A Quick Update on Our Palm Springs Market
As prices go up, affordability goes down.
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Now that 2019 is well underway, it’s time for a quick update on our Palm Springs market. There are four main data points we’ll go over in this update:
1. The number of properties that have closed.
2. The average sales price of those properties.
3. The time it took for those properties to close.
4. The amount of inventory left in our market.
Starting with the first of these four points, the number of sales has recently dropped in our market. This is perhaps due to the fact that between October of 2018 and January of this year, the average sales price in Palm Springs rose from $500,000 to $539,000. This correlates with the decrease in sales because as prices go up, affordability goes down.
Moving on to the third data point, homes are selling more slowly. Again, buyers are feeling a little hesitant. This has not only led to an increase in the number of days listings tend to spend on the market, but has also caused a rise in available inventory.
So what does all of this mean? It’s simple: You need an experienced real estate team by your side. Our team would love to help you navigate the market, so please give us a call.
If you have any other questions or would like more information, feel free to reach out. We look forward to hearing from you soon.