May 13 Daily Briefing: Latest housing report, asphalt artists needed, and more

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🎶 Setting the mood: “Espresso” by Sabrina Carpenter

LEADING OFF

Palm Springs housing market continued upward trend in April

The Desert Housing Report for April highlights an encouraging trajectory in the Palm Springs housing market, with year-over-year increases in median home prices and a steady rise in sales, despite some lingering challenges.

Driving the News: April saw the median price of a detached home in the Coachella Valley rise to an all-time high of $724,523, a notable 6.6% increase compared to the same period last year. 

• Palm Springs was part of the broader regional trend, showing an 8% year-over-year increase in average home sale price to $1.37 million.

By the Numbers: Sales in Palm Springs have shown robust growth, with the city seeing 157 sales during the latest three months, an increase of 14% from this time last year. Only Palm Desert had more sales, with 160. 

• Overall, sales in the valley continue to improve. While still 19.8% below historical norms, the report states they appear to be on a path to recovery.

Inventory and Market Dynamics: As of May 1, the valley’s inventory stood at 2,597 units, the highest in nearly four years, yet still about 1,000 units below pre-pandemic levels. 

Local Insight: The market’s health is further evidenced by homes in Palm Springs selling slightly faster than the regional average, with a median “days in the market” of 40 days.

• “We continue to believe [sales] will recover when mortgage rates come back down to 5.5% to 6%,” the report states. “Recent declines in inflation give us hope this is not far away.”

What to Watch For: The ongoing recovery in sales and the stabilization of inventory levels suggest that Palm Springs may continue to see property values rise. However, market observers caution that the full impact of recent economic shifts, including changes in mortgage rates, will play a critical role in shaping the market’s trajectory through the rest of the year.

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IN OTHER NEWS

🚨 A 31-year-old Palm Springs woman was struck and killed by a vehicle driven by a hit-and-run driver while riding a bicycle last week in Cathedral City. Police are searching for the suspect. [KESQ]

🏒 A writer who went behind the scenes at the Palm Springs International Pride Hockey Tournament tells the story of just how special the event is for everyone involved. [SF Bay Times]

🏡 Get the inside scoop on a special home in the Deepwell Estates neighborhood that could break a record when and if it sells for its listed price. [Desert Sun]

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TODAY’S FEATURED EVENTS

Mimosas, Martinis & Music
2 p.m. | Cascade Lounge
Sit back and enjoy the start of the week with cocktails and music at the Cascade Lounge inside Agua Caliente Casino Palm Springs. Hosted by MOD 107.3.

Human Rights Commission Meeting
5:30 p.m. | City Hall
The Palm Springs Human Rights Commission meets this evening for their regular meeting. Check out the agenda here.

Monday Men’s Coffee
6 p.m. | Gre Coffeehouse
Come have coffee and chat with other men about issues that are on your mind. No RSVP required — just drop in!

Adult Tap Dance Class
6:30 p.m. | Leisure Center Dance Studio
Adult intermediate tap starts at 6:30 p.m., and “absolute beginners” adult tap is at 7:30 p.m. (“Two left feet are optional.”) ($20)

Fabulous Bingo
7 p.m. | Kings Highway at Ace Hotel
Join Bella Da Ball for a night of fabulous bingo. (Must spend $30 at Kings Highway to participate.)

SAVE THE DATE

• Free Dementia Awareness Class at Palm Springs Public Library on Tuesday. 
• Miralon Blood Drive on Friday. Sign up today!
• Communities’ Finest Dance Showcase on Saturday at the Palm Springs Cultural Center.
• Community Outreach for Parks and Recreation Master Plan on May 22 at the James O. Jessie Desert Highland Unity Center.
• Palm Springs Firefighters Association Fish Fry on June 1 at Ruth Hardy Park.
• Palm Springs International ShortFest from June 18 -24.

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AND FINALLY …

The City of Palm Springs Public Arts Commission is inviting artists to submit proposals for an Asphalt Art Initiative aimed at transforming city streets into vibrant works of art.

Driving the news: The proposed location for the project is on West Tramview Road and North Granada Avenue near the James O. Jessie Desert Highland Unity Center. The budget for the project is $20,000.

The goal: The initiative seeks to boost street safety, revitalize public spaces, and foster community engagement through the power of art.

Who can apply: Artists of all backgrounds are encouraged to submit proposals, with preference given to those connected to Palm Springs.

Details: Proposals must be submitted by Friday, May 31, 2024, and should include the following:

• Contact information
• Completion timeline
• Design concept
• Previous experience with public art projects

How to submit: Email submissions to CFA-PSPAC@palmspringsca.gov.