April 22 Daily Briefing: Latest housing report, free plants at the library, new restaurant at PSP, and more

Happy Monday, and Happy Earth Day! Those wind turbines you pass on the way into or out of town should be a hint that the Palm Springs area is doing its part when it comes to creating a more sustainable planet. But how’s it going outside our area? It turns out that in 2023 the global wind industry experienced a significant expansion, installing 117 gigawatts of new wind power capacity throughout the planet — a 50% increase from the previous year and the highest annual addition on record. However, a recent report says the wind sector needs to accelerate its growth to at least 320 gigawatts per year by 2030 in order to meet global goals.

🎶 Setting the mood: “JOLENE” by Beyoncé

LEADING OFF

Palm Springs housing market sees some positive momentum

As the housing market in Palm Springs continues to heat up with the spring season, recent findings from the March 2024 Desert Housing Report reveals the trends and challenges that could shape the local real estate landscape throughout the year.

Key Developments: The median price of detached homes in Palm Springs experienced a modest increase, selling for $1.3 million in March, or 1.3% higher than a year ago. That increase reflects a broader trend across the Coachella Valley, where median prices are up by 2.2% year over year. 

By the Numbers: In Palm Springs specifically, home sales surged by 23% compared to the same period last year, outpacing most neighboring cities except for Indian Wells, which leads with a 49% increase. 

• The uptick in sales activity indicates a growing demand for homes despite the ongoing challenges of limited inventory, which remains 500 to 1,000 units below historical norms across the region.

Market Dynamics: The valley-wide inventory on April 1 stood at 2,450 units, marking the highest level since June 2020. The market continues to demonstrate a balanced demand across various price segments, with notable increases in homes priced between $500,000 to $600,000.

What they’re saying:  “We continue to think that sales will only recover if mortgage rates come down to more accessible levels,” notes a market analyst from the report. However, mortgage rates recently climbed over 7% for the first time since late November.

Looking Ahead: As the spring season progresses, market watchers anticipate that home prices may continue to rise, although at a potentially slower rate, if inventory levels start to decline, which is typical between April. 

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IN OTHER NEWS

🍺 The first of seven new restaurants has opened at Palm Springs International Airport. Nine Cities Craft features a selection of beers from throughout the valley. [KESQ]

🦟 Los Angeles ranks at the top of the list of cities with the worst mosquito problem, but Palm Springs made the list as well. [PCT Magazine]

⛳ Across the U.S., including in the Palm Springs area, millennials are moving to where the grass is greener: private golf communities. [Wall Street Journal]

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TODAY’S FEATURED EVENTS

Mon Petit Salon
5 p.m. | Palm Springs Cultural Center
Experience world music with a French accent at Mon Petit Salon, hosted by violin virtuoso Jeremie Levi Samson. ($10)

Parks and Recreation Commission
5:30 p.m. | City Hall
Commissioners at this month’s meeting will be hearing six different presentations, ranging from the swim center and pickleball courts to the Demuth dog park and Public Arts Commission projects, among other items on the agenda.

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!

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

• Dining out For Life at multiple restaurants and other eateries on Thursday.
  
  
• Palm Springs Entertainment Convention on May 4 at the Palm Springs Convention Center.
  
  
• Desert Winds Freedom Band Concert on May 4 at Temple Isaiah.
  
  
• PSUSD Multicultural Festival on May 4 at the Palm Springs Air Museum.
  
  
• Miralon Blood Drive on May 17. Sign up today!
  
  
• Palm Springs International ShortFest from June 18 -24.

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AND FINALLY …

The Palm Springs Public Library is offering free spider plants to visitors today to celebrate Earth Day!

Driving the news: This initiative aims to encourage community involvement in environmental protection and commemorate Earth Day, which has been celebrated every April 22 since its inception in 1970.

Why it matters: The giveaway is designed to not only promote green living but also to enhance public awareness about the importance of supporting environmental protection efforts.

Details: Stop by the library from 10 a.m. to 6 p.m. to pick up a plant. Only one is available per person at the reference desk while supplies last.

• Find out more of the library’s many services online here.