March 14 Daily Briefing: Higher housing inventory, City Council meets tonight, an AI talk, and more

Happy Thursday, where there’s a lot to look forward to (besides the impending weekend), especially the weekly VillageFest in Downtown Palm Springs. The street fair celebrates its 32nd anniversary tonight with a community concert from the 1970s tribute band K-Tel All-Stars and free cupcakes. The fun starts at 6 p.m. at the intersection of Palm Canyon Drive and Tahquitz Canyon Way.

🎶 Setting the mood: “American Pie” by Don McLean

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LEADING OFF

Valley housing inventory at highest level in four years

A housing report covering the first month of 2024 reveals home prices are rising and that the valley has the highest housing inventory over the past four years.

Driving the news: The January housing report noted that the median price for a home in the valley is $680,500, up $20,500 compared to the month before and 1.2% year-over-year. Palm Springs saw the median price for a detached home increase 1% year-over-year to $1.27 million.

• The report noted that this time of year is when prices tend to rise.

Of note: One of the numbers that jumps out of the report is the valley’s housing inventory, which stands at 2,416 as of March 1. That’s the largest number in almost four years. Though it’s an improvement, it’s still about 1,000 units fewer than what was normal for this time of year pre-pandemic.

Yes but: Some of the inventory increase could be seasonal. And this may be the highest we see inventory all year, as inventory typically drops between March and September.

By the numbers: Sales in the valley continue to stabilize after months of gradual decline. Sales are now running 24.3% below normal, an improvement compared to last month. 

What they’re saying: “[W]e continue to believe [sales] will recover only when mortgage rates come down to 5.5% to 6%,” the report notes. “Recent declines in inflation give us hope this might have already started.”

BRIEFLY

🏛️What to watch for at tonight’s City Council meeting

The Palm Springs City Council will meet in closed and regular sessions today. Below is what to expect and how you can tune in or participate.

• According to the agenda, councilmembers will vote on whether to hire consultants to study the 116-acre area known as College Park, located on Tramview Road and North Indian Canyon Drive. It was originally going to be home of the College of the Desert West Valley campus.
  
  
• Plans have changed, and now the city wants to know what else that land could be used for.
  
  
• Also on the agenda, councilmembers will learn about the health of the budget and general fund and consider approving an extension for a mixed-use condo project recently passed by the Planning Commission.
  
  
• Details: The regular meeting is open to the public in council chambers at City Hall. You can submit comments via an online public comment form, in person, or by calling the city clerk’s office at 760-323-8204 at any time prior to the end of the public comment period. View the meeting live on YouTube or Spectrum channel 17.

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TODAY’S FEATURED EVENTS

City Council
5:30 p.m. | City Hall
During this regular meeting, councilmembers will discuss issues, including the former site of the COD campus and the city’s budget.

Dusty Strings
5:30 p.m. | Desert Ensemble Theatre
Get ready for a foot-stomping, soul-stirring good time with hosts Boo Rigney and Mara Sol as they bring the music of the heartlands to the VIP Lounge. ($10)

VillageFest
6 p.m. | Downtown Palm Springs
The weekly street fair features art, entertainment, shopping, and food. The Palm Springs Art Museum also has free admission tonight starting at 5 p.m.

“Sweeney Todd”
7 p.m. | Palm Canyon Theatre
An unjustly exiled barber returns to nineteenth-century London, seeking revenge against the judge who framed him. ($38)

SAVE THE DATE

• Richard M. Milanovich Legacy Hike and 5K Run on Saturday at South Palm Canyon Drive and Acanto Drive.
  
  
• District 1 community meeting on March 20 at Demuth Community Center.
  
  
• ONE-PS Picnic and Community Expo on March 23 at Ruth Hardy Park.
  
  
• AIDS Diva: The Legend of Connie Norman on March 27 at the Mizell Center.
  
  
• Broadway and Beyond: Interview With Kevin Chamberlain on March 29 at the Mizell Center.

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AND FINALLY …

Residents, business owners, and city officials gathered at the Agua Caliente Cultural Museum to learn more about artificial intelligence (AI) and its practical uses in business on Wednesday. Peter Loforte and The Post’s own Mark Talkington were the presenters.

Driving the news: During the talk put on by the Palm Springs Chamber of Commerce, Loforte demonstrated personal and professional uses of AI. Demonstrations included the creation of an original song, an AI-generated hotel concierge, and even a complete marketing plan, including a PowerPoint presentation with visuals, a proposal email, and a suggested schedule. 

• All materials were produced live and in only a few minutes.

The reaction: Attendees asked questions related to big issues like ethics, copyright, equity, and more. Others brainstormed prompt ideas for their specific sector.

The local case for AI: The presenters outlined use cases for AI, including in settings like healthcare, finance, real estate, and more. “The valley is already a hub for hospitality, creative arts, and green energy,” said Loforte. “But it could become a hub for AI and technology.”

Bottom line: Loforte emphasized the speed at which AI is changing and Talkington, in an effort to assuage some common fears about AI said, “You won’t be replaced by AI. You’ll be replaced by someone else using AI.