Welcome to the latest edition of the Greater Palm Springs real estate market report for October 2020. I've compiled the best information from the local Palm Springs MLS®. Have a look at our full Palm Springs real estate market infographic below for details!
The median value of both single-family detached and attached homes continue their upward trajectory. Despite concerns about how the market would react to the global pandemic, business in the valley is booming. La Quinta, Desert Hot Springs, Cathedral City and Palm Springs all saw double digit growth. The median price of a home in Coachella Valley is $510,000, up 27% over last year. The median price of an attached home is $315,000, up 12.7% over last year.
It's definitely a seller's market - demand is high, even with dwindling supply. In comparison to last year, average monthly home sales are up 5% - monthly sales so far this year are at an average of 855 units. Supply continues to drop with an inventory of just 2,014 units, down a significant 33% compared to last year.
As a final notes, mortgage rates across the country are at near record lows. If you are considering making a change, be it downsizing or selling your current property, now's a great time to get the most from your investment.
Are you interested in learning more about the vibrant & dynamic Palm Springs real estate market? Please contact Geoffrey Moore online or call (760) 641-5689 today!
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