The Palm Springs area may continue to see an increase in home prices, as Stephanie Taylor, a realtor, said the market is below a balanced or “normal” market.
“Sellers can expect that their home may be on the market a little longer than it would have been last year,” Taylor told the Coachella Valley Times. “Homes that are priced right given the current market conditions in that specific area, will certainly attract buyers. We still have reasonable prices compared to many other Southern California cities.”
Taylor also said buyers should not expect “significantly” lower prices but may have a few more options to choose from when home shopping.
“They might even encounter a motivated seller who is willing to negotiate,” she said.
The Palm Springs Post reports home sales in Palm Springs experienced a 17% dip in June. This decline is attributed to a housing shortage, especially for homes priced under $500,000. Sales of homes across the Coachella Valley declined 23% in June compared to the same period last year.
“There has not been a decrease in the number of listings, but an increase valley-wide,” Taylor said. “We saw all-time low available inventory during the summer last year. Since that time, we have about doubled the number of homes for sale.”
More homes are also moving into higher price ranges as finding a home under $200,000 is becoming increasingly difficult for condominiums or single-family residences.
The average price of a detached home in the Coachella Valley in July was $710,000, up $10,000 for the month and 19.3% year over year, according to a recent housing report.
According to Rocket Homes, the following changes in listing prices were seen in the Coachella Valley housing market from June to July: one-bedroom properties prices increased 50.9%; two-bedroom properties increased 30%; three-bedroom properties went up 26.2%; four-bedroom properties increased 16.6%; and five-bedroom properties prices increased 18.6%.
Taylor has been an associate broker in the Palm Springs area since 2007, according to her realtor biography. She is an animal advocate and donates a portion of her income to animal shelters and rescue organizations.
