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Palm Springs Real Estate Market September 2019: Far From Scary

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With the kids back in school and the weather cooling, snowbirds, their money and their golf clubs are back to the Greater Palm Springs area. However, Housing inventory continues to remain historically very low. Nationally, buyer and seller activity remained strong, buoyed by low mortgage rates and a strong economy.

Mark Kunce
https://www.openhousespalmsprings.com/
kunce@kw.com
DRE# 01458113
Keller Williams Realty
Cell: 760-766-6093

Published in: Real Estate
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Palm Springs Real Estate Market September 2019: Far From Scary

  1. 1. 2019 SEPTEMBER THE GREATER PALM SRPINGS AREA REAL ESTATE MARKET OVERVIEW *This information within is deemed reliable but is not guaranteed and should be independently verified. Data Source: California Desert MLS , Freddie Mac
  2. 2. With the kids back in school and the weather cooling, snowbirds, their money and their golf clubs are back to the Greater Palm Springs area. However, Housing inventory continues to remain historically very low. Nationally, buyer and seller activity remained strong, buoyed by low mortgage rates and a strong economy. The real estate market this fall looking healthy in Coachella Valley. With a strong economy and great mortgage rates, there is a lot to remain optimistic about. On a city by city basis we continue to see strong price gains, especially in detached homes. Seven of the 11 cities show positive 12-month gains in their median prices while two cities are slightly lower. Palm Springs, with the median price of $642,500, is up 10.3% for the year and 7.1% above its all-time high made in 2006 and 2007. Only La Quinta and Rancho Mirage show marginally lower prices. When you look at sales on a city by city basis, eight major cities show higher sales, while only two cities – Thousand Palms and Rancho Mirage – are lower. In Washington there are discussions around a broad overhaul of the housing finance system, including the re-privatization of Fannie Mae and Freddie Mac and reforms to federal agencies involved with financing substantial portions of the mortgages made every year. Many of these policy conversations and eventual changes will take months or years to be implemented and their impact is not yet clear. While Halloween decorations are beginning to adorn homes around the country, the real estate market this fall is looking far from scary. Mark Kunce MARKET OUTLOOK: FAR FROM SCARY Mark Kunce www.markkunce.com kunce@kw.com DRE# 01458113 Keller Williams Realty Cell: 760-766-6093
  3. 3. SEPTEMBER 2018 SEPTEMBER 2019 CHANGE DETACHED 389,000 405,000 +4.1% ATTACHED 260,000 271,000 +4.2% HOUSING REPORT SEPTEMBER 2018 vs. SEPTEMBER 2019 COACHELLA VALLEY: MEDIAN HOME PRICE
  4. 4. HOUSING REPORT SEPTEMBER 2018 vs. SEPTEMBER 2019 COACHELLA VALLEY: DAYS ON MARKET DAYS ON MARET 2018 66 2019 65 66 65 SEPTEMBER 2018 vs. SEPTEMBER 2019 COACHELLA VALLEY: HOUSING INVENTORY INVENTORY 2018 2780 2019 2736 2780 2736
  5. 5. SEPTEMBER 2018 SEPTEMBER 2019 CHANGE DETACHED MEDIAN PRICE $582,500 $642,500 +10.3% ATTACHED MEDIAN PRICE $250,000 $249,000 -0.4% UNITS SOLD 166 174 +4.8% MONTHS OF SUPPLY 2.6 2.6 +0.0% HOUSING REPORT SEPTEMBER 2018 vs. SEPTEMBER 2019 PALM SPRINGS
  6. 6. SEPTEMBER 2018 SEPTEMBER 2019 CHANGE DETACHED MEDIAN PRICE $330,000 $345,000 +4.5% ATTACHED MEDIAN PRICE $157,250 $190,000 +20.8% UNITS SOLD 68 72 +5.9% MONTHS OF SUPPLY 2.1 2.6 +23.8% HOUSING REPORT SEPTEMBER 2018 vs. SEPTEMBER 2019 CATHEDRAL CITY
  7. 7. SEPTEMBER 2018 SEPTEMBER 2019 CHANGE DETACHED MEDIAN PRICE $668,000 $665,000 -0.4% ATTACHED MEDIAN PRICE $349,950 $360,000 +2.9% UNITS SOLD 70 68 -2.9% MONTHS OF SUPPLY 3.7 5.0 +35.1% HOUSING REPORT SEPTEMBER 2018 vs. SEPTEMBER 2019 RANCHO MIRAGE
  8. 8. SEPTEMBER 2018 SEPTEMBER 2019 CHANGE DETACHED MEDIAN PRICE $405,250 $422,500 +4.3% ATTACHED MEDIAN PRICE $270,000 $285,000 +5.6% UNITS SOLD 160 160 +0.0% MONTHS OF SUPPLY 2.9 3.0 +34.4% HOUSING REPORT SEPTEMBER 2018 vs. SEPTEMBER 2019 PALM DESERT
  9. 9. SEPTEMBER 2018 SEPTEMBER 2019 CHANGE DETACHED MEDIAN PRICE $1,050,000 $1,100,000 +4.8% ATTACHED MEDIAN PRICE $395,000 $430,000 +8.9% UNITS SOLD 18 24 +33.3% MONTHS OF SUPPLY 3.2 2.8 -12.5% HOUSING REPORT SEPTEMBER 2018 vs. SEPTEMBER 2019 INDIAN WELLS
  10. 10. SEPTEMBER 2018 SEPTEMBER 2019 CHANGE DETACHED MEDIAN PRICE $468,500 $467,000 -0.3% ATTACHED MEDIAN PRICE $360,000 $337,000 -6.4% UNITS SOLD 111 115 +3.6% MONTHS OF SUPPLY 4.5 4.1 -8.9% HOUSING REPORT SEPTEMBER 2018 vs. SEPTEMBER 2019 LA QUINTA
  11. 11. SEPTEMBER 2018 SEPTEMBER 2019 CHANGE DETACHED MEDIAN PRICE $330,000 $339,000 +2.7% ATTACHED MEDIAN PRICE $215,000 $200,000 -7.0% UNITS SOLD 104 115 +10.6% MONTHS OF SUPPLY 3.2 2.8 -12.5% HOUSING REPORT SEPTEMBER 2018 vs. SEPTEMBER 2019 INDIO
  12. 12. SEPTEMBER 2018 SEPTEMBER 2019 CHANGE DETACHED MEDIAN PRICE $252,500 $275,500 +9.1% ATTACHED MEDIAN PRICE N/A N/A N/A UNITS SOLD 16 17 +6.3% MONTHS OF SUPPLY 3.7 3.1 -16.2% HOUSING REPORT SEPTEMBER 2018 vs. SEPTEMBER 2019 CITY OF COACHELLA
  13. 13. SEPTEMBER 2018 SEPTEMBER 2019 CHANGE DETACHED MEDIAN PRICE $220,000 $239,500 +9.1% ATTACHED MEDIAN PRICE $175,500 $137,000 -21.9% UNITS SOLD 51 52 +2.0% MONTHS OF SUPPLY 3.5 4.0 +14.3% HOUSING REPORT SEPTEMBER 2018 vs. SEPTEMBER 2019 DESERT HOT SPRINGS
  14. 14. SEPTEMBER 2018 SEPTEMBER 2019 CHANGE DETACHED MEDIAN PRICE - - - ATTACHED MEDIAN PRICE - - - UNITS SOLD 3 5 +66.7% MONTHS OF SUPPLY 3.2 4.4 +37.5% HOUSING REPORT SEPTEMBER 2018 vs. SEPTEMBER 2019 THOUSAND PALMS
  15. 15. MORTGAGE RATE FORECAST FOR 2019 – 2020 October 18, 2019 Forecasts for 2019 put rates somewhere around 3.85% by the end of the year. That’s down from predictions earlier in the year that called for rates in the 5s. Rates steadily dropped from late-2018 to September 2019, when they rose slightly. Rates are still running well below the 4% mark according to Freddie Mac. Been looking for a good rate on a refinance or home purchase? Now might be the time to lock.
  16. 16. MARK KUNCE 760.766.6093 l markkunce.com 47100 Washington St #101 La Quinta, CA 92253 435 N. Palm Canyon Dr Palm Springs, CA 92262 70005 Mirage Cove Dr Rancho Mirage, CA 92270 Each office is independently Owned & Operated

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