Looking Forward to 2021: What's Next for the Palm Springs Real Estate Market?
Posted by Geoffrey Moore
If you could look at the real estate market across California and nothing else, you might call it a banner year. Of course, nothing in real estate is that simple.
2020 was one for the record books across the Palm Springs real estate market, the Coachella Valley, California, and the world.
The pandemic profoundly affected how the vast majority of us lived our lives this year, but somehow, the real estate market not only persevered - it thrived.
Predictions at the pandemic's beginning weren't so rosy - there were a lot of unknowns. There was even a bit of a slowdown in the marketplace amid this uncertainty in late Spring as Summer approached. These fears turned out to be misplaced, as median sales prices registered growth of 10% compared to…
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The COVID-19 pandemic brought America to its knees, closing businesses and schools, eliminating travel, and disrupting lives. People everywhere were urged to stay home. Riverside County and Palm Springs in particular enacted strict regulations: requiring masks in public, shutting down bars, closing restaurants except for outdoor dining and take out, and restricting most tourist attractions. Palm Springs busiest tourist season was wiped out. No Coachella Festival, no Stagecoach, no tennis tournament. No Tram!