The Market Pulse — Our 1st Quarter Breakdown for Palm Desert + Rancho Mirage
Sales in the Coachella Valley are continuing to rise as this seller’s market has many clients with their eyes on properties — only to have them quickly transition into escrow and miss out. Buyers cannot be complacent as this rapidly moving market means you need to be ready when that great home presents itself. With “snow birds” ending their season, we see amazing properties becoming available with impressive rental histories. The slow down after the music festivals benefits the Coachella Valley of lower-priced hotels, which buyers take advantage of while they are in town searching for a rental or vacation home. Another bonus is that traditionally, handymen and construction crews have more availability during the warmer months, meaning they are able to assist with any home improvements you’ve been wanting to make.
Each quarter we will bring our readers neighborhood data on Rancho Mirage and Palm Desert about recent notable sales, changes in the average home prices, a break down of what types of property sold, what was on the market, and more. See below for further details inside our Q1 2018 Market Pulse.
Currently we are seeing great inventory for all price levels; however, properties that are completely renovated and ready for occupancy are moving quickly. Let us help you prepare for your visit! By knowing your requirements in advance we are able to preview properties on your behalf to help make the most efficient use of your time, as sometimes pictures do not accurately present property depictions. If you’re at all interested in purchasing your next home in the desert, please don’t hesitate to reach out. We’d love to connect with you and assist with all your real estate needs!
Source: Tony Halton
President – Desert Division
The Market Pulse
The first quarter of 2018 saw the average Palm Desert single family home price rise 14.8% compared to prices in Q1 of last year, and condominium prices rose by 15.4%. The new tax code does not seem to be scaring off buyers as the demand to own a home is far outweighing the tax ramifications. Zillow predicts that prices in Palm Desert will rise 5.9% within this next year*. With the Federal Reserve predicting two more rate hikes†, now is the time to get into the home you’ve been wanting or dreaming of.
Single Family Homes
Condominiums
The first quarter of 2018 saw the average Rancho Mirage single family home price rise 8.7% compared to prices in Q1 of last year, and condominium prices rose by 9.2%. The new tax code does not seem to be scaring off buyers as the demand to own a home is far outweighing the tax ramifications. Zillow predicts that prices in Rancho Mirage will rise 5.6% within this next year*. With the Federal Reserve predicting two more rate hikes?, now is the time to get into the home you’ve been wanting or dreaming of.
Single Family Homes
