Real Estate Market Report - Palm Springs, CA (Nov, 2023)

The median sale/list price for a property is expected to vary throughout the year, with the highest median prices occurring in January 2023 ($725,000) and October 2023 ($799,000) in the first dataset and in February 2023 ($625,000) in the second dataset. The lowest median prices are expected to be in May 2023 ($589,000) in the first dataset and September 2023 ($435,000) in the second dataset.

The median sale price per square foot fluctuated over the months, with the highest value of $460.85 in February 2023 and the lowest value of $394.18 in October 2023. The overall trend seems to be moderately increasing, as the median sale price per square foot increased from November 2022 to February 2023 before dipping slightly and stabilizing for the rest of the period.

The median sale price to list price ratio has remained relatively stable over the next year, ranging from 0.974 in July 2023 to 0.989 in August 2023, with an overall average of 0.981. This suggests that, on average, properties are selling for just under their list price in this time period.

The number of properties sold/listed in the market increased gradually from November 2022 to June 2023 before experiencing a dip in July and August 2023. However, the trend reversed in September and October 2023. On the other hand, the number of properties listed for sale mostly remained consistent from November 2022 to August 2023, with a slight increase in May and June. It then decreased in July and August before slightly recovering in September and October.

The median days on market for homes sold fluctuated throughout the year, with a low of 28 days in October 2023 and a high of 68.5 days in January 2023. The median days on market remained relatively low for the summer months (June-August), but increased again in the fall.