. As you can see, we had slightly fewer homes come on the market in 2018, with an average of 3,297 active listings. There were also more properties that went into escrow in 2017, versus 2018. The median price coming out of 2018 was $346,317, an increase of 7% compared to 2017. We ended 2018 with an absorption rate of four months, compared to 4.8 months in 2017.
Next, let’s look at how pricing your home will affect the sale. In 2017, there were 5,809 properties sold that did not have a price change, selling at 96% of the initial offer price. They were also on the market for an average of 65 days. In 2018, there were 6,014 properties sold, selling at 90% of the initial offer price. They were on the market for only 60 days, which was shorter than the previous year.
Looking at homes that had one or more price changes, you can see that there were 3,738 homes sold in 2017. Those homes sold at only 90% of the initial offer price, with an average of 156 days on market. In 2018, there were 3,358 homes sold, selling at only 89% of the initial offer prices. The average days on market for these homes was 141.
As you can see, pricing your home correctly is crucial for selling quickly, and at top dollar.
If you have any questions about home pricing or about residential real estate in general, please don’t hesitate to give us a call at 760-565-5714.
This Blog courtesy of Will Cook,Will Cook Group, Keller Williams Luxury Homes, Palm Springs, CA |DRE # 01879277
Ranked in the top 1% of all agents valley wide and named one of the Palm Springs Life Top Realtors for 2019, 2020, and 2021; Will is an Associate Broker/Team Leader of the WILL COOK GROUP with Keller ....
Should you require assistance in navigating our website or searching for real estate,
please contact our offices at
The information being provided by SoCalMLS, CRISNet Regional MLS, CARETS is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. Any information relating to real estate for sale referenced on this web site comes from the Internet Data Exchange (IDX) program of the SoCalMLS, CRISNet Regional MLS, CARETS. ZipRealty, Inc. is not a Multiple Listing Service (MLS), nor does it offer MLS
access. This website is a service of ZipRealty, Inc., a broker participant of SoCalMLS, CRISNet Regional MLS, CARETS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. The accuracy of all information, regardless of source, including but not limited to open house information, square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by SoCalMLS, CRISNet Regional MLS, CARETS and is protected by all applicable copyright laws. Any unauthorized dissemination of this information is in violation of copyright laws and is strictly prohibited. Copyright 2021 SoCalMLS, CRISNet Regional MLS, CARETS. All rights reserved. Certain information contained herein is derived from information which is the licensed property of, and copyrighted by, SoCalMLS Inc Data last updated: October 20, 2021 4:54 PM UTC If a listing displays "Short Sale/Subject to Lender Approval" then that listing has been identified by the seller and the listing broker as a "Short sale." This means that, at the listed price, the proceeds from the sale may not be adequate to pay all liens and costs of sale. Any offer made that does not fully cover the existing amount(s) owed to the lienholder(s) plus the costs of sale could be subject to lienholder approval, which approval may be exercised at the sole and exclusive discretion of the lienholder(s).