Palm Springs real estate is attractive to all sorts of buyers. People want to move here for the pleasant weather and world-class amenities. Investors also love the Palm Springs area because the market tends to be strong. However, you might wonder if now is a good time to sell or buy a home in Palm Springs.

Palm Springs is often a sellers’ market. Home prices tend to hold strong or increase over time. Even when prices go down, it is usually temporary. If you hold the real estate long enough, you should be able to turn it around for a profit. For buyers, that usually means the earlier you can buy, the better.

There are times when the market can favor buyers or sellers. However, there is more to it than the general state of the market. Various trends can also shape whether it is a good time to sell, and this post will cover factors that will determine that.

Is Now a Good Time to Sell or Buy a Home in Palm Springs?

Sale Prices

Recent sale prices can indicate whether now is a good time to buy or sell. If you look at current Palm Springs market trends, sale prices are down. Sale prices have declined by almost 24% from December 2021. That could indicate that now is a good time for buyers.

List Prices

List prices can also indicate which side has more leverage in the current market. In December 2022, the average sale was 96.8% of the list price. That is a decrease of over 5% from last year. We also see that over 20% of homes sell for less than the list price. These facts indicate that buyers might have more leverage in the current market.

Interest Rates

Mortgage costs can also significantly impact whether it is a good time to buy or sell. At the time of writing, the national average is 6.46%. While that is much higher than a year ago, it is down from earlier this year. The average rate peaked at over 7% in early November. High-interest rates might be less favorable for buyers. However, considering whether there are signs of rates coming down soon is important.

Days on Market

The time it takes to sell a home is another critical consideration. Buyers usually have more negotiating power when homes stay on the market longer. As of December 2022, the average home was on the market for 54 days. That is a 16-day increase from the previous year. However, if you look at the long-term trend, it is about average for Palm Springs.

The current trends indicate a good time to buy Palm Springs real estate. Prices are down, and homes are selling for below the list price. The one issue is mortgage rates.

Geoffrey Moore is Your Palm Springs Area Real Estate Expert

Are you looking to buy or sell Palm Springs real estate? Click here to contact Geoffrey Moore. He is a local expert who can help you make the most of the current market.

Thanks for visiting!

Posted by Jim Cronin on


Email Send a link to post via Email

Leave A Comment

Please note that your email address is kept private upon posting.