Palm Springs Area Real Estate News 2020 in September

Hello from the Coachella Valley!

The last month has brought record highs and lows. Record high temperatures and humidity, record low number of homes for sale, and mortgage rates here in the Valley. Businesses are beginning to adapt to their new normal. Salons have just reopened, and restaurants are embracing their take-out and patio dining only, misters a must. They have even opened and extended the patios in Downtown Palm Springs to ensure enough space for everyone. We are preparing for a busy Valley full of travelers and interested home buyers in the final quarter of 2020 as people's needs have adjusted to the new normal. Looking forward to seeing you in the Desert soon!

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Below are a couple great articles from the Desert Sun and Investopedia.com that discusses the real estate needs of the Coachella Valley and some of the corresponding prices. They also summarize and cover ways to avoid common mistakes when considering selling your home.

Prices rising as desert homes are 'scooped up.' Here's where demand is highest

Melissa Daniels Palm Springs Desert Sun

The coronavirus pandemic and associated economic tumult haven't stopped people from buying homes in the Coachella Valley, with single-family home prices rising compared to this time last year as more people relocate to the desert.

Real estate experts say some buyers are moving here from larger cities like Los Angeles as they transition to working from home and are seeking a less dense, more affordable place to live.

The median price for a single-family home in the Coachella Valley was $459,000 in June, up 6.7% from the prior year, according to a June 2020 report from the California Desert Association of REALTORS® and the Palm Springs Regional Association of REALTORS®.

Robin DuFault, president of CDAR, said the price spikes in single-family homes is partly linked to the area's extremely low inventory, meaning there aren't many houses going on the market. On July 1, the area had 2,340 houses for sale, which is a 22% drop from the year before. The corresponding prices in the region have been a surprise for some, DuFault said.

"People were coming in and trying to lowball, and meanwhile, there were multiple offers coming in," DuFault said. "We're seeing some (offers) come in above-asking price."

Prices went up in all valley cities but Rancho Mirage and Indian Wells compared to June 2019. Prices were up the sharpest in Palm Desert, where the June 2019 median home price was $314,500 and is now $470,000.

But prices for attached homes — condominiums, for example — have dropped across all valley cities. The valley’s median attached price in June was $275,500, a 6% decrease from last year. Prices dropped the most in Rancho Mirage, where attached homes in June 2019 sold for a median price of $370,000, compared to $289,000 in June 2020, a nearly 22% drop.

The drop in attached home prices and sales also could be due to first-time homebuyers putting off purchase due to unemployment or job uncertainties. Here are the current median prices in valley cities as of June 2020 for single-family residential homes and in attached homes:

Palm Springs: $706,000 SFR / $248,000 attached
Cathedral City: $378,750 SFR / $176, 250 attached
Rancho Mirage: $620,000 SFR / $289,000 attached
Palm Desert: $470,000 SFR / $305,000 attached
La Quinta: $603,000 SFR / $327,625 attached
Indian Wells: $942,000 SFR / $399,000 attached
Indio: $335,000 SFR / $197,000 attached
Coachella: $292,500 SFR / N/A attached
Desert Hot Springs: $250,000 SFR /N/A attached

Demand for lower-priced homes

DuFault said the area is seeing a surge of demand with people wanting to relocate here, as they begin to transition to work remotely.

"We're getting a lot of relocations from the more populated area, the very dense areas. LA, Orange County, San Diego, even the San Francisco Bay," DuFault said. "Properties are being scooped up."

Enrique Braunschweiger, president of First West Financial Corporation in La Quinta, said he's been surprised by how hot the real estate market has been during the pandemic, given the widespread unemployment and the troubled economy.

He said the most demand is for homes under $400,000. Homes in places like La Quinta Cove, Palm Desert Country Club and Cathedral City may get six or seven offers after being listed for just a few days. "That is a very, very hot commodity," he said.

Avoid These Mistakes When Selling Your Home

Amy Fontinelle

Selling your home can be surprisingly time-consuming and emotionally challenging especially if you've never done it before. At times, it may feel like an invasion of privacy because strangers will come into your home and poke around your closets and cabinets. They will criticize a place that has probably become more than just four walls and a roof to you, and, to top it all off, they will offer you less money than you think your home is worth.

Click Here to Find Out What Your Home Could Be Worth!

With no experience and a complex, emotional transaction on your hands, it's easy for first-time home sellers to make lots of mistakes. But with a little know-how, you can avoid many of these pitfalls altogether. Read on to find out how you can get the highest possible price for your home within a reasonable timeframe—without losing your mind.

Key Takeaways

Keep your emotions in check and stay focused on the business aspect of selling your home. Hiring an agent may cost more in commission, but it can take a lot of the guesswork out of selling. If you decide to sell on your own, set a reasonable sale price and keep the time of year in mind. Prepare for the sale, don't skimp on the visuals in your listing, and disclose any issues with the property.

Market Resources

Click Here for the Regional Association of REALTORS® Market Report for August 2020

An interesting thing has been occurring with our market in the Palm Springs area; Low inventory is driving a seller's market and historically low interest rates are motivating buyers as well.

Benjamin Duman

Certified Luxury Home Marketing Specialist

Primary phone
(760) 372-0937
License Number
#02079953
Email
[email protected]
Address
73301 Fred Waring Dr.,
Palm Desert, CA 92260

About The Author

Benjamin Duman is a seasoned real estate agent known for his attentive and personable approach to client relationships. Residing year-round in La Quinta, Benjamin is a passionate advocate for the resort-style living the area offers, with its incredible views and close proximity to world-class golf, hiking and restaurants. His love for the community is rooted in its family-friendly atmosphere and abundant outdoor activities, making it an ideal place for both raising a family and enjoying life's luxuries.

Benjamin's journey into real estate began managing and restoring his family-owned properties, which provided him with a robust foundation in the industry. Part of his ideals of being a Realtor is the ability to help clients achieve their goals while guiding them with honesty, reliability, and efficiency. Known for being proactive and supportive, he is often described by clients as trustworthy and experienced, traits which make him a reliable partner in navigating the real estate market.

Benjamin has a Master's in Business Administration with a focus on Business Development, a Bachelor's of Science in Biology, and an OA in Digital Marketing, degrees which not only help him excel in his Real Estate career but also emphasize how important continuing education is to his growing business model. His achievements range from working on an animation project with Marvel Comics, to leading the on-site Real Estate office acquisition for Ironwood Country Club in South Palm Desert; demonstrating his desire to strive through complexity and pressure.

Outside of his professional life, Benjamin is engaged in home restoration & improvement projects, playing golf, and photography, all of which enhance his understanding of property aesthetics and functionality. These hobbies not only allow him to connect with his clients on a more personal level but also bring a unique perspective to his work. Whether you are buying your first home or seeking a luxurious retreat, Benjamin Duman is dedicated to making your real estate experience not only efficient but also enjoyable.

It's not the same everywhere, so you need someone you can trust for up-to-date information.

Here are some of the things we can do for you:

Find Your Next Home

You need someone who knows this area inside and out! Ben and his wife Mo analyzed all of the cities of Coachella before relocating to the area themselves.

Ben and his team will work with you to find the right home at the right price for you, including all the neighborhood amenities that matter - not to mention the essential criteria you have for your ideal home.

With their experience and connections throughout the Desert, The Duman Realty Group will find what you need, no matter the time frame.

List and Sell Your Property

When it's time to move, you need someone who will advertise your home, show it to prospective buyers, negotiate the purchase contract, arrange financing, oversee the inspections, handle all necessary paperwork, and supervise the closing.

With over 20 years of residential and investment real estate, home restoration, and commercial marketing, Ben can take care of everything for you while ensuring and prioritizing your needs. His team offers photography and video for your home as well as a complete social media marketing campaign that is strategically targeted to buyers interested in your home's market.

Consult on Home Selling Tactics

Oftentimes buyers don't visualize living in your home the way you do. Ben and his team can show you how to make your home attractive to its ideal audience - which can help you get top dollar.

Things like staging the home, making repairs or minor improvements, or even simply painting the walls can be the difference between a home resting on the market and one that's sold fast.

Prior to moving to the Southern California area, Ben managed an Investment Group that restored and flipped older homes. He was hands-on and heavily involved with the renovation of each home.

This experience provides in-depth knowledge on pricing, timing, and a handful of other factors involved with the process of prepping a home for a top-dollar sale.