Palm Springs, CA home prices and housing market

In Palm Springs, sellers are asking roughly sixty thousand dollars more than the typical home is actually worth. Here is what that gap means if you are thinking about selling this year. The typical Palm Springs home is worth about six hundred four thousand dollars, down a little over half a percent from a year ago, so values are not falling apart, but they are drifting. Meanwhile the median asking price is about six hundred sixty-five thousand dollars, and that optimism has a cost. Homes are taking about eighty-two days to sell, which is a long time to wait with a for sale sign in the yard. There are roughly 611 homes on the market, and only about 156 new listings came on this past month, so competition from fresh listings is not the problem. Here is the catch. Only about 14 percent of listings have cut their price. Sellers are not panicking, they are just holding high numbers and sitting. In this market, the move is to price at what your home is worth today, not what you hope it might fetch. Aim high and you will likely sit for two or three months and meet the market later anyway. If you want to know where your home actually sits in this market, get a free home value estimate at Home Value Pros dot com.