It’s a feeding frenzy’: Palm Springs real estate inventory at historic low
Competitive market shows no sign of slowing.
Apartment dwellers want more space, and schools are extending distance learning. All this means it’s no surprise that our city, a popular getaway destination is so hot, it can’t keep up with the demand for real estate.
Palm Springs and the entire Coachella Valley are having a record-breaking year that shows no sign of stopping. Therefor the median detached home prices for Palm Springs and Palm Desert have had year-over-year gains of 11.2% and 11.5%, respectively, according to the Palm Springs Regional Association of Realtors. Since summer is usually considered the slow season for the hot, arid desert communities, we predict these gains to continue through the fall.
Valley inventory, at 2,050 units, is at the lowest level in history. That’s almost 700 units fewer than any previous August 1st, which has led to a fiercely competitive market full of multiple bids and little to no contingencies.