September 2017 Desert Housing Report
September 2017 Desert Housing Report shows that activity slows when the Greater Palm Springs Area reaches summer seasonal highs. Fewer buyers make the trip when it’s 118 degrees outside.
Since prices decline to some degree every summer, prices are down from their spring highs but are still up compared to the low prices of last summer. That’s why Palm Springs is now 6.7% below its all-time high (last month it was only 1.3% below) but still up 7.5% compared to last September’s seasonal low.
That being said, the 3-month trailing average looks good. Even though sales have declined the last three months – as they do every year at this time – the three month average of total sales in September was still ahead of last year by 6.3%. Sales of detached units were 3.8% higher while those of attached units were 11.7% higher. The large percentage increase in attached sales over last year gives some credibility to the idea that once the selling season finally begins in earnest, the attached market might finally participate price wise in the region’s housing recovery.
On October 1st the Valley’s “months of supply” ratio was 4.0 months, the lowest ratio on October 1st since 2013. Last year the ratio on October 1st was 5.5. This is a very encouraging sign as we approach next year’s selling season. This positive indicator is confirmed by September’s median value of 71 “Days on the Market”, which is nine days less than the number
one year ago.
Download your copy of the September 2017 Desert Housing Report-Greater Palm Springs Area.
Links to other recent Desert Housing Reports follow:
August 2017 Desert Housing Report
July 2017 Desert Housing Report
Please contact me anytime to discuss your real estate questions. I’m here to help! If you are thinking about making a move, it’s a good time to do it. Sellers may be ecstatic that the beginning of the season is bringing more buyers to the valley, but buyers have an advantage too. Buyers taking action now will benefit from future increasing home values.Proudly serving home buyers and home sellers in Palm Springs and throughout the Coachella Valley
Vickie Nagy, Broker Associate
Alta Realty Group | 777 E Tahquitz Canyon Way, Suite 200-47 | Palm Springs, CA 92262
CRS - Certified Residential Specialist | GRI - Graduate Realtor Institute | ABR - Home Buyer Representation Specialist | SRS - Seller Representative Specialist | CNHS - Certified New Home Specialist