The Market Pulse — Our 2nd Quarter Breakdown for Palm Desert + Rancho Mirage

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 Q2 2018 Market Pulse.

The second quarter of 2018 saw the average Rancho Mirage single family home price increase 15.6% and the price of condominiums increase 11.9% compared to Q2 of last year. The real estate market is still showing strong activity due to the tight inventory of homes. According to the CoreLogic Home Price Index, home prices rose by 8.2% in Riverside County in a 12–month period (ending in May). This is the third straight month that price appreciation exceeded 8% in the inland counties.* “The lean supply of homes for sale is leading to higher sales prices and fewer days on the market,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Until more supply becomes available, we will continue to see soaring prices,” CoreLogic CEO Frank Martell said.

Single Family Homes

Condominiums

The second quarter of 2018 saw the average Palm Desert single family home price significantly increase 30.9% and the price of condominiums increase 12.5% compared to Q2 of last year. The real estate market is still showing strong activity due to the tight inventory of homes. According to the CoreLogic Home Price Index, home prices rose by 8.2% in Riverside County in a 12–month period (ending in May). This is the third straight month that price appreciation exceeded 8% in the inland counties.* “The lean supply of homes for sale is leading to higher sales prices and fewer days on the market,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Until more supply becomes available, we will continue to see soaring prices,” CoreLogic CEO Frank Martell said.