In June, voters in Palm Springs decided by more than a 2-to-1 margin to reject an initiative designed to phase out short-term rentals in that city. Following several years of discussion and negotiation, short-term rental owners and operators, working alongside Realtors, helped to craft a program to increase regulation and enforcement. The raised standards have been instrumental in helping to make sure that short-term rentals operate as good neighbors in the community.
The market remains HOT with strong sales, with inventory down in most price segments. In just about every price segment, the amount of days it takes to sell a home has dropped, and in some cases by 50%. As usual in the Coachella Valley, the lower the price, the lower the inventory; and the higher the price, the higher the inventory available. For homes under the $1M price segment, inventory is thinning in the midst of summer months. However, in the Luxury Home Market, many opportunities remain as we continue to see multiple price reductions.
Overall the market continues to improve, and buyers’ confidence remains high. Though mortgage rates are on the rise, compared to many years ago, rates remain historically low with many attractive loan packages available, from conforming loan amounts, up to multi-million loan packages.