The median list price in PALM SPRINGS, CA 92264 this week is $699,000.
Inventory and days-on-market are both trending higher recently. However, the improving Market Action Index implies some increased demand will temper the negative trends.
Supply and Demand
Home sales have been exceeding new inventory for several weeks. However because of excess inventory, prices have not yet stopped falling. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb from there. Watch prices as the market transitions from a Buyer’s market to a Seller’s market.
Again this week in this zip code we see a downward notch for prices. We continue to pull back from the market’s highs. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.
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For more information regarding luxury homes in Palm Springs, CA, contact Claudine Messika.