It's sometimes unbelievable that our current Palm Springs housing market rivals the go-go days of the early-mid-2000. But, it does.
And it's not just Palm Springs. The entire Coachella Valley is setting records left and right. Consider that since March 19, 2020 when the California governor issued stay-at-home orders, we've sold 7,544 units for a total of $4.1 billion dollars. That's phenomenal.
Our biggest problem is a lack of inventory. There are more buyers for the best properties than recent memory can serve. Out of town buyers generally want homes that are move-in ready. Locals still see the value in fixers. This makes sense, given those of us that live here have established contacts with landscapes, builders, plumbers and so forth.
Although the national economic outlook seems questionable as the continuing impact of COVID-19 disrupts lives, we expect a strong housing market thorough 2021. This is attributed to the general sense that those that can work remotely will continue to do so for the foreseeable future. And who wouldn't want to take a Zoom meeting or conference call while sitting next to a pool?
Foreign visitors are missing from this fall season, and it is truly a shame. Canadians, the staple of our tourist traffic, have been unable to easily come to or go from The States. That should lift as we see a vaccine more readily available. Those visitors will only increase the demand on our vacation rental stock and, for those that want to buy, our resale home inventory.
As always, if you're considering a move to our desert or just want to invest, feel free to call me. I 😍 what I do and am happy to share my time with others.