Paris Selling Palm Springs

11/11/2022

Check out my latest articles on the differences between buying a home in Palm Springs, Rancho Mirage and Palm Desert.

https://ellenparis.bdhomes.com/mypage.asp?pid=4877

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https://ellenparis.bdhomes.com/mypage.asp?pid=4879

09/29/2022

DRE #02182673 DRE #01325548
🌴🌴🌴Market Minute Update: News You Can Use
Increased Price Reductions on Homes in Greater Palm Springs Offer
Additional Buyer Opportunities at Lower Prices

The News:
Increased price reductions on homes in Greater Palm Springs offer
additional buyer opportunities at lower prices. In checking The MLS --Multiple Listing Service several times a day (I’m a real estate data geek) for updates on new listings and price decreases I’ve noticed a recent trend. Lately, there are more price decreases by sellers than new listings coming on the market. That is a major real-time market indicator.

My Take:
Here are some recent daily examples that tell the story: 81 price decreases to 51 new listings, 62 price decreases to 53 new listings, and 61 price decreases to 48 new listings. Not only are sellers cutting asking prices, they also are doing it fairly quickly with fewer days on market (a strong real-time market indicator) before they cut that asking price. The reality is despite rising interest rates those price decreases signal opportunities for buyers.

Bottom Line:
With fewer new listings coming on the market over the past few weeks compared to a month ago it’s evident some sellers are stepping back and taking a wait-and-see position. Then there are sellers who for one reason or another either need or want to sell now. It is these sellers who offer opportunities to buyers to get their financing in place and make a serious offer. Now that’s good news!

Please contact me if you are buying, selling, and would like to work together or just want to chat about the market. Look for the next Market Minute Update for real-time market news you can use.

Ellen Paris
ParisSellingPalmSprings
Bennion Deville Homes-Paul Kaplan Group
760-413-0471
DRE # 02182673
https://ellenparis.bdhomes.com/

09/28/2022

ParisSellingPalmSprings 🌴🌴

DRE #02182673 DRE #01325548
🌴🌴Market Minute Update: News You Can Use

Increased Price Reductions on Homes in Greater Palm Springs Offer
Additional Buyer Opportunities at Lower Prices

The News:
Increased price reductions on homes in Greater Palm Springs offer
additional buyer opportunities at lower prices. In checking The MLS --Multiple Listing Service several times a day (I’m a real estate data geek) for updates on new listings and price decreases I’ve noticed a recent trend. Lately, there are more price decreases by sellers than new listings coming on the market. That is a major real-time market indicator.

My Take:
Here are some recent daily examples that tell the story: 81 price decreases to 51 new listings, 62 price decreases to 53 new listings, and 61 price decreases to 48 new listings. Not only are sellers cutting asking prices, they also are doing it fairly quickly with fewer days on market (a strong real-time market indicator) before they cut that asking price. The reality is despite rising interest rates those price decreases signal opportunities for buyers.

Bottom Line:
With fewer new listings coming on the market over the past few weeks compared to a month ago it’s evident some sellers are stepping back and taking a wait-and-see position. Then there are sellers who for one reason or another either need or want to sell now. It is these sellers who offer opportunities to buyers to get their financing in place and make a serious offer. Now that’s good news!

Please contact me if you are buying, selling, and would like to work together or just want to chat about the market. Look for the next Market Minute Update for real-time market news you can use.

Ellen Paris
ParisSellingPalmSprings
Bennion Deville Homes-Paul Kaplan Group
760-413-0471
DRE # 02182673
https://ellenparis.bdhomes.com/

08/24/2022

Here’s the latest housing market news you can use!

DRE #02182673 DRE #01325548
Market Minute Update: News You Can Use
Top Three Cities in the Greater Palm Springs Area with the Largest Home Price Increases

The News:
These three cities in the Greater Palm Springs Area had the largest price increases in July (the latest numbers available). According to the latest, Desert Housing Report from The Greater Palm Springs Board of REALTORS and the California Desert Association of REALTORS, Indian Wells, Bermuda Dunes, and Rancho Mirage enjoyed hefty double-digit price increases on the “average size” detached home. The year-over-year increase comparing July 2022 to July 2021 in Indian Wells reached almost 51% to $1,872,794. Neighboring Bermuda Dunes saw that average price increase by 35.2% to $890,386. Heading west to Rancho Mirage the detached home price increased in the 12 months by 28.6% to $1,096,305.

My Take:
Despite the national media continuing to report a “Housing Market Correction” as breaking news the nine cities of the Coachella Valley all reported 12-month housing price increases ranging from 20.4% for the city of Coachella to Indian Wells at 51%. While the pundits debate what a true housing market correction is we still are looking at the Greater Palm Springs Area market where prices continue to rise. That’s a good thing housing market correction or not.

Bottom Line:
If we look at historical housing market corrections of the past home prices plummeted. Markets often froze creating both nervous sellers and jittery buyers. How low would prices go? Markets practically ground to halt for a variety of econ 101 reasons. Yes, prices have increased at historical rates since the residential real estate market reopened in June 2020 as lockdowns lifted. Do keep in mind the fundamentals are different for the current housing market compared to others. And---that’s a good thing.

Please contact me if you are buying, selling, or just want to chat about the market. Look for next week's Market Minute Update for real-time market news you can use.
Ellen Paris
ParisSellingPalmSprings
Bennion Deville Homes-Paul Kaplan Group
760-413-0471
DRE # 02182673
https://ellenparis.bdhomes.com/

08/24/2022

DRE #02182673 DRE #01325548
Market Minute Update: News You Can Use
Top Three Cities in the Greater Palm Springs Area with the Largest Home Price Increases

The News:
These three cities in the Greater Palm Springs Area had the largest price increases in July (the latest numbers available). According to the latest, Desert Housing Report from The Greater Palm Springs Board of REALTORS and the California Desert Association of REALTORS, Indian Wells, Bermuda Dunes, and Rancho Mirage enjoyed hefty double-digit price increases on the “average size” detached home. The year-over-year increase comparing July 2022 to July 2021 in Indian Wells reached almost 51% to $1,872,794. Neighboring Bermuda Dunes saw that average price increase by 35.2% to $890,386. Heading west to Rancho Mirage the detached home price increased in the 12 months by 28.6% to $1,096,305.

My Take:
Despite the national media continuing to report a “Housing Market Correction” as breaking news the nine cities of the Coachella Valley all reported 12-month housing price increases ranging from 20.4% for the city of Coachella to Indian Wells at 51%. While the pundits debate what a true housing market correction is we still are looking at the Greater Palm Springs Area market where prices continue to rise. That’s a good thing housing market correction or not.

Bottom Line:
If we look at historical housing market corrections of the past home prices plummeted. Markets often froze creating both nervous sellers and jittery buyers. How low would prices go? Markets practically ground to halt for a variety of econ 101 reasons. Yes, prices have increased at historical rates since the residential real estate market reopened in June 2020 as lockdowns lifted. Do keep in mind the fundamentals are different for the current housing market compared to others. And---that’s a good thing.

Please contact me if you are buying, selling, or just want to chat about the market. Look for next week's Market Minute Update for real-time market news you can use.
Ellen Paris
ParisSellingPalmSprings
Bennion Deville Homes-Paul Kaplan Group
760-413-0471
DRE # 02182673
https://ellenparis.bdhomes.com/

08/09/2022

Here’s how much home prices rose in July in the Greater Palm Springs Area.

DRE #02182673 DRE #01325548
Market Minute Update: News You Can Use
Greater Palm Springs Home Prices Continue Rising: The Median Price for Detached Homes Increased $10,000 in July

The News: Home Prices continued to rise in July for both detached and attached homes in the Greater Palm Springs Area. According to the latest Desert Housing Report from The Greater Palm Springs Board of REALTORS and the California Desert Association of REALTORS, the median price for detached homes reached $710,000, a 19.3 % year over year increase. Attached homes including condos and townhomes enjoyed a 25% year-over-year median price increase to $479,500.

My Take: Once again the Greater Palm Springs area continues to attract buyers relocating from around the country and the “drive” markets of San Diego, Los Angeles, and Orange County. People are buying and moving for the unique lifestyle the Greater Palm Springs Area offers and its affordability compared to those markets.

Bottom Line: The question on everyone’s mind is will prices hold as more new listings are coming to market? Properties, that are move-in ready in good locations are still not staying on the market too long. If you are amenable to buying a home that needs “some work” you may have more negotiating power. With more listings on the market buyers can take a bit more time to make decisions than six months ago.

Please contact me if you are buying, selling, or just want to chat about the market. Look for next week's Market Minute Update for real-time market news you can use.
Ellen Paris
ParisSellingPalmSprings
Bennion Deville Homes-Paul Kaplan Group
760-413-0471
DRE # 02182673
https://ellenparis.bdhomes.com/


🌴🌴🌴🌴🌴🌴

08/09/2022

DRE #02182673 DRE #01325548
Market Minute Update: News You Can Use
Greater Palm Springs Home Prices Continue Rising: The Median Price for Detached Homes Increased $10,000 in July

The News: Home Prices continued to rise in July for both detached and attached homes in the Greater Palm Springs Area. According to the latest Desert Housing Report from The Greater Palm Springs Board of REALTORS and the California Desert Association of REALTORS, the median price for detached homes reached $710,000, a 19.3 % year over year increase. Attached homes including condos and townhomes enjoyed a 25% year-over-year median price increase to $479,500.

My Take: Once again the Greater Palm Springs area continues to attract buyers relocating from around the country and the “drive” markets of San Diego, Los Angeles, and Orange County. People are buying and moving for the unique lifestyle the Greater Palm Springs Area offers and its affordability compared to those markets.

Bottom Line: The question on everyone’s mind is will prices hold as more new listings are coming to market? Properties, that are move-in ready in good locations are still not staying on the market too long. If you are amenable to buying a home that needs “some work” you may have more negotiating power. With more listings on the market buyers can take a bit more time to make decisions than six months ago.

Please contact me if you are buying, selling, or just want to chat about the market. Look for next week's Market Minute Update for real-time market news you can use.
Ellen Paris
ParisSellingPalmSprings
Bennion Deville Homes-Paul Kaplan Group
760-413-0471
DRE # 02182673
https://ellenparis.bdhomes.com/


🌴🌴🌴🌴🌴🌴

08/07/2022

DRE #02182673 DRE #01325548
🌴🌴🌴Market Minute Update: News You Can Use

Over 550 New Listings hit the Greater Palm Springs Market Over the last Few Weeks Offering a Long-Awaited Window of Opportunity for Buyers

The News: About 550 new listings hit the Greater Palm Springs Market Over the last few weeks offering a long-awaited window of opportunity for Buyers. From Palm Springs to Coachella to Joshua Tree sellers in all price ranges moved to list their homes.
The buzz of additional interest rate hikes by the Fed has motivated sellers at all price ranges. Homes are coming on the market often at price points sometimes lower than they were a few months ago. This presents strong opportunities for buyers including those looking for a primary home or a vacation rental that doubles as a second home.

My Take: For the first time in several years homes are staying on the market significantly longer than last July. Buyers who now have more choices are making offers at lower price points compared to asking prices. Contingencies are back in full force on most deals. Buyers are feeling more in control for the first time in quite a while.

Bottom Line: Look for an increasing amount of inventory around the Greater Palm Springs area as 2022 continues. Vacation homeowners who bought in 2020 and 2021 may have to pencil out the numbers again to see if the cost of ownership still makes sense given inflation and gas prices.

Please contact me if you are buying, selling, or just want to chat about the market. Look for next week's Market Minute Update for real-time market news you can use.
Ellen Paris
ParisSellingPalmSprings
Bennion Deville Homes-Paul Kaplan Group
760-413-0471
DRE # 02182673
https://ellenparis.bdhomes.com/


🌴🌴🌴🌴🌴

07/22/2022

🌴🌴🌴ParisSellingPalmSprings 🌴🌴🌴



DRE #02182673 DRE #01325548
Market Minute Update: News You Can Use

Here’s Where Home Prices for Detached Homes Appreciated the Most in the Greater Palm Springs Area in June 2022

The News:
Here’s where home prices appreciated the most in the Greater Palm Springs Area in June according to the latest Greater Palm Springs REALTORS® and the California Desert Association of REALTORS® Desert Housing Report. Indian Wells, Bermuda Dunes, and Rancho Mirage took the three top spots for the largest price increase in June 2022 compared to June 2021 for the “price of the average size detached home.” Indian Wells saw a 49.3% increase to $1,840,000 for that average size detached home. Bermuda Dunes average price rose 40.2 % to $890,386 compared to last year. Ranking number three was the City of Rancho Mirage enjoying a 37.8 % increase in prices rising to $1,450,227 in June 2022.

My Take:
In addition to loving the lifestyle of the Greater Palm Springs Area homeowners throughout the area’s nine cities have all enjoyed double-digit price increases between June 2021 and June 2022. Add in the hundreds of millions in increased equity dollars and you’ll find many happy homeowners around the Greater Palm Springs Area. Here’s a fun fact: According to CoreLogic, a leading global property information and data analytics company U.S. homeowners with mortgages gained over $3.2 trillion in equity in the third quarter of 2021. Now that’s real money.

Bottom Line:
Each city in the Greater Palm Springs Area is distinctively different. Each with its own local culture.
The result-- a large variety of home choices of all types and price points. Being able to offer this diversity in lifestyle options throughout our cities sets the Greater Palm Springs area apart while adding inherent desirability. As price appreciation in the third quarter is expected to level off from its stratospheric and historic highs do keep in mind we are moving into a more sustainable market. That’s a good thing. Economists continue to forecast healthy appreciation in home values barring unforeseen circumstances.

Please contact me if you are buying, selling, or just want to chat about the market. Look for next week's Market Minute Update for real-time market news you can use.
Ellen Paris
ParisSellingPalmSprings
Bennion Deville Homes-Paul Kaplan Group
760-413-0471
DRE # 02182673

As a 21-year Palm Springs area resident Ellen knows both the desert and its unique real estate market with an insider perspective to guide both buyers and sellers. Ellen has been involved in real estate for 17 years writing about luxury real estate and market trends for Forbes and other national and...

07/12/2022