Home buyers in Palm Springs paying Coachella Valley’s highest premium; availability remains scarce
The cost of an average-size home in Palm Springs decreased slightly in January, but homes are now selling here at a higher premium than anywhere else in the Coachella Valley.
Buyers of single-family homes being sold in the city paid an average of $1,142,843 in January, down $42,500 from the December average. At the same time, data shows those landing successful offers paid 1.5% over asking for an unattached home and 1.7% above asking for condos, townhomes, and other attached dwellings.
The data, provided by Greater Palm Springs Realtors (GPSR), shows the following:
- In January, the sales price of an average size single-family home in Palm Springs (2,175 square feet) was up 24% from the January 2021 median price of $922,896.
- Average size condominiums and townhomes (1,250 square feet) in the city sold for a median price of $407,143 in January — an increase of 30.3% compared with one year ago and $6,000 more than in December.
- Across the entire Coachella Valley, the median price of an average single-family home continued to rise — averaging $617,000 in January, which is a gain of 17.5% over January 2021 and $2,000 from the month prior. Condominium and townhome prices in the Valley also continued to increase, with an average sale price of $425,000 — a rise of 27% from a year ago.
- An average of 161 properties were sold each month in Palm Springs during the three months ending Jan. 31. One year ago, that number was 201.
- Regionally, sales in January continued to decline. The three-month average of total sales in the entire Valley in January was 1,005 units a month, compared to 1,016 units in December.
- On Feb. 1, there were 596 units available to purchase in the Valley, compared with nearly 1,283 available units available on Feb. 1, 2021.
- While Palm Springs detached home buyers paid above the asking price for most homes, the scenario was not uncommon anywhere in the Coachella Valley. Seven of the 10 communities tracked by PSRAR saw homes sell for a premium.
- The average time on market for single-family homes was lowest in Desert Hot Springs (22 days) and highest in Bermuda Dunes (38 days). In Palm Springs, single-family homes were in escrow an average of 28 days — the same length of time as this time last year.
High prices and fast sales may appear to be good news for real estate professionals, but that is not necessarily the case. With so few homes and such high demand, 2022 could actually see a decline in activity.
“We have entered the strong seasonal period for price strength, and we expect that to continue into 2022,” the GPSR report states. “The forces that have driven prices higher – low inventory and rising sales – continue to dominate the housing market, so we expect home prices to strongly move higher.”
However, the report concluded, “Unless new listings explode, creating more inventory, the net effect of this must be a reduction in the sales rate as we continue into 2022.”
BRIEFLY
AWARDS GALA: The Palm Springs Black History Committee gave out awards to individuals, groups, and local and corporate businesses contributing to the success and achievements of African Americans in the community during its annual gala Feb. 5 at Hilton Palm Springs. Receiving awards were:
- Joanna Adams – Artist of the Year
- Pastor Schezerone Carter – Clergy of the Year
- Tayler Hawkins – Sports Award
- Trenton Thompson – Sports Award
- Planned Parenthood of the Pacific Southwest – Health & Wellness Award
- Dr. Reshae Crawford – Essential Hero Award
- Desert Healthcare District & Foundation – Philanthropist Award
- Inez Dunning – James O. Jessie Lifetime Achievement Award
The gala is just one of several events put on during Black History Month, including lectures, performances, and a parade.
NEARBY CONCERT SERIES: The Desert Hot Springs classical concert series will return as an in-person event this month for the first time since March 2020, it was announced Tuesday. The free concert series will start on Feb. 20 at 4 p.m. with “Wind Quintets in the Park” at the Guy Tedesco Park, 12800 West Arroyo Dr. Chairs will be provided, but audience members are encouraged to bring their own chairs and blankets. A complete schedule of the concert series is available at this website.
TODAY’S CALENDAR
MIZELL CENTER: The Mizell Center, 480 S. Sunrise Way, offers multiple programs and classes today, starting at 8 a.m. You can find a complete list of all offerings online here.
YOUTH CRAFTS: Watch Palm Springs Public Library Children’s Librarian Nancy Valdivia demonstrate how to make a tissue paper heart collage on YouTube starting at 10 a.m. Come to the library to pick up your craft kit by scheduling an appointment at this website.
HORA DE CUENTOS: La bibliotecaria Nancy Valdivia lee cuentos, canta canciones y enseña conceptos de aprendizaje temprano (miércoles en español y jueves en inglés) para estudiantes de preescolar de 10:30 a.m. a 11:30 a.m. Puedes ver los videos en YouTube aquí.
LANDSCAPE COMMITTEE: The Landscape Committee of the city’s Airport Commission will meet virtually at 1 p.m. For instructions on how to view the meeting, click here.
SUNSHINE SISTERS: The Palm Springs Sunshine Sisters have a pair of events today including a piano concert in Rancho Mirage at 2 p.m. and a February birthday celebration at a Palm Desert restaurant at 5 p.m. For more information or to join, visit the group’s page here on Meetup.
PALS CAFE: PALS (Planning Ahead for LGBTQ Seniors) holds an informal drop-in discussion via Zoom about any topic on participants’ minds from 4 p.m. until 5 p.m. More information about the organization can be found here. To participate in the discussion, check out the Zoom link here.
PLANNING COMMISSION: The city’s Planning Commission meets at 5:30 p.m. You can see the agenda and instructions for how to view the meeting or participate at this link.
DWA REDISTRICTING: Desert Water Agency (DWA) needs the community’s input on new electoral division maps and is hosting a pair of virtual workshops to collect that input. The final workshop is today at 6 p.m. You can click here for all the information about the workshops. No registration is required — simply click on the Zoom link to join. For information and instructions for drawing your own maps, email [email protected].
ONE-NIGHT SHOW: Palm Canyon Theatre, 538 North Palm Canyon Dr., is having a one-night-only show titled There’s Nothing Like a Dame this evening at 7 p.m. More than a dozen “desert divas” will be singing their favorite Broadway songs. For more information, including how to reserve tickets, click here.
Black history celebrations and events abound in Palm Springs and the surrounding area all month long. We’ve put together a list of some of those events, organized by date. Want your event included or need to point out an error or omission? Email us here. In the meantime, you can FIND THE COMPLETE LIST HERE.
WHAT TO WATCH FOR
COMEDY CLASS: Comedian and local favorite Mina Hartong is offering a live stand up comedy class starting March 4. The class is open to any and all participants and will be held weekly for five weeks at The Mizell Center. Anyone interested in participating is encouraged to email Hartong at [email protected].
BIKE EVENT: Registration for the annual Tour de Palm Springs, planned for Feb. 12, remains open. The event features walking and cycling routes, some as long as 100 miles, kicking off between 6:30 a.m. and 10 a.m. All of the routes start and finish on South Palm Canyon Drive near Tahquitz Canyon Way. More information about the event, which is expected to draw 4,000 cyclists this year, can be found here.
MODERNISM WEEK: The city’s annual celebration of midcentury modern design, architecture, art, fashion, and culture takes place Feb. 17 through 27 at multiple locations. Modernism Week features more than 350 events, including the Modernism Show & Sale, home tours, films, lectures, double-decker architectural bus tours, and more. Tickets and additional information are available here.
‘SALTY’: Desert Ensemble Theatre continues its season at the Palm Springs Cultural Center, 2300 E. Baristo Rd., with the California premiere of Salty, a play by AJ Clauss. Performances are February 18–20 and 25–27: The curtain goes up Fridays at 7 p.m., Saturdays at 2 p.m. and 7 p,m,, and Sundays at 7 p.m. Tickets are $35 and available at this link.
MID-MOD AT ART CENTER: The Desert Art Center, 550 North Palm Canyon Dr., launches its Mid-Mod Show with a Tiki -Taki Luau Reception from 4 p.m. until 6pm. on Feb. 18. Gallery artists are challenged to create their most interesting modernist spin for this show, which runs for two weekends in the Studio Gallery, Feb. 18 through 21 and 24 through 27.
‘PALM SPRINGS GETAWAY’: The next performance at Palm Canyon Theatre, 538 North Palm Canyon Dr., begins its three-weekend run on Feb. 25. Palm Springs Getaway is described as “a nostalgic romp through Palm Springs featuring the history and entertainers that made our city famous.” Tickets range from $15-$36. Complete information, including run dates, showtimes, and how to purchase tickets, can be found here.
