Wasserman Real Estate Group Blog

In this analysis, we delve into the latest data from the California Desert Association of Realtors (CDAR) and the Greater Palm Springs Realtors (GPSR) regarding attached and detached homes in the Valley, specifically focusing on median prices and seasonal patterns. Our aim is to break down the numbers, providing a lucid understanding of the implications these insights carry for both potential buyers and sellers in the real estate market.

The Numbers Speak: Median Attached Prices and Trends:

The median attached home price in the Valley closed the year at $460,000, marking a steady 3.4% increase. This growth signifies a healthy market, but what's noteworthy is the distinct seasonal fluctuation in attached home prices, clearly depicted in the accompanying chart.

Deciphering the Seasonal Trends:

Unlike detached homes that maintain a relatively stable course, attached homes experience more pronounced seasonal variations. The data suggests a predictable cycle, reminiscent of seasonal changes. Looking ahead, the forecast indicates a continuation of this trend with prices expected to rise over the next three to four months.

Attached vs. Detached: Understanding the Dynamics:

The key takeaway is the discernible difference in the seasonal behavior of attached and detached homes. Attached homes display a more responsive and volatile pricing pattern, while detached homes exhibit a steadier trajectory, reflecting a more consistent market behavior.

What Does This Mean for You?

For potential buyers, recognizing these seasonal patterns can be strategic. Timing your purchase during periods of lower attached home prices could yield financial benefits. Sellers, on the other hand, can leverage this knowledge to optimize listing times for maximum returns.

In the pragmatic realm of Valley real estate, understanding the numbers is crucial. As we anticipate the coming months, the data suggests that attached home prices will continue their upward trend, aligning with the expected seasonal pattern. Stay informed, make informed decisions, and navigate the housing market with a practical edge. For more information view the full report on our website!

Are you considering buying a home in the Coachella Valley? As we bid farewell to 2023, it's crucial to take stock of the real estate market's performance and glimpse into what 2024 might have in store for prospective homebuyers. Here's a concise summary to help you make informed decisions:

Prices on the Rise

The median price of detached homes in the Coachella Valley closed December at $659,000, marking a 3.8% monthly increase and a 3% rise over the entire year. December typically sees a surge in prices, and this pattern is expected to persist into 2024. Attached homes followed suit, ending the year at a median price of $460,000, up 3.4% for the year. Notably, 2023 showcased varying price gains, ranging from a 7.8% increase in Palm Springs to a 10.4% decline in Bermuda Dunes.

Stabilized Sales with Positive Signs

Sales in the Coachella Valley real estate market appear to have stabilized, albeit at a modest level. The three-month average of sales for December reached 490 units, a noteworthy 22-unit increase from the previous year — the first rise in over two years. All cities, except Cathedral City, Desert Hot Springs, and Indian Wells, experienced higher three-month December sales compared to the previous year. Coachella led with a remarkable 48% increase, followed by Rancho Mirage (20%) and La Quinta (13%).

Inventory and "Months of Sales" Ratios

Valley inventory decreased by 167 units in December, standing at 2,093 on January 1st. While a year-end dip in inventory is typical for technical reasons, overall inventory remains close to the highest levels of the last four years. The "months of sales" ratio for the Valley was 3.5 months, an increase of 0.9 months from the previous year. Despite being among the highest levels in recent years, it is still 1,000 units below what is considered normal.

Days in the Market (DIM)

At the close of 2023, the median number of "days in the market" in the Coachella Valley was 35 days, one day less than the previous month and the previous year. Coachella leads the pack in detached homes with the lowest median selling time at 21 days, followed by Desert Hot Springs (28 days) and Indian Wells (30 days). In the attached market, Indio boasts the shortest average selling time at 21 days, with Desert Hot Springs (27 days) and Palm Springs (29 days) following closely.

Price Discounts/Premiums

In December, 15.1% of sales in the Coachella Valley exceeded the list price, a slight decrease from 15.8% the previous year. The expectation is for this percentage to remain around 16%, representing one out of every six sales in the foreseeable future. Each city exhibits an average selling discount for detached homes, ranging from 1.1% in Coachella to 5.3% in Bermuda Dunes. Discounts for attached homes range from 1.1% in Cathedral City to 4.4% in Bermuda Dunes.

As you contemplate your homebuying journey in the Coachella Valley, staying informed about these trends will empower you to make confident decisions. With prices showing an upward trajectory, stabilized sales, and varied market conditions across cities, 2024 promises both challenges and opportunities for prospective homeowners. For a deeper dive into the market trends, and city-specific insights, visit our website. Your dream home in the Coachella Valley may be closer than you think, and we're here to guide you every step of the way.

Considering selling your home in Coachella Valley? As we embark on the new year, understanding the current real estate market dynamics is crucial for making informed decisions. Here's a detailed summary of key factors influencing the market:

1. Pricing Trends:

The median price for detached homes in Coachella Valley concluded December at $659,000, with a 3.8% monthly increase and a 3% annual increase. Anticipate continued seasonal patterns, with prices historically rising in December.

The median attached home price for the Valley in 2023 was $460,000, reflecting a 3.4% annual increase. Notably, detached home prices experienced varied gains, ranging from a 7.8% increase in Palm Springs to a 10.4% decline in Bermuda Dunes.

2. Sales Overview:

Sales in Coachella Valley appear to have stabilized at a relatively low level. December's three-month average was 490 units, marking a modest increase of 22 units compared to the previous year – the first increase in over two years. Except for Cathedral City, Desert Hot Springs, and Indian Wells, every city experienced higher December sales compared to the previous year.

3. Inventory & "Months of Sales" Ratios:

Valley inventory decreased by 167 units in December, standing at 2,093 on January 1st. While overall inventory remains near the highest levels of the last four years, it is still 1,000 units less than what's considered normal. The Valley's "months of sales" ratio was 3.5 months, representing a 0.9-month increase from the previous year.

4. Days in the Market (DIM):

The median number of "days in the market" at the end of the year was 35 days, one day less than both the previous month and year. Coachella leads in the detached home market with the lowest median selling time at 21 days, followed by Desert Hot Springs at 28 days and Indian Wells at 30 days. In the attached market, Indio has the shortest average selling time at 21 days, followed by Desert Hot Springs at 27 days and Palm Springs at 29 days.

5. Price Discounts/Premiums:

In December, 15.1% of sales sold above the list price, a slight decrease from 15.8% the previous year. Expectations are that around 16% of homes will continue to sell above list price for the foreseeable future, accounting for one out of every six sales. Discounts for detached homes range from 1.1% in Coachella to 5.3% in Bermuda Dunes, while discounts for attached homes range from 1.1% in Cathedral City to 4.4% in Bermuda Dunes.

In conclusion, the Coachella Valley real estate market presents a dynamic landscape for potential sellers. Understanding these trends and statistics empowers you to make informed decisions as you navigate the selling process in 2024. For a more in-depth understanding of the Desert Housing Report and to explore the current value of your home, visit our website. Empower yourself with the knowledge needed for a successful and informed home-selling journey.

Discover a vibrant tapestry of creativity as Art on Main Street returns to Old Town La Quinta on January 6 and 20, bringing together over 80 talented artists for an immersive experience. This bi-monthly event transforms Main Street into an artistic haven, where local artisans showcase their mastery in paintings, jewelry, mixed media, photography, textiles, glass, and more.

Wander through the charming streets adorned with unique pieces, each telling a story of its own. From abstract paintings that evoke emotions to intricately crafted jewelry that speaks of precision, the diversity of art on display is bound to captivate visitors. Engage with the artists, learn about their inspirations, and even acquire a one-of-a-kind piece to adorn your living space.

The event unfolds from 10 am to 4 pm, providing ample time for art enthusiasts to explore the myriad of exhibits while enjoying the quaint ambiance of Old Town La Quinta. Nestled amidst Main Street's charming cafes and boutiques, this celebration of the arts offers the perfect way to spend a day, surrounded by creativity and cultural richness.

As you immerse yourself in the artistic allure of Main Street, don't forget to explore the real estate opportunities in La Quinta and its surrounding cities. Our website features a curated selection of listings, allowing you to discover the perfect home that complements your lifestyle. Whether you seek a cozy retreat or a spacious residence, La Quinta has something to offer for every discerning buyer.

Stay connected with the pulse of the Coachella Valley by visiting our website regularly and stay updated on upcoming events. Explore the intersection of art, culture, and real estate in La Quinta – where every street tells a unique story, waiting to become a part of yours.

As the curtain rises on the new year, Palm Springs eagerly welcomes the glittering allure of the Palm Springs International Film Festival (PSIFF) from January 4 to 15. A cinematic extravaganza that annually draws in film enthusiasts, celebrities, and industry professionals, the festival promises a vibrant celebration of the art and science of film.

One of the highlights of the PSIFF is the prestigious Film Awards, scheduled for January 4. This star-studded event honors outstanding performances from the past year, recognizing the best and brightest in the industry. Organized by the Palm Springs International Film Society, a 501(c)(3) charitable non-profit organization, the festival not only entertains but also fulfills a higher purpose. The society is dedicated to cultivating and promoting the art and science of film through education and fostering cross-cultural awareness.

The PSIFF offers a rich tapestry of cinematic experiences, showcasing a diverse range of films that captivate audiences with compelling storytelling and artistic brilliance. From thought-provoking documentaries to captivating feature films, the festival caters to varied tastes and provides a platform for both emerging and established talents in the film industry.

For film enthusiasts looking to plan their schedule, the festival's official website provides a detailed schedule of screenings and events. With numerous screenings spread across the 12-day event, attendees can immerse themselves in the magic of cinema and perhaps catch a glimpse of their favorite stars.

Beyond the cinematic enchantment, Palm Springs and the surrounding Coachella Valley offer a unique lifestyle that combines luxury, relaxation, and cultural vibrancy. If you find yourself enchanted by the allure of the area during the PSIFF, why not explore the possibility of making it a more permanent part of your life? Our website offers a curated selection of properties near the festival venue and other sought-after locations in the Coachella Valley.

Take a moment to explore the real estate opportunities that await in this stunning locale. From desert retreats to modern urban dwellings, our website provides a glimpse into the lifestyle possibilities that the Coachella Valley has to offer. 

As we step into 2024, we are thrilled to share, with great pride and excitement, that we are officially joining forces with Equity Union—a move that signifies a new chapter of growth, innovation, and unparalleled service. This strategic decision aligns our vision with Equity Union, reflecting a shared commitment to excellence and a dedication to elevating the real estate experience for our valued clients.

Equity Union, with over 700 agents across its numerous locations (Brentwood, Encino, Palm Desert, Palm Springs, Rancho Mirage, Santa Clarita, Sherman Oaks, Toluca Lake, Westlake Village, Woodland Hills) has established itself as a powerhouse in the real estate industry, boasting an impressive $2 billion in sales. We are honored to be part of a brokerage that has a stellar reputation for integrity, professionalism, and an unwavering focus on client satisfaction.

Renowned for its cutting-edge technology, extensive market knowledge, and a team of seasoned professionals, Equity Union ensures that our collaboration allows us to continue providing you with the highest level of expertise and a comprehensive suite of services tailored to meet your unique real estate needs.

Our team is genuinely excited about the opportunities this collaboration brings. It opens up new horizons for us to explore and allows us to tap into a broader network, ensuring that we stay at the forefront of industry trends and innovations. Rest assured, this move is a testament to our commitment to delivering the best possible real estate solutions for you, our cherished clients.

As we embark on this journey with Equity Union, we want to express our deepest gratitude for your trust and support over the years. Your confidence has been the driving force behind our success, and we are committed to exceeding your expectations in this new chapter.

We invite you to stay tuned for exciting updates, exclusive listings, and enhanced services that the year will bring. Together, let's make 2024 a year filled with remarkable real estate achievements.

Thank you for being an integral part of our journey.

In the ever-changing landscape of real estate, it's essential to stay informed about market trends and statistics. This month, we bring you a comprehensive overview of the fifteen top attached country club market, shedding light on key indicators such as prices, sales, inventory, days on the market, and price discounts. A special acknowledgment goes to Walter Neil at Franklin Loan Center for graciously sharing this invaluable information and for being a trusted resource for loan services.

Stability in Prices with Varied Club Performances:

The FLC Price Index provides a snapshot of stability, indicating that the average price of a 1,625 square foot home in fifteen top attached country clubs is $572,839. Despite a 5.1% year-over-year dip, individual clubs exhibit diverse performances. Notably, Ironwood Country Club experienced an 8% gain, while Desert Falls Country Club faced a -12.1% decrease.

Sales Trends and Financial Landscape:

November witnessed a 19% decline in sales across the fifteen attached country clubs, averaging 51 units per month. Despite this, the three-month average of dollar sales saw a significant 15% surge, reaching $23 million per month. This signals a resilient financial landscape amid shifting sales figures.

Insights into Inventory Dynamics:

As of November, total listings increased by 4.2%, totaling 173 units compared to the previous year's 166. The "months of sales" ratio expanded to 3.4 months from 2.7 months, indicating a marginally more extended market period for property transactions.

Days in the Market and Price Adjustments:

The average "Days in the Market" for attached country clubs rose to 56 days, up from 36 days the previous year. Homes now sell within a range of 27 days in Palm Desert Resorts to 92 days in the Mesquite Country Club. In November, homes sold at an average discount of 2.7%, reflecting an adjustment compared to the 1.1% discount observed a year ago.

We extend our gratitude to Walter Neil at Franklin Loan Center for sharing these valuable insights. For those interested in exploring the full report, as well as available listings and Coachella Valley events, visit our website. Whether you're a prospective buyer, seller, or simply a real estate enthusiast, staying informed is the key to making sound decisions in the dynamic world of real estate.

As we approach the year's end, it's time for our monthly deep dive into the detached country club real estate market. This month's comprehensive analysis is made possible by the invaluable report from Walter Neil at Franklin Loan Center, providing key insights into the evolving dynamics of the market.

Prices: A Closer Look at Market Values

The FLC Detached Country Club Price Index reveals that the average price of a 2,600 square foot home in fifteen top detached country clubs concluded November at $1,105,887. However, this figure notes a 6.5% year-over-year decrease. Delving into individual country clubs, gains and losses for average-sized homes exhibited a spectrum, ranging from a noteworthy 21% increase for Morningside Country Club to a challenging -29.4% for Ironwood Country Club.

Sales: Navigating Shifts in Transaction Volumes

November witnessed a recalibration in sales dynamics, with an average of 41 units sold per month across the fifteen clubs—a 25% decrease from the previous year. The three-month average of dollar sales for all fifteen clubs tallied $32 million, marking a 20% decline from the $40 million reported last year.

Inventory: A Market in Transition 

At the close of November, the total listings in the fifteen detached country clubs reached 208 units, showcasing an increase from the 182 units recorded last year. The "months of sales" ratio stood at 5.1 months, compared to 3.3 months in the previous year, indicative of a more measured market.

Days in the Market: The Patience Game Continues

November saw an uptick in the average "Days in the Market" for detached country clubs, reaching 59 days compared to 38 days a year ago. Selling times varied, with Morningside Country Club boasting a swift 25 days and Desert Princess experiencing a more patient 95-day timeline.

Price Discount/Premium: Navigating Negotiation Realities

In November, detached homes in the fifteen country clubs sold at an average discount of 2.9%, an increase from the 1.2% observed a year ago. Diverging by country club, discounts ranged from an average of 0.4% in Terra Lago to a more pronounced 7.5% in Indian Ridge.

As you contemplate your real estate journey, we invite you to explore the array of available listings on our website, and delve into detailed reports on detached country club homes and other comprehensive home reports tailored specifically to the Coachella Valley region. Your dream home might be just a click away! We extend our sincere appreciation to Walter Neil at Franklin Loan Center for generously allowing us to leverage this insightful report. For expert loan needs, we highly recommend connecting with Walter to experience unparalleled dedication and expertise.

As we bid farewell to November, let's take a closer look at the dynamic landscape of luxury real estate in the top fifteen country clubs:

• Andalusia at CM
• Andreas Hills
• Bighorn Golf Club
• El Dorado Country Club
• Indian Canyons
• Movie Colony
• Old Las Palmas
• Tamarisk Country Club
• The Hideaway
• The Madison
• The Reserve
• Thunderbird Heights
• Toscana Country Club
• Tradition Golf Club
• Vintage Country Club

Whether you're a current homeowner in these prestigious communities or a potential buyer, this summary will provide you with a snapshot of the market's recent performance.

2. Sales: Navigating Market Dynamics

In November, luxury home sales averaged 16.2 units per month, marking a 22% decrease from the previous year. Dollar sales over the last three months averaged $37 million monthly, indicating a modest 2.6% decline compared to last year's figures. These numbers provide valuable insights into the evolving dynamics of the luxury real estate market.

3. Inventory: A Market in Flux

The total inventory in the fifteen luxury country clubs increased by 19 units to 100 by the end of November. This represents a 10% surge from the previous year. The "months of sales" ratio, a key indicator of market health, rose to 6.1 months, contrasting with 4.5 months from a year ago. This suggests a shifting landscape with increased choices for prospective buyers.

4. Days in the Market: A Timeframe Perspective

In November, the average "Days in the Market" for luxury homes was 71 days, a notable increase from 49 days a year ago. Despite this, the current average days on the market remain considerably lower than the pre-pandemic average of 120 days. Interestingly, this varies across country clubs, with El Dorado Country Club boasting zero days and the Vintage Country Club extending to 210 days.

5. Price Discount/Premium: Navigating Negotiations

November witnessed a shift in the price negotiation dynamics. Luxury homes sold at an average discount of 3.7%, a significant increase from the mere 0.8% discount observed a year ago. The El Dorado Country Club stood out with a 0% discount, while The Madison experienced an average discount of 14.9%.

In conclusion, as we traverse the nuances of the luxury real estate market in these premier country clubs, it's evident that while some aspects have seen shifts, the allure of exclusive living remains ever-present. Whether you're a current resident or a prospective buyer, these insights serve as a valuable guide for navigating the evolving landscape of upscale living.

A big thank you to Walter Neil for graciously allowing us to utilize these insightful reports. If you're in the process of seeking loan approval, we highly recommend reaching out to him at Franklin Loan Center. Your journey to securing your dream home begins with trusted expertise, and Walter Neil is here to guide you every step of the way.

Explore our website to view available properties and find detailed reports on Coachella Valley luxury country clubs or other comprehensive home reports specific to the Coachella Valley region. 

As the holiday season approaches, the Palm Springs Air Museum is transforming into a magical Winter Wonderlandknown as Snowtopia. From December 19th to December 22nd, families are invited to immerse themselves in the festive spirit, creating unforgettable memories surrounded by the allure of the season.

Picture this: each evening, Santa Claus and his merry companions will descend upon the Air Museum to warmly welcome all the good little girls and boys who have come to share their wishes. The enchanting atmosphere is further heightened by the presence of 60 tons of real snow, transforming the museum grounds into a snowy playground, complete with opportunities for snowball fights, snowman building, and general frolicking in the winter wonder.

But that's not all – Snowtopia offers a plethora of activities for all ages. Engage in the joy of craft-making, creating unique and personalized holiday keepsakes. Warm up with hot chocolate, savor the sweetness of s'mores, and delight in the seasonal treats that add an extra layer of warmth to the chilly evenings.

For those seeking a perfect family outing or a date night with a festive twist, Snowtopia at the Palm Springs Air Museum is the ideal destination. The event runs from 6 pm to 9 pm each night, ensuring that the magic of the winter nights is fully embraced.

To plan your visit and learn more about Snowtopia, visit the Palm Springs Air Museum's official website. Here, you can find detailed information about the event, including admission details and any additional activities planned for each evening.

And for those contemplating a move to the Palm Springs area, this Winter Wonderland experience might just be the push you need. As you revel in the holiday magic, take a moment to explore our website for available listings in the Palm Springs area. Stay informed about Coachella Valley events and the vibrant local community through our website or by following us on social media. Your dream home in this sunny paradise might be just a click away.

Make this holiday season unforgettable with Snowtopia at the Palm Springs Air Museum – a true Winter Wonderland for the entire family!