Desert Hot Springs Housing Market Compared To CV

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City has finalized zoning laws that comply with State Law AB 1069 and SB 2299, which means Accessory Dwelling Units (Granny Flats) can now be built on most single-family homes. To learn more about finding the perfect property in the Palm Springs area that fits your budget and lifestyle, contact your local Realtor®.

Homes in the Coachella Valley took an average of 48 days to sell in March, just one day longer than the previous month. Although this figure is 25 days longer than last year’s period, it is still lower than pre-pandemic levels, owing to the region’s high demand and low mortgage rates. However, experts predict that interest rates will rise in the coming months, which means potential buyers should act quickly to purchase a new home.

If you want to sell your property in the fast-paced market, a top agent can help you maximize your profit. Contact us to learn about the latest local real estate market trends and find a customized mortgage solution that works for you. Choosing the right mortgage is critical to securing your dream home and avoiding disappointment.

Although home sales have slowed, prices remain stable because buyers seek homes that fit their lifestyles. For instance, at the Vintage Club in Palm Springs, a property with a 1950s-style diner, theater, and wine cellar is priced at over $800,000. While prices are rising, sellers must recognize that buying a home instead of renting has many benefits. Local economies benefit from home purchases through salaries, sales commissions, construction, landscaping, repairs, renovations, and pool services.

A noticeable drop in newly listed homes each month could be attributed to homeowners wary of dealing with higher interest rates. Additionally, it’s becoming more common for homes to sell above their original asking price. These challenges could be daunting for homebuyers, so it’s essential to enlist the help of experienced real estate agents who can navigate the market’s complexities.

Despite the ongoing pandemic, the real estate market continues to experience exceptionally high prices and a shortage of available homes. Experts suggest that this trend is familiar and has been happening in Southern California for quite some time. The pandemic, however, has only made the situation more pressing. The rise in affluent buyers and mobile professionals seeking second homes has increased demand, causing prices to surge and bidding wars to ensue. Nevertheless, these elevated prices and limited inventory make it difficult for some homebuyers to find a property that fits their needs.

Home sales in March across the Coachella Valley were lower than last year’s period. However, the declining percentage was relatively less in La Quinta and Indio. The months of supply ratio slightly increased in March from February, but it remains below the historical average. Moreover, there was an increase in the percentage of homes selling above the listed price, which indicates positive news for home sellers and buyers in the region.