February 2024: Palm Springs Real Estate Market Update

February 2024: Palm Springs Real Estate Market Update

The Palm Springs real estate market, as of February 2024, paints a dynamic picture of recovery and adjustment. With the Coachella Valley as its broader context, this update delves into the key market dynamics that define the local real estate landscape. Amidst a backdrop of change, certain trends stand out, signaling shifts that may influence future market directions here in Palm Springs and the Coachella Valley.

Market Dynamics

1. Price Variations

February observed a nuanced picture of real estate prices across Palm Springs and the Coachella Valley. Detached homes saw their median price reaching $680,500, a slight uptick from the previous month and marking a 1.2% year-over-year increase. Attached homes, on the other hand, experienced a more pronounced surge, ending the month at $488,250 — a substantial 12.7% rise from the year before. This variance underscores a market characterized by both stability and vibrant activity in different segments.

2. Sales Trends

Sales activity in the Valley tells a story of gradual recovery. With 518 units sold per month, the sales figures were modestly above the previous year's numbers, indicating a resilient demand amidst broader economic contexts. Notably, every city except for a select few registered an uptick in three-month sales compared to last year, highlighting areas of growing interest within the Valley.

3. Inventory Insights

The inventory levels in the Coachella Valley presented a mixed bag. As of March 1st, the inventory stood at 2,416 units, marking the highest point in almost four years. However, this figure still falls short of pre-pandemic normals by approximately 1,000 units, suggesting a market still in the throes of adjustment.

4. Days on Market

The median number of days homes spent on the market settled at 44, slightly less than the year prior. This slight decrease reflects a steady pace in the market, with specific cities like Coachella and Desert Hot Springs showing notably lower median selling times for detached homes.

5. Price Adjustments

February witnessed a modest increase in the percentage of homes selling over list price, to 13.5% from 12.3% the year before. Despite this slight rise, the market is predominantly characterized by homes selling at a discount, illustrating a buyer's market in certain segments.

Forward Outlook

As we look towards the future, the Palm Springs and Coachella Valley real estate market shows signs of balancing. Inventory levels, while improved, suggest a cautious optimism among sellers. The sales trends and price adjustments hint at a market that is slowly but surely finding its footing. Buyers and sellers alike are navigating this evolving landscape with a keen eye on long-term trends.
As things stand, The Palm Springs and Coachella Valley real estate market in February 2024 stands at a crossroads of recovery and adaptation. Amidst fluctuating prices, varied sales trends, and shifting inventory levels, the market dynamics offer a glimpse into the resilience and potential of this vibrant region. As we move forward, these insights not only guide current stakeholders but also signal to prospective buyers and sellers the underlying currents shaping the market’s future trajectory.
What other questions do you have?
Consider an experienced and knowledgeable local real estate agent (like me) to help you make sense of things.
If you’re ready to buy and or sell yourself, I look forward to assisting you. I promise to give you a much more targeted answer than Google or the news will ever be able to.
Please feel free to give me a call, text, email me – or let’s schedule a Zoom meeting.
I’m looking forward to hearing from you!
Your Palm Springs Insider,
Glen Nadeau
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PS- Are you a part of the LGBTQ+ community and looking to relocate to Palm Springs and the Coachella Valley? Check out our FREE “Palm Springs Enthusiasts LGBTQ+ Relocation Guide” and find out why Palm Springs is such an oasis of Pride and inclusivity – brought to you by The Palm Springs Guys and Glen Nadeau Real Estate 🏳️‍🌈

*We cannot guarantee any of the above statements or third-party links. Before you enter any transaction, you should read and review all contracts, leases, and information as they are unique and subject to changes. We recommend you consult with your accountant, attorney, tax advisor, and local real estate professionals prior to any real estate transactions.

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