The Coachella Valley Real Estate Market is Strong.
When we look at prices now compared to one year ago, we see that detached home prices are up 4.6% and attached home prices are up 7.3% from last year. Eight of Nine Valley cities saw a price increase.
The total number of sales have slowed a bit from last year, down about 5.3%. Detached homes were down about 4% while Attached homes, which saw a bigger price increase, has had a bigger dip in the number of sales, down about 7.6%.
When we look at the number of sales by Price Range, we see that the majority of the sales are between $200,000 – $500,000. The largest dip in number of sales is in the $800,000 – $1m price range, then picking up again over $1m. However, when we compare the number of sales year over year by price bracket, we see that the largest dip in the number of sales in 2019 was below $400,000. From $500,000 and up the number of sales were at about par over last year.
Currently there are about 3,600 homes listed for sale in the Valley, about the same as this time last year. This is a seasonal market; you can see the pattern on the chart below. We reach our lowest inventory levels in September every year and gradually increase to an annual peak in February and March.
Breaking down the inventory levels; it’s no surprise that the lowest inventory levels are in the $200,000 – $400,000 price range. The month’s supply starts climbing over $500,000. Based on the current number of homes listed for sale divided by the number of sales each month, if no new inventory entered the market, we see there is a 6 month supply in the $500,000 – $600,000 range. About a 7 month supply for homes priced between $700,000 – $900,000 and a 13 month supply for homes priced over $1m.
Based on price trends, the number of sales, inventory levels and low interest rates, we can say the Coachella Valley Real Estate Market is Strong. The trends we see suggest that we will continue to see a strong real estate market throughout 2019 and into 2020.
If you would like more detailed market information about your city, your community, or your home specifically, give us a ring – we’re on standby to help. (760) 218 – 5752
Greater Palm Springs Restaurant Week 2019
Various Restaurants Throughout the Valley
May 31 – June 19, 2019
Greater Palm Springs Restaurant Week® is a 10-day dining event at restaurants throughout the Coachella Valley. More than 100 participating new and local favorites are offering specially priced menus for Restaurant Week 2019.
No passes, tickets or coupons are required…diners simply dine out at participating restaurants throughout the event. Make a reservation on our website or call the restaurant directly. Due to the popularity of this event, advance reservations are strongly encouraged, but walk-ins are welcome.
Palm Springs Air Museum Memorial Day Flower Drop & Air Fair
May 27 All Day, Flower Drop at 1:00 p.m.
Palm Springs Air Museum
Palm Springs Air Museum honors our fallen US soldiers each year with a fly-by and flower drop of over 3,000 red and white carnations from B-25 Mitchell Bomber. Followed by Flight Exhibitions and fun activities for the whole family.
Lavender Harvest Festival in Cherry Valley
May 24 through June 20, 2019
Highland Springs Ranch and Inn.
Celebrate the beginning of Lavender Harvest Season. Wander the 20 acres of organic lavender fields and garden with more than 90 varieties of lavender. Remember to Bring Your Camera!
Enjoy all things Lavender including Lavender inspired food and Live Music.
Visit the Organic Marketplace featuring Lavender Honey, Balsamic Vinegar, Essential Oils. There are primarily three varieties of lavender – Provence, Angustifolia & Munstead – which are used in their aromatherapy products, floral arrangements and in their Gourmet Treats.
Fresh Bouquets, even Lavender stuffed Toys
Take a Guided Tour on a horse-drawn wagon or antique tractor as you meander past the lavender fields thousand-year-old oak tree.
The Organic Galleries are a parade of twelve rustic boutiques showcasing organic lavender products from the farm. The galleries are in historic cottages, each interior with its own unique character. Sample lavender honey, butter, oils and more.
Browse through our the collection, or just sit and enjoy a cup of coffee or tea in these peaceful surroundings.
Where to go to see all the fun! Click on the Map Below.
See you at the Lavender Festival 2019!
Meet HENRY — “high earners not rich yet” — the term was first coined by Fortune Magazine and describes a niche subset of the population that represents the next generation of wealth. the most important demographic consumer segment that you’ve probably never heard of.
Today, HENRYs are largely millennial’s (and some younger members of Gen X) who earn an annual household income of more than $100,000. These top earners are well on their way to becoming tomorrow’s affluent consumer. HENRYs are the heavy lifters in the consumer economy. If 70 percent of the U.S. GDP is consumer spending, then the HENRYs are the key driver in that figure. They make up only about 18 percent of the total U.S. households, but account for roughly 40 percent of total spending.
Millennials life paths differ from previous generations when it comes to deciding when to get married and start a family. Travel and Experiences are more important to them and they place a premium on both. It should come as no surprise, then, that the way in which millennial HENRYs make their buying decisions, and specifically when it comes to buying a home, also differs from generations past.
Inside the mind of the HENRYs
It’s worth noting that the American dream of home-ownership is still very much alive and well for millennial HENRYs. According our recent study, 97 percent of millennial HENRYs either own a home or plan to buy a home, while nearly three-quarters either already own or plan to own a second home.
However, HENRYs are changing the traditional definitions and attributes associated with luxury, and specifically as it relates to what a luxury home means to them. When asked what makes a brand luxury, 80 percent said superior quality.
Only 47 percent said a premium price.
The top indicator of a luxury home as identified by 68 percent millennial HENRY’s is finishes. Location and amenities were ranked as the second and third most important factors in determining what makes for a luxury property, by millennial HENRYs.
Millennial HENRYs are willing to pay for what they want and value in a home, i.e. finishes, neighborhood, amenities, etc., but that luxury isn’t determined by price tag alone. Rather, for this demographic, luxury means a home that suits their unique preferences and needs, and beyond that, the lifestyle they want to achieve.
Whether that means living in a chalet at the base of a mountain year-round in Aspen, or a beach side bungalow on Hilton Head Island, HENRYs are precisely curating their lifestyles to reflect their unique preferences.
Luxury is more than just a property — it’s the enjoyment of life according to their unique and personal definition of luxury.
For more information about targeting the HENRYs when selling your home, give me a ring (760) 218 – 5752 or drop me a line, Cathi@DesertAreaHomeFinder.com Our strategic marketing positions your home for this niche demographic.
Desert X is a biennial contemporary art exhibition, spread across the valley, from Palm Springs to the Salton Sea. Each of the 18 art installations, from sculptures to virtual reality, present a different contemplative view on life in our valley.
The sheer ambition of Desert X triggers a search for the right metaphor. It is a mirror held up to the transition zone between the Mojave and Sonoran deserts, reflecting the real and romanticized versions of both. A quest to capture that which is elusive. A road trip, spinning from the mid-century roof lines of Palm Springs to the wilder territories of hills and sand.
Desert X is a 10-week biennial exhibition of site-specific art, opening Feb. 9 and running through April 21. Artists use the Coachella Valley and Salton Sea as inspiration and setting. It’s free and open to the public, inviting the curious to trek from point to point, learning the subtleties, challenges, and singular beauty of the region.
“You’re discovering these new areas that you haven’t been, and the journey is critical,” says Susan Davis, Desert X’s founder and board president. “We’re asking contemporary artists to provide a lens through which visitors can see the Coachella Valley, and see it in a new and different way.”
The success of the first Desert X caught most people by surprise, occasionally producing friction when visitors flooded residential neighborhoods. This time, staff took extra steps to integrate artworks with the surrounding communities. Shuttle buses will transport visitors into environmentally sensitive areas, and attendance is limited for some sites. The spread of the artworks asks more effort from participants, but also creates the opportunity to absorb what’s been seen and anticipate what comes next.
Artists in particular are drawn to this idea of contrast, which is very much in the foreground in the Coachella Valley,” he adds. “It’s different from the High Desert in that respect. It runs the full spectrum from the midcentury vision of Palm Springs to the architecture of Mecca and the Salton Sea. It was a natural expansion to try to embrace this and explore it as another facet.
The biennial gives new meaning to the word sprawling, with works scattered about an area of around 55 miles, in eight of the nine cities of the Coachella Valley.
“It’s expanded in lots of ways,” Chamberlain said at the opening press conference, citing the organization’s growing staff and the show’s vast geographic range, which extends for the first time into Mexico, with three pieces crossing the US’s southern border.
2019 Riverside County Fair & National Date Festival celebrates the date, the hallmark of the farming culture in Coachella Valley. Akin to what mid-century architecture means to the Greater Palm Springs Area’s real estate realm, the date is synonymous with the Coachella Valley. These delicious fruits are a product of the date palm, which comprises a big portion of the Southern California desert’s agricultural industry. Get a taste of the delectable date, and the Coachella Valley’s rich culture, at the 2019 Riverside County Fair and National Date Festival, taking place February 15-24 at the Riverside County Fairgrounds in Indio. This event offers fun for the whole family, including nightly entertainment from renowned music artists.
What’s special about this Date Festival event isn’t just the fact that it also is the Riverside County Fair, but the entertainment includes blessing of the dates, and award-winning Arabian Nights Musical Pageant. An entertaining show that mingles contemporary humor with classic folklore, magic and mystery are at the heart of “Aladdin and the Heart of Agrabah”. And the queen of the fair– she is Queen Sheherazade and she comes with a Court.
The Nightly Musical Pageant is set to return to the 72nd Annual Riverside County Fair & National Date Festival, right after the Salute to America at 6:00 p.m. The vocal talents, costumes and stage effects will amaze fair goers with this year’s spin of the 1,001 Arabian Nights extraordinary tale, Prince Khudadad in the Shadow of Destiny. The audience will be engaged the entire show as the cast takes fair goers back in time to the Far East.
You’ll want to come early to the pageant stage to be a part of the moving and inspirational Salute to America which will honor our country’s armed services immediately after the welcome message by the Fair Board at 6:00 p.m. nightly. Incorporating service men and women, as well as local school color guards, this musical tribute will leave you swelling with pride and thanks.
The Coachella Valley destination of Southern California known for dates, enjoys a huge attendance at the fair event. Beach and mountain dwellers grow weary of the the cold, and head for the desert to get a taste of sunshine and warm shirt sleeve weather during the finest month ever–February. Indio has over 100 days per year of 100+ degrees Fahrenheit temperatures but in February the average temperature is around 75 degrees.
Riverside County Fair and National Date Festival is held at Riverside County Fairgrounds, 82-503 Hwy 111, Indio, CA 92201
February 15-24, 2019 | President’s Day Parade February 18, 2019, 9 a.m.
DESERT REAL ESTATE MARKET REPORT
2018 Year in Review
As we start 2019, it’s time to take look back at how the Desert Real Estate Market performed last year and look for developing trends.
In 2018, there were 5,836 single family home sales throughout the Coachella Valley. Those homes sold at an average of $610,300 and an average of $260. / Sq Ft. Homes that were priced correctly for the market, sold on average in 89 days. The highest sale price in 2018 was $12,000,000 for a home located in The Madison in La Quinta.
With those statistics, we compared 2018 sales to the previous year and found that while the number of sales were down slightly overall, (2%), Selling Prices were up 10% and the price / sq ft was up 8%. The time it took to sell was down 10% from the year prior. The highest priced home sale in 2017 was $8,700,000. for a home located in The Vintage Country Club in Indian Wells.
While prices are up, inventories remain low as compared to this time of season in years past. Historically when the inventory of homes for sale is low, prices tend to rise due to the pressures of supply and demand.
Interest rates also play an important role in how markets perform; rates are still low despite the fact that the Fed gave us 4 rate increases in 2018. As rates increase, buyers can afford less house for the same mortgage payment, which ultimately puts downward pressure on home prices.
But good news, rates pulled back a bit this week. Conforming loans, (up to $484,350) for a 30 year fixed rate is still just 4.47%.
The Coachella Valley has long been viewed as a destination for the soon to retire and already retired home buyers looking for an active lifestyle, but with the increase in mobile commuting, people can work from anywhere. We’re also seeing more young home buyers who are looking for a quality lifestyle, moving to the Desert full time. Easy Freeway and International Airport access makes that possible.
Combine the Lifestyle that only the Coachella Valley offers along with affordable home prices – the Valley is and will continue to be a destination for both full time residents, second home buyers and
We have a strong and steady real estate market here in the Coachella Valley.
If you would like more detailed information about your neighborhood specifically, drop me a line – we just finished our 2018 “Year in Review” Market Report, I’m happy to send you a copy.
Broker Associate with Bennion Deville Homes
Paint Colors that Sell.
Did you know that using certain paint colors in specific rooms of your home can statistically increase the value by as much as $10,000? Sounds incredible, but it’s been proven true. According to an exhaustive study done by Zillow, they looked at more than 32,000 photos from sold homes around the country. They compared how certain paint colors impacted the sale price on average, when compared to homes with white walls.
Homes with Blue Bathrooms sell for $5,400 more than expected. Listings with cool, neutral colors sell for more money and homes with white, yellow or red wall colors can sell for less than expected.
Paint Colors that Sell: Blue Bathrooms, found in hues of powder blue or light periwinkle, sold for the highest sales premium of all colors analyzed. Walls painted in other cool, natural tones like pale gray or oatmeal were also among the top performing listings.
They found that some colors may actually deter buyers; the darker more style specific wall colors such as terracotta Dining Room walls sold for $2,000 less than expected.
However, a lack of color may have the biggest negative impact. Homes with white bathrooms sold for an average of $4,000 less than similar homes.
Paint Colors that Sell: Oatmeal, pale taupe or light beige did better in the Living Room, selling for about $1,900 more than expected.
Paint Colors that Sell: The exterior color that garnered the best price premium was
“Greige”, a combination of gray and beige with the front door painted in a contrast color such as dark Gray, Navy Blue or Black.
As a Home Stylist, we are here to help with the latest information on trends that we see in the real estate market. We’ve got our eye on the market so we can help elevate your home above the competition. For more information about how our “Home Styling” will get your home sold for top dollar, give me a ring.
Broker Associate / Home Stylist
Southwest Arts Festival Indio 2019
January 24 -27th
Empire Polo Grounds
Art Enthusiasts from across the country are heading to the 33rd annual Southwest Arts Festival Indio is one of the oldest and largest art festivals in Southern California. Featuring over 280 artists from across North America. The Festival showcases art in a wide variety of media including pottery, glass, jewelry, metal works, painting, photography, sculpture and textiles. Hosted on the Grounds of the Empire Polo club in Indio.
The Empire Polo Club is an international destination renown for it’s natural beauty, featuring natural landscape and sweeping mountain ranges. Every year the Arts Festival continues to evolve and attract a high caliber of talented artists and unique artwork. This year’s festival will feature interactive art displays and live music, with pottery, glass and fine art painting scheduled to be on display. Visitors can also enjoy a variety of food and beverage options while casually walking the grounds.
The festival continues to draw thousands of art enthusiast from across the country, as well as the highest caliber artist. Last year 252 artists from around the world participated in the Festival. Recognized as one of the Top 100 Events in North America by Travel Magazine, the festival includes traditional, contemporary, and abstract fine works of art and quality crafts. The festival’s reputation for first-class quality and professional integrity make it one of the country’s finest juried art festivals.