The Market Pulse — Our 3rd 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 Q3 2018 Market Pulse.
The third quarter of 2018 saw the average Rancho Mirage single-family home price rise by 1.4% and the price of condominiums rise significantly by 10.9% as compared to Q3 of last year. The activity of the real estate market is changing in the Coachella Valley with the inventory of homes decreasing and the days on market decreasing as well. The Fed last week raised interest rates for a third time this year to a range of 2-2.5% as U.S. Federal Reserve Chairman Jerome Powell hailed a “remarkably positive outlook” for the U.S. economy.* “Though mortgage rates are on the rise, the market remains HOT with strong sales and low inventory in most price segments. Overall the market continues to improve, and buyers’ confidence remains high,” says Tony Halton, Halton Pardee + Partners Palm Desert office President.
Single Family Homes
Condominiums
The third quarter of 2018 saw the average Palm Desert single-family home price rise significantly by 13.6% as well as the price of condominiums by 9.8% as compared to Q3 of last year. The activity of the real estate market is changing in the Coachella Valley with the inventory of homes decreasing and the days on market decreasing as well. The Fed last week raised interest rates for a third time this year to a range of 2-2.5% as U.S. Federal Reserve Chairman Jerome Powell hailed a “remarkably positive outlook” for the U.S. economy.* “Though mortgage rates are on the rise, the market remains HOT with strong sales and low inventory in most price segments. Overall the market continues to improve, and buyers’ confidence remains high,” says Tony Halton, Halton Pardee + Partners Palm Desert office President.
Single Family Homes
Condominiums
*Reuters.com: Fed’s Kaplan sees three more U.S rate hikes ahead, but says could be more, Fed’s Powell says U.S. outlook ‘remarkably positive’, October 2, 2018.