Lack of inventory continues to hamper home sales, drive prices higher in Palm Springs
Data from the monthly Desert Housing report shows home prices in Palm Springs continued to climb in December, finishing 2021 up more than 36% compared to the end of 2020. Throughout the Coachella Valley, including here, housing inventory is now at its lowest point ever recorded.
The data, provided by the Palm Springs Regional Association of Realtors (PSRAR), shows the following:
- In December, the sales price of an average size single-family home in Palm Springs (2,175 square feet) was $1,185,357 — up 36% from the December 2020 median price of $871,871. That number was only $3,000 higher than November’s price.
- Average size condominiums and townhomes (1,250 square feet) in the city sold for a median price of $401,254 in December — an increase of 30.4% compared with one year ago.
- Across the entire Coachella Valley, the median price of an average single-family home continued to rise — averaging $615,000 in December 2021, which is a gain of 18.3% over December 2020. Condominium and townhome prices in the Valley also continued to increase, with an average sale price of $402,900 — a rise of 22.5% from a year ago.
- An average of 164 properties were sold each month in Palm Springs during the three months ending Dec. 31. One year ago, that number was 223.
- Regionally, sales in December declined from November primarily due to a drop in sales in the four high-end cities of La Quinta, Palm Desert, Palm Springs, and Rancho Mirage. The three-month average of total sales in the entire Valley in December 2021 was 1,016 units a month, compared to 910 units last December.
- On Jan. 1, there were 607 units available to purchase in the Valley, compared with nearly 3,000 available units available on Jan. 1, 2021.
“This is disappointing since we’ve just passed through the three historically strongest months of inventory increase.” the report states. “…Other Southern California regions show the same pattern; that inventory is again falling toward historic lows.”
Sellers in Palm Springs continue to see homes go quickly, but not as quickly as in recent months. Their asking prices continue to be exceeded. The average time on the market in the city in December 2021 was about 17 days. It was 35 days in December 2020. Sellers are currently seeing average offers 1.4% above the asking price, compared to only .2% above the asking price this time last year.
Meanwhile, the construction of new housing projects in the city shows no signs of letting up. The Palm Springs Planning Commission is expected to approve an additional 130 homes at the Miralon development in the north part of the city at its regular meeting this evening. The homes will be located in the middle of the 309-acre project, joining those previously permitted on the perimeters.
A half dozen other projects are currently underway in the city, and more are working their way through the city’s Planning Department on their way to the Commission. Some of them are listed on this website maintained by city staff.
NEXT SHOW ON SALE: Mina Hartong is rightfully nervous about announcing ticket sales for an event next month, but she’s hopeful it will go off as planned, even as many have been canceled or postponed this month. The comedienne and founder of Emcee, Educator and Funny Lady Productions, said Monday she hopes that Omicron will cut her a break for the next Lez Out Loud performance. She’s especially hopeful since this show benefits The L-Fund, a community service organization providing emergency financial assistance to cis and trans lesbians in crisis across the Coachella Valley since 2012. Hartong, who has a home in Palm Springs, will host the event on Feb. 9 at Runway Bar & Restaurant, 68300 Gay Resort Dr. in Cathedral City. Her previous shows have sold out, so it’s safe to say getting tickets early is advised. Interested in tickets? Head over to this page for details and prices.
POLICE NEED LEADS: Palm Springs police continue to seek information about an early-morning homicide in the 5600 block of East Ramon Road Monday morning. Officers were called to the parking lot of a restaurant under construction around 1:20 a.m. to perform a welfare check of an individual found down in the parking lot. When officers arrived, they located one deceased male with apparent signs of trauma. Police currently have no suspects and seek any information the public can provide about the incident. Anyone who has information about the incident is asked to call the Palm Springs Police Department at 760-327-1441 or report information anonymously to Crime Stoppers at 760-341-7867.
MLK CELEBRATION: The Palm Springs Dr. Martin Luther King, Jr. Commemoration Committee and the city of Coachella are planning a celebration of the slain civil rights leader’s life during a ceremony scheduled for Jan. 16 at 2 p.m. in Coachella. The event is planned for the Coachella Library, located at 1500 6th St. This year’s theme is “Bridging the Communities of the Coachella Valley.” The program features a benediction from Deacon Martin Sullivan from Our Lady of Soledad Catholic Church in Coachella, followed by a keynote speech from local attorney Anyse Smith. In addition, entertainment will be provided by singer Keisha D, Sol de mi Tierra Ballet Folklorico, and Norman and Sharon McKee will perform African Drums. “This year we are working to make bridges with other local communities and we are excited to bring this important celebration of Dr. King’s legacy to the City of Coachella,” said Jarvis Crawford, chair of the Palm Springs committee. “Everyone is welcome to join us.”
CORRECTION: The city of residence of Assemblyman Chad Mayes was reported as Yucca Valley in yesterday’s newsletter. Mayes lives in Rancho Mirage but did serve on the Yucca Valley Town Council. The Post regrets the error. Spot something amiss? Make sure to email the editor.
MIZELL CENTER: The Mizell Center, 480 S. Sunrise Way, offers 11 programs and classes today, starting at 8 a.m. You can find a complete list of all today’s offerings online here.
MOBILE HEALTH: A mobile health clinic will be parked at the James O. Jesse Desert Highland Unity Center, 480 W. Tramview Rd., from 9 a.m. until 4 p.m. Operated and staffed by Borrego Health, the mobile unit provides various medical services for residents.
YOUTH CRAFTS: Watch Children’s Librarian Nancy Valdivia demonstrate how to make Pony Bead Snowflakes here on YouTube starting at 10 a.m. The project is designed for children in grades K through 5 and you can pick up supplies for the project by making an appointment at this link.
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.
MEMOIR WRITING: Learn memoir writing basics via Zoom starting at 3 p.m. Participants will receive writing tips from the class facilitator, author Kathy Weyer, during the program. This month’s theme is titled, “What I wanted to be when I grew up. (How did that work out?).” More information about joining the program, including registration information (registration is required) can be found at this link.
PALS CAFE: PALS (Planning Ahead for LGBTQ Seniors) holds an informal drop-in discussion via Zoom about any topic on the minds of participants from 4 p.m. until 5 p.m. The organization is a volunteer-led community initiative based in Palm Springs that helps LGBTQ+ adults and friends plan ahead before a health or other life-altering situation arises. More information about the organization can be found here. To participate in the discussion, check out the Zoom link here.
PLANNING COMMISSION: The Palm Springs Planning Commission meets at 5:30 p.m. More information on viewing the meeting, or participating, can be found here.
Need to get tested for COVID-19 but can’t find an at-home test and don’t know where to turn? Aside from asking your regular healthcare provider (if you have one), The Post maintains a list of places in and around the city that you can check. Click the following link to see the list, and please note the information is accurate at the time this email was sent, but may change.
Curious about when various governmental agencies meet or if trash collection will be delayed? We’ve compiled the list below in an effort to help with the most common questions our neighbor have. Is something missing? Let us know at [email protected]