Palm Springs homes are selling slightly faster than a year ago, maintaining a market that ranks second in both total sales and speed across the Coachella Valley.
New economic strategy and innovation alliance focus on entrepreneurship, innovation and year-round growth.
Palm Springs homes are moving off the market faster than any other desert city, as the median price for a detached home dips to $1.1 million.
Palm Springs officials say the lodging industry helped shape the plan, but as the protest window opens, some vacation rental operators say they were left out.
The city took a key procedural step Wednesday toward establishing a tourism assessment district that would levy a 1% fee on hotel and vacation rental revenue to finance convention center improvements.
Convention bookings hit their highest level since 2018, and a new 10-year strategic plan and push for an indoor amateur sports facility are on the horizon.
Local hospitality and business leaders will meet quarterly to advise on marketing priorities, with tourism generating $9.1 billion in regional economic impact in 2024.
While detached home prices in Palm Springs saw a slight dip in February, the city ranks second in total sales and boasts some of the fastest selling times in the Coachella Valley.
The latest housing report shows inventory dipped slightly year-over-year, but the city recorded the lowest average selling time in the valley at just 42 days.
Detached home prices here fell 5% year-over-year to $1.13 million in December. Attached home prices fell 5% compared to the year before, with an average price at about $425,000.
Officials attribute growth to increased demand for Coachella Valley as year-round destination, with five all-time monthly records set during the year.
Housing inventory is up and prices are down. Though analysts say much of that is seasonal trends, year-over-year data put the trends in context.
