Palm Springs housing compared to San Diego
Palm Springs area housing prices remain resilient compared to San Diego housing prices. While San Diego’s prices have dipped (the median home price there fell $75,000 to $775,000 since May) Palm Springs area housing prices currently show resilience.
Yes, it’s true housing prices have declined slightly in the Greater Palm Springs area over the last several months. Yet—there is still good news: The latest Desert Housing Report for November from the Greater Palm Springs REALTORS and the California Desert Realtors Association report the median price of a detached home in the Coachella Valley is currently $649,000, which is up 5.5% year over year. In Rancho Mirage the price of an average size home is up 16.6% to $1.3 million over the last 12 months. Attached homes in Palm Springs saw a 20.2% increase since last November.
Compare that to San Diego: According to the San Diego Union-Tribune “Nearly half of San Diego homes have had a price reduction.” Over the last two months, 42 percent have had their prices reduced at least once.
My Take: It’s a fact as one of the country’s highest-priced housing markets San Diego prices had farther to fall at a faster pace. It’s no surprise as the housing market rapidly changed San Diego sellers reacted quickly slashing asking prices. As interest rates rose San Diego buyers were simply priced out of the housing market. Look at what prices are for a two-bedroom condo in upscale La Jolla compared to Rancho Mirage. A two-bedroom and two-bath 1,332 square foot two-story La Jolla condo is currently on the market for $975,000. At Lake Mirage in Rancho Mirage, a 2,950-square-foot waterfront home recently sold for $620,000.
Bottom Line: This just supports the fact the Palm Springs area remains one of Southern California’s most attractive markets for buying a home. Price points are still lower than in other areas of Southern California. Then consider the fact you are buying a unique desert lifestyle not replicated in San Diego at any price.
Please contact me if you are buying, or selling, and would like to work together or just want to chat about the market.