We’re saying goodbye to 2016 and hello to a promising new year! In this post, we’ll take a look at some upcoming community developments in the Palm Springs area, as well as some predictions for the Palm Springs real estate market. Read on for the 2017 Palm Springs forecast!
Midcentury Home in Palm Springs – Photo Credit: Fashiongoggled.com
The local real estate market showed a strong performance in 2016, with most sectors displaying healthy activity – an average sale price increase of 4%, or $13,000, over the past year. Average price per square foot rose from $231 to $240. Properties in the $250k-500k price range showed a significant increase in sales, and properties in the $750k-1M bracket showed a slight uptick after two consecutive years of relatively slow activity.
Curious about PS real estate? Check out our guide to Palm Springs properties under 800k!
Home sales in Coachella Valley fell in November, down 11.8 percent from the preceding November. Analysts wonder if the recent election is leading buyers and sellers to take a “wait and see” approach until early next year, when activity may perk up again. Proposed rental regulations in Coachella Valley may have slowed condo sales, since buyers and sellers may be feeling uncertain in light of the new legislation.
Palm Springs Downton – Photo Credit: Minitime.com
Many real estate professionals believe that buyer and seller confidence will increase in 2017, leading to added activity. This November, California voters passed Proposition 51, a $9 billion school bond to fund public school construction throughout the state, which may increase property values throughout the Coachella Valley. Measure J, passed in 2011, continues to fund building projects in Palm Springs.
Arrive Hotel in Palm Springs – Photo Credit: Arrivehotels.com
The Palm Springs downtown area is in transition due to a long-term revitalization effort. Luxury hotels, upscale shops, and innovative restaurants opening for business in 2017 include the Kimpton Rowan Palm Springs Hotel in May and the Hotel Paseo in October. Two popular boutique hotels opened in 2016, Arrive in February and V Palm Springs Hotel in March – just in time for Coachella!
Modernism Week Promotion – Photo Credit: Lqaf.com
All in all, Palm Springs is looking forward to a year full of growth, with commercial and residential real-estate activity poised to expand in 2017. Local tourist and hospitality markets are also thriving, with festivals like Modernism Week and Coachella drawing crowds from across the country. Stay tuned for more real estate updates on in the upcoming months, and have a wonderful New Year!
Interested in learning more about what Palm Springs has to offer? Read our list of reasons to move to Palm Springs!
Are you interested in learning more about commercial and residential developments in Palm Springs? At Iconic Properties Palm Springs, we make it our mission to keep our clients informed about the latest market trends and community enterprises. Contact us for a consultation today!