The Palm Springs real estate market is hotter than ever. Despite average daytime temps in the 115 range, this summer’s real estate market is going down as the busiest long-time area brokers remember.
Valery Neuman, founding partner of Compass Greater Palm Springs continues to be surprised at the pace and strength of the current market. “Home has become a sanctuary for people. There has been nothing like this before,” exclaimed Neuman who cut her Montana vacation short to come home to work. “Because the market is so good right now, I’m inundated with calls from people who want to list their homes and buyers who want to come out despite the temperatures to see property.”
In the luxury and ultra-luxury market, Neuman handles, “people will not buy virtually. They want to see the homes and feel what it would be like living there,” Neuman notes. A Tuscan inspired 7,436 square foot contemporary with fairway and lake views at The Hideaway in La Quinta is on the market for $4,895,000.
The Greater Palm Springs market covers the nine cities of the Coachella Valley. Each city has a distinct feel and market dynamics. Josh Jelmberg, operations manager of the Jelmberg Team at Keller Williams in Palm Desert talks about the $400,000 and up mid-market. “We have been here for ten years and I’ve never experienced anything like this market. In the last three weeks or so we are seeing out of area buyers looking for single-family homes as short-term rentals for investment properties.” At the beginning of August, Jelmberg’s team of nine active agents had 129 transactions compared to 200 for all of 2019. In Sun City Shadow Hills Indio, you’ll find a move-in ready 2,955 square foot single-family home for $575,000.
Here are some Greater Palm Springs numbers from a report as of July 31 from the California Desert Association of REALTORS®, Jelmberg passed on. The median sales price was up 10 percent year over year for single-family homes. Inventory levels were at their lowest in years with only 2,050 units available. Average daily pending sales are up 56 percent year-over-year for single-family homes.
Keith Markovitz, of TTK Represents at Compass Greater Palm Springs office is beyond busy this summer. “When properties come on the market that are priced right and ready to sell, I tell my clients they have to get here to see them within 24 hours. That is how fast this market is moving,” Markovitz said. A William Krisel designed Alexander in the desirable Twin Palms neighborhood in Palm Springs is currently listed for $1,325,000.
Paul Kaplan of The Paul Kaplan Group a boutique firm in Palm Springs is as busy as everyone else. “I don’t think I’ve ever seen it this active. The prices are moving so fast. I have one property that just sold for $800,000 which six months ago was listed for $200,000 less. A new Mid-Century listing in the Movie Colony East is on the market for $799,000.
The Greater Palm Springs area offers a variety of single-family homes, private golf club communities, and prime condominiums at many different price points. One thing is certain good properties are moving as soon as they come on the market. For now, that it is. Stay tuned…