Palm Springs Housing Report August 2017
The Desert and Palm Springs Housing Report August 2017
SUMMARY: Median Price Coachella Valley Median Detached Home Price August 2002 –August 2017 Median Price 4% Growth Curve Summary. Please review our Palm Springs Housing Report August 2017.
At the end of August the median price of detached homes throughout the Valley was $365,000, which is $15,000 or 4.3% higher than last year. As the chart clearly shows the last four months has brought the price back near the 4% per year growth curve, a level it has oscillated around for the last four years.
Attached home prices throughout the Valley are finally beginning to show some strength after four years of little gain.
This is seen in the $13,925 or 6% increase in the median price compared to a year ago. The year over year change in the median price of detached homes in the nine major cities shows eight cities higher and only one –RanchoMirage –lower.
The largest year-over-year gain is La Quinta at 13.9%, followed by Cathedral City at 9.1% and Palm Springs at 7.9%. In August the twelve month average of total sales hit 813 units, which is the highest level of sales since November of 2012! Detached home sales are up 16% while attached sales are higher by 13.7%
On September 1st the Valley’s “months of supply” ratio reached 3.9 months, the first time it has fallen below four months since 2013! This is the combined result of lower inventory and a higher sales rate and, as we’ve said before, is a fundamental sign of a strong housing market. This strength is confirmed by a DOM reading of 73 days, a level it has consistently held for seven months now.
- Palm Springs is just 1.3% away from a full recovery to the 2006 highs
- The rate of sales is at its highest point since 2013
- Sales of million dollar plus homes is up 18%
- Inventory is at a 5 year low making this a seller’s market. Palm Springs is feeling this lack of inventory most.
- With 3182 homes available to buy in August, we do expect that to improve in the coming months.
Produced for Valley agents through the sponsorship and cooperation of PSRAR and CDAR by Market Watch LLC©2017 CDAR & PSRAR. All rights reserved. Use and distribution by members only.