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Real Estate News in Palm Springs - December 14th, 2016
According to the most recent Market Watch Monthly Housing Report presented by the Palm Springs Regional Association of Realtors, the median price throughout the Coachella Valley was $336,500 which represents a 2.3% gain year over year. This is the first indicator of a strengthening housing market and the first time in three years we are seeing this. The lower inventory is the second indicator. Five cities across the Valley showed gains and four were down. However, all are up over the lows of 2011 as some recovered faster than others. The city of Palm Springs showed gains. Market Watch source data is MLS.com

We have been busy all year and continue to be throughout the holiday period. We are expecting continued growth in 2017.
National Market Conditions
2018 1st Quarter Market Report: Home Sales Steady - Prices Continue to Rise

The 1st quarter of 2018 ended on a good note with March existing home sales only down slightly over last year, and with 2018 home sales expected to exceed 2017 excellent year. Home Prices in 2018 continue to rise, increasing 5.8% over the end of March last year.

The most notable change in the 1st quarter was an increase in seller activity. Our survey showed that in 46% of the markets surveyed there were still more buyers than sellers, but a decrease of 27% from March 2017. Additionally, 17% of our markets surveyed showed more seller activity than buyer activity, an increase of 8% over last year. The remaining 37% of the markets showed an equal amount of buyer and seller activity which was an increase of 19% over last year. The increased activity, however did not ease the tight inventory 73% of our markets showing a very tight supply of homes available for sale. Home prices are also on the rise with 86% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were down 1.2% over last year, but annual sales are expected to hit 5.6 million units compared to 5.1 million in 2017; inventory of unsold homes is at a 3.6 month supply and 46% of all homes sold in under one month.

The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in both buyer and seller activity is up significantly in the 1st quarter of 2018 compared to the buyer and seller activity from last year. Buyer activity is steady or increasing in 94% of the markets surveyed and decreased in only 6% of the markets surveyed indicating a significant 8% increase in activity from Spring 2017. Simultaneously the trend for seller activity posted a solid 10% gain in the 1st quarter of 2018 with 85% of the markets indicating steady or increased seller activity compared to 75% of the markets at this time in 2017. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly. In fact, according to NAR inventories have decreased to 3.6 month supply compared to 3.8 months in March of 2017. A balanced "normal market" is considered to be a 6 month supply of homes for sale.

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Fall 2018 Market Update
Average Sold Home Price: $400,000

Average Time on Market: 60-90 days

Best Selling Price Range: $350,000 - $399,000

Existing Home Prices for the past 90 days: Increasing

Market Trend: No Change

Buyer's or Seller's Market: Equal buyers and sellers

Buyer Activity for the past 90 days: Increasing

Seller Activity for the past 90 days: Increasing

Multiple Offers? Yes

Multiple Offers Commentary: Multiple offers on properties around the $400K range

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 5-10%

Is Financing Available For Qualified Buyers? Yes

Comments on Financing For Qualified Buyers: Tricky question, depends on the buyer’s credit and type of loan, first time buyers, FHA loans, reversed mortgage, so please check with an agent or loan broker before assuming anything.

Housing Inventory: Good Supply

Housing Inventory Comments: Many multiple offers on homes in the $400K range from Palm Springs through the east end of the Valley to Indio.

Greatest Activity: Repeat Buyers

Best reason to buy or sell: This is a vacation and second home town, golf, hiking, tennis, biking, film festivals, mountains, pools, great resturants, street fairs, museums etc.

Nearest Metro Area: Riverside

Housing Hot Spots: All areas in the Coachella Valley are considered hot spots, for more info on both price and type of housing, please contact me.

Contact Information
Joy Farenden
760-702-4657
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Mortgage Rates for Dec 13th, 2018
30 year fixed rate: 4.51%
15 year fixed rate: 3.90%
30 year jumbo rate: 4.41%
15 year jumbo rate: 4.12%
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Real Estate Professional, Joy Farenden Joy Farenden
Bennion Deville Homes
Specializing in Palm Springs Real Estate
74-910 Hwy 111
Indian Wells, California 92210
760-702-4657
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(Because current market conditions can change rapidly in any given marketplace,
please check with Joy Farenden for current Palm Springs, CA market conditions before acting on this information.)
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