Welcome to our January 2024 Palm Springs Real Estate Market Update! In this video, we'll be discussing the latest trends in the Palm Springs real estate market, including home prices, new developments, and local events that could impact the market.
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In December 2023, the median listing home price in Palm Springs was $789.5K, trending down -12.3% year-over-year. However, prices often begin to rise in December, and it's projected this seasonal pattern will continue into 2024. The median sale price of a home in Palm Springs was $680K last month, up 11.4% since last year.
We'll also be covering new developments in the area. For instance, the Miralon community is offering modern homes blending with parks, trails, and olive groves in a prime desert location. Other new communities include elan Townhomes, elan Residences, and Toll Brothers at Escena.
Seasonal trends also play a significant role in the Palm Springs real estate market. Spring and summer are the peak selling seasons, attracting a significant influx of tourists and potential buyers.
Lastly, we'll touch on local events that could impact the real estate market. Palm Springs is known for its vibrant tourism and hospitality industry, which fuels the local economy and indirectly influences the real estate market.
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