Attention Country Music Fans! Even though the Stagecoach Festival is a long way away and the lineups haven’t been announced, this coming year’s event will take place from April 26th – 28th, 2024 at the Empire Polo Club in Indio. And, Advance Passes go on sale 11 AM PT Friday July 14th. For 48 hours, country music fans will have access to the festival's lowest pass prices and be able to buy them with a payment plan.

Passes can be purchased at stagecoachfestival.com

The Briggs Group | Coldwell Banker Realty | Laurie Briggs – DRE 01896117 | Tim Briggs – DRE 01898254 | Coldwell Banker Realty – DRE 00616212

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Our local housing market experts, Market Watch LLC, have just released their June 2023 Desert Housing Report. Some highlights:

COACHELLA VALLEY HOME SALES RECOVERY: This seasonally adjusted graphic compares current Coachella Valley home sales with average Coachella Valley home sales over the years of 2016, 2017, 2018 and 2019 (i.e., before the pandemic). At the height of the pandemic in January of 2021, Coachella Valley home sales were 59.5% above average. Home sales then fell to 34.7% below average by January of this year. After improving for four months, home sales stopped edging back toward normal and have continued at roughly 22.1% below average. Market Watch predicted normal home sales by the end of the year (as shown by the red dotted line), based on their belief that the inflation rate will fall to 3% and mortgage rates will return to 5.5%. If this doesn’t happen, then they predicted that Coachella Valley home sales could remain below normal for a longer period of time.

COACHELLA VALLEY JUNE DETACHED HOME MEDIAN PRICE: The median price of a detached home in the Coachella Valley at the end of June was $690,000 (down 1.4% from $700,000 in June 2022). Market Watch noted that this is a very small decrease and the market continues to hold the price gains of the last five months. However, since the Coachella Valley’s period of seasonal price strength is coming to an end, they expect a slight downward pressure on detached home prices moving into summer.

COACHELLA VALLEY JUNE ATTACHED HOME MEDIAN PRICE: The median price of an attached home in the Coachella Valley at the end of June was $475,000 (down 2% or $10,000 from $485,000 in May and down 3.1% or $15,000 from $490,000 in June 2022). Market Watch noted that this is the first decline in the attached home median price in four months. Market Watch felt that this shows that homeowner worry of large price declines has so far been misplaced. Further, they expect supply and demand to remain in balance, with the caveat that the usual seasonal pressures should push attached home median prices slightly lower over the next few months.

JUNE TWELVE MONTH CHANGE IN THE PRICE OF THE AVERAGE SIZE HOME BY CITY: Every Coachella Valley city, other than Desert Hot Springs, had a year-over-year decrease in the price of their average size detached home, ranging from -4.1% for the 2,550 sq ft average size detached home in La Quinta to -12.1% for the 3,450 sq ft average size detached home in Indian Wells. Four Coachella Valley cities had year-over-year increases in the price of their average size attached homes, ranging from an increase of 0.7% for the 1,775 sq ft average size attached home in Rancho Mirage to an increase of 16.2% for the 750 sq ft average size attached home in Desert Hot Springs. The other five Coachella valley cities surveyed had decreases in the price of their average size attached homes ranging from a decrease of -3.2% for the 1,750 sq ft average size attached home in La Quinta to a decrease of -15.4% for the 1,450 sq ft average size attached home in Bermuda Dunes.

COACHELLA VALLEY JUNE MONTHLY AVERAGE HOME SALES – THREE-MONTH TRAILING AVERAGE: The three-month average of home sales in the Coachella Valley in June was 772 homes (up slightly from 769 home sales in May and down 16.4% from 923 home sales in June 2022). Market Watch predicted that home sales should contract moving into summer due to the usual seasonal price pressures in the Coachella Valley.

COACHELLA VALLEY JUNE MONTHLY AVERAGE HOME SALES – TWELVE-MONTH TRAILING AVERAGE: The 12-month average of home sales in the Coachella Valley in June, which removes seasonality from the home sales data, was 585 homes sales per month (down 34.5% from 893 home sales in June 2022). Market Watch pointed out that this was the 23rd consecutive monthly decline in this long-term average of home sales. They also predicted that these long term average sales figures should begin to rise in a month or two (because long term home sales averages follow the direction of short-term sales average, and short-term average homes have been increasing since February).

COACHELLA VALLEY JUNE HOME SALES BY CITY: In every Coachella Valley city, other than La Quinta and Coachella, three-month average home sales in June were lower year-over-year. The largest percentage declines in home sales year-over-year were in Desert Hot Springs (down 32.3% year-over-year) and Indio (down 28.3% year-over-year). Market Watch did point out that year-over-year home sales were improving in every city.

COACHELLA VALLEY JUNE HOME SALES BY PRICE RANGE: Market Watch felt that sales of homes priced under $500K in June were close to year-ago levels. They pointed out that largest home sales declines continued to be in homes priced between $500k and $700k. June sales of million-dollar plus homes (averaging 165 home sales per month) were only down 17.9% from 201 homes sales in June 2022. Market Watch noted that this was a vast improvement from a few months ago when million-dollar plus home sales were running 60% or more, below year ago levels.

COACHELLA VALLEY JULY 1^st HOME INVENTORY: On July 1^st, Coachella Valley home inventory was 1,741 homes (down 6.7% from 1,867 homes on June 1^st and up 13.7% from 1,531 homes on July 1^st, 2022). Market Watch pointed out that inventory has effectively remained unchanged, with a very gradual decline, for the last eight months. They felt that the primary reason that inventory hasn’t increased was the continued low number of new listings. Since Coachella Valley home inventory also has a seasonal pattern, Market Watch expects inventory to contract moving into summer.

COACHELLA VALLEY JULY 1^st OVERALL REGIONAL MONTHS OF SALES RATIO: On July 1^st, the Coachella Valley’s months of sales ratio was 3.0 months (down 0.2 months from June 1^st but up 1.3 months from 1.7 months on July 1^st, 2022). Market Watch noted that this fundamental ratio, which measures supply versus demand, was slightly below the historic averages for this time of year. They also noted that the months of sales ratio points to the continuing balance between buyers and sellers, which helps stabilize home prices.

COACHELLA VALLEY JULY 1^st MONTHS OF SALES RATIOS BY PRICE RANGE: In every price range, the months of sales ratio in the Coachella Valley in June was considerably higher than it was one year ago. However, Market Watch noted that except for the million dollar plus price range and the price ranges below $400,000, the months of sale ratios in most of the middle price ranges brackets were close to the regional average months of sales ratio of 3.0 months.

COACHELLA VALLEY JULY 1^st MONTHS OF SALES RATIOS BY CITY: The months of sales ratios on July 1^st were under three months in Coachella, Palm Desert, Indio and Cathedral City. The months of sales ratios on July 1^st were equal to or below 3.5 months in the other Coachella Valley cities surveyed.

COACHELLA VALLEY JUNE REGIONAL DAYS IN THE MARKET: Market Watch noted that the median selling time in the Coachella Valley as a whole is starting to decrease. At the end of June, the median number of days in the market in the Coachella Valley was 40 days (four days less than in May but 19 days more than in June 2022). Because of dwindling inventory, Market Watch expects the days in the market will continue to gradually decrease.

COACHELLA VALLEY JUNE DAYS IN THE MARKET FOR DETACHED AND ATTACHED HOMES BY CITY: In the Coachella Valley in June, Coachella continued to have the lowest median selling time for detached homes at 27 days, followed by Desert Hot Springs at 33 days, then Palm Desert at 38 days. In the case of attached homes, Indio, Indian Wells and Desert Hot Springs had the shortest median selling time at 29 days each.

COACHELLA VALLEY JUNE PERCENTAGE OF HOMES SELLING ABOVE LIST PRICE: In June, 17.2% of Coachella Valley home sales were sold above list price (compared to 55% in June 2022). With tightening inventory, Market Watch expects the number of home sales at or above list price will continue to increase.

COACHELLA VALLEY JUNE AVERAGE PRICE DISCOUNTS BY CITY: In June, detached home sales in each Coachella Valley city surveyed were on average selling at a discounted price from list, ranging from -0.1% in Coachella to -3.6% in Indian Wells. In June, attached home sales in each Coachella Valley city surveyed were on average selling at a discounted price from list, ranging from -1.6% in Cathedral City to -5.4% in Bermuda Dunes.

The Briggs Group at Coldwell Banker Realty | Laurie Briggs – DRE# 01896117 | Tim Briggs – DRE# 01898254 | Coldwell Banker Realty DRE# 00616212

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Chloë Nannestad is back on the Reader’s Digest website with this year's list of quotes to celebrate Independence Day (“70 Patriotic 4th of July Quotes That Embody The American Spirit”). Here’s just a few:

“You have to love a nation that celebrates its independence every July 4th, not with a parade of guns, tanks, and soldiers who file by the White House in a show of strength and muscle, but with family picnics where kids throw Frisbees, the potato salad gets iffy, and the flies die from happiness. You may think you have overeaten, but it is patriotism.” —Erma Bombeck, American humorist and novelist

“What is the essence of America? Finding and maintaining that perfect, delicate balance between freedom ‘to’ and freedom ‘from.’” —Marilyn vos Savant, writer

“This country will not be a good place for any of us to live in unless we make it a good place for all of us to live in.” —Theodore Roosevelt, 26th president of the United States 

“We will never have true civilization until we have learned to recognize the rights of others.” —Will Rogers, Native American actor and writer

“With freedom comes responsibility.” —Eleanor Roosevelt, former First Lady and human rights activist

“Then join hand in hand, brave Americans all! By uniting we stand, by dividing we fall.” —John Dickinson, Founding Father

“Vigor of government is essential to the security of liberty.” —Alexander Hamilton, Founding Father

“For to be free is not merely to cast off one’s chains, but to live in a way that respects and enhances the freedom of others.” —Nelson Mandela, anti-apartheid revolutionary

“The advancement and diffusion of knowledge is the only guardian of true liberty.” —James Madison, 4th president of the United States

“Because equal rights, fair play, justice, are all like the air: We all have it, or none of us has it. That is the truth of it.” —Maya Angelou, American writer and civil rights activist

“Diversity of thought and culture and religion and ideas has become the strength of America.” —Gary Locke, politician and diplomat

“Where you see wrong or inequality or injustice, speak out, because this is your country. This is your democracy. Make it. Protect it. Pass it on.” —Thurgood Marshall, Supreme Court Justice and civil rights activist

“When you get to know a lot of people, you make a great discovery…It takes all the people—black and white, Catholic, Jewish, and Protestant, recent immigrants and Mayflower descendants—to make up America.” —Judy Garland, American actress and singer

To see Chloë Nannestad’s complete list of July 4th quotes, courtesy of Reader’s Digest, please visit their website at: https://www.rd.com/list/4th-of-july-quotes/

The Briggs Group at Coldwell Banker Realty | Laurie Briggs – DRE 01896117 | Tim Briggs – DRE 01898254 | Coldwell Banker Realty – DRE 00616212

Happy Canada Day to all of our Canadian family, friends, clients & northern neighbors! Wishing you all a very happy and safe Canada Day as Canada turns 156 years old.

The Desert Sun’s Ema Sasic has compiled a list of July Fourth celebrations around the Coachella Valley where you can celebrate the United States’ 247^th birthday. Here are some of the Coachella Valley events planned for Independence Day 2023. 

CATHEDRAL CITY

Fourth of July Pre-Party | July 1^st & 2^nd from 7 pm | Agave Caliente Terraza at Agua Caliente Casino Cathedral City

Here’s your chance for eating (including a hot dog eating contest on July 2^nd), gaming, enjoying live music and roller skating. From 7 to 9 pm, roller skating is open to all ages, from 9 pm to midnight is reserved for skaters ages 21 and older. For more information: https://www.etix.com/ticket/p/6445285/agua-after-dark-4th-of-july-weekend-celebration-roller-skating-rink-cathedral-city-agave-caliente-terraza-at-agua-caliente-casino-cathedral-city

COACHELLA

City of Coachella Independence Day Celebration | July 1^st from 6-9 pm | Bagdouma Park

Festivities include fireworks, games, local food vendors, live music and fun for the whole family. For more information: 760-501-8100 | https://www.coachella.org/Home/Components/Calendar/Event/2971/

Coachella Crossroads 3rd Annual Independence Day Celebration | July 3^rd from 6-9 pm | Coachella Crossroads

Enjoy headliner and two-time Arkansas Country Music Awards Male Vocalist of the Year, Blane Howard, as well as DJ Chase Martinez from Jammin 99.5. The celebration will also include food trucks, drinks, games, giveaways and a fireworks extravaganza starting at 9 pm. For more information: coachellacrossroads.com

DESERT HOT SPRINGS

Desert Hot Springs Fireworks Spectacular | July 1^st from 6 to 10 pm | Mission Springs Park

Music, food and fireworks starting 9:15 pm. Free admission. For more information: 760-329-6411 | www.cityofdhs.org

INDIO:

Fantasy Springs Resort Casino Fireworks | July 3^rd at 9 pm | Eagle Falls Golf Course

This festive (and free) fireworks display returns to Indio this year. The event will be simulcast on The BIG 106.1 FM. Attendees are encouraged to arrive at Fantasy Springs Resort Casino early to secure a good spot to watch the show. For more information: www.fantasyspringsresort.com/fantasy-fireworks

PALM DESERT:

Palm Desert Independence Day Celebration | July 4^th from 7:30 to 9 pm | Civic Center Park

Celebrate the Fourth of July with a concert and 20-minute fireworks display simulcast on  The Mix 100.5 FM and 98.5 The Bull. For more information: https://discoverpalmdesert.com/celebrate-the-4th/

PALM SPRINGS:

Concert in the Park | July 1^st at 7 pm. | Downtown Park

Kick off Palm Springs’ Fourth Of July Weekend Of Festivities with a free concert by The Long Run – Experience The Music Of The Eagles. For more information: https://pschamber.org/event/july-1st-concert-in-the-park-featuring-the-long-run-experience-the-eagles/

Dive-In Movie Night | July 2^nd at 7 pm | Palm Springs Swim Center

Take a dip in the pool while also taking in the colorful Lin-Manuel Miranda-directed movie musical "In the Heights." For more information: https://www.palmspringsca.gov/Home/Components/Calendar/Event/25736/15?curm=7&cury=2023

Movie Night at Ruth Hardy Park | July 3^rd at 6 pm | Ruth Hardy Park

Celebrate the Fourth of July and America's favorite pastime with the 1992 classic "A League of their Own". For more information: https://www.palmspringsca.gov/Home/Components/Calendar/Event/25736/15?curm=7&cury=2023

All American 4^th of July Concert in Sunrise Park Featuring Led Zepagain – A Tribute to Led Zeppelin | July 4 from 7:30-9pm | Sunrise Park, Palm Springs

Enjoy a free concert in the park to ring in 4th of July as Led Zepagain plays their cover of some of the most iconic hits from Led Zeppelin. For more information: 760-325-1577 | https://pschamber.org/event/all-american-4th-of-july-concert-featuring-led-zepagain-a-tribute-to-led-zeppelin/

RANCHO MIRAGE:

Rancho Mirage Fourth Of July Independence Day Celebration | July 4 at 7pm | Agua Caliente Rancho Mirage

Celebrate with DJs, Giveaways, Promotions, and mouthwatering Dining Specials! Don’t miss the 9th Annual Fireworks Extravaganza! Parking opens at 3pm. For more information: 888-999-1995 | https://aguacalientecasinos.com/casino/4th-of-july/

To read Ema Sasic’s article, courtesy of The Desert Sun, please visit: https://www.usatoday.com/story/life/entertainment/events/2023/06/19/12-events-celebrating-the-fourth-of-july-in-the-palm-springs-area/70321342007/

The Briggs Group | Coldwell Banker Realty || Laurie Briggs - DRE 01896117 || Tim Briggs - DRE 01898254 || Coldwell Banker - DRE 00616212

The August editions of Splash House are coming soon (Weekend One from August 11^th-13^th & Weekend Two from August 18^th-20^th). For those of you that don’t know, Splash House is a summer DJ festival series that takes place across multiple weekends at the Margaritaville, Saguaro and Renaissance Hotels in Palm Springs. Each resort is a full takeover, hosting a poolside stage, rooms, and balconies that are all part of the fun. Desert days continue into the night for the After Hours series, where you can dance aside the planes and under the stars at the Palm Springs Air Museum. August Weekend One headliners include CID, J. Worra, Lee Foss, Deeper Purpose, LP Giobbi, Vintage Culture, Wax Motif and many more. August Weekend Two headeliners include Drama, Flight Facilities, Matroda, Sidepiece, Skream, Tchami among many others. And, if you have to ask about these headliners, then maybe this isn’t the event for you.

Remaining passes and hotel packages on sale Friday June 30^th at 10AM PT at the festival’s website: https://splashhouse.com/\

The Briggs Group | Coldwell Banker Realty / Laurie Briggs – DRE 01896117 / Tim Briggs – DRE 01898254 / Coldwell Banker Realty – DRE 00616212

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As we head into what is usually one of hottest months of the year, it’s worth remembering that there are still plenty of things to see and do here in the Coachella Valley in July. Here is a sampling of events courtesy of our fun-loving colleagues, Catherine, Dawn and Vallori, at First American Title: 

Cathedral City Free Summer Kids Movie Series | Monday-Thursday Mornings, June 5 - Aug. 3 at 11am | Mary Pickford Theatre

This film series offers $2 admission to see a different movie geared towards kids over a 9-week period (or buy the series pass good for all 9 movies for $5). The series continues in July kicks with “Minions: The Rise of Gru” from July 3-6. The Cathedral City Parks and Community Events Commission will be offering free water and a small popcorn for the first fifty kids at each event. Seating is limited and residents can pick up the free Priority Line Passes one week in advance at the Cathedral City Public Library. For more information: 760-328-7100 | www.dplaceentertainment.com

Coachella Independence Day Celebration | July 1 from 6-9pm | Bagdouma Park

Festivities include fireworks, games, local food vendors, live music and fun for the whole family. For more information: 760-501-8100 | www.coachella.org

Desert View Discovery Hike | July 1 from 10:45am-1pm | Palm Springs Aerial Tramway

Come and explore the unique ecosystem of Long Valley and learn how to have a better and more fulfilling time outdoors. Low to moderate difficulty. For more information: www.msjnha.org/events

Equality Wine Fest | July 1 from 12-4pm | Margaritaville Resort Palm Springs

Gathers together winemakers, industry professionals, celebrity chefs, vendors, and enthusiasts alike to learn and appreciate great wine and food, and celebrate and support diversity. Festival goers will enjoy wine tastings and food samples, along with live music, educational speakers, demonstrations, silent auction, and VIP experiences, all creating an environment that fosters community among everyone involved in enjoying every sip and taste. For more information: www.equalitywinefest.com

Desert Hot Springs Fireworks Spectacular| July 1 from 6-10pm | Mission Springs Park

Free event! Music, food, and fireworks. For more information: 760-329-6411 | www.cityofdhs.org

All American 4^th of July Concert in Sunrise Park Featuring Led Zepagain – A Tribute to Led Zeppelin | July 4 from 7:30-9pm | Sunrise Park, Palm Springs

Enjoy a free concert in the park to ring in 4th of July as Led Zepagain plays their cover of some of the most iconic hits from Led Zeppelin. For more information: 760-325-1577 | https://pschamber.org/event/all-american-4th-of-july-concert-featuring-led-zepagain-a-tribute-to-led-zeppelin/

Palm Desert Independence Day Celebration | July 4 from 7:30-9:30pm | Civic Center Park

The evening’s events officially kick off at 7:30pm at the park’s amphitheater with a free concert of pop favorites. At 9pm the sky will light up with a spectacular 20-minute-long fireworks display synchronized to patriotic-themed songs simulcast on two local radio stations. A variety of food trucks and vendors will be on hand with tasty treats and cool beverages. Attendees may also bring picnic dinners, but alcoholic beverages, smoking, and portable barbeques are prohibited. Everyone is encouraged to bring blankets and chairs to enjoy the show, and a flashlight for safely exiting the park. For more information: https://discoverpalmdesert.com/celebrate-the-4th/

Rancho Mirage Fourth Of July Independence Day Celebration | July 4 at 7pm | Agua Caliente Resort Casino Spa

Celebrate with DJs, Giveaways, Promotions, and mouthwatering Dining Specials! Don’t miss the 9th Annual Fireworks Extravaganza! Parking opens at 3pm. For more information: 888-999-1995 | www.aguacalientecasinos.com

First Wednesday Art Walk | July 5 from 5-8pm | 2652 Cherokee Way, Palm Springs

Backstreet is a unique community of artists’ working studios & galleries, and businesses that provides artistic services (reprographic, restorative and framing) in Palm Springs. We have an amazing assortment of original art for all tastes and budgets – paintings, ceramics, photography, mixed media, jewelry, lithography and more by locally, regionally and nationally recognized artists. For more information: www.backstreetartdistrict.com

Mountain Wildflower Walkabout | July 7 from 10:45am-1:45pm | Palm Springs Aerial Tramway

Take a guided walk along Long Valley and get a chance to appreciate the beauty and diversity of late spring wildflowers. As we explore, we will offer tips for plant identification, learn how these delicate plants survive, and indeed thrive, at high altitudes under harsh conditions, and discuss how they are adapting to climate change and drought. For more information: www.msjnha.org/events

Cool Birding High in The Clouds | July 9 from 8:45am-12pm | Palm Springs Aerial Tramway

Have you ever wanted to see a White-headed Woodpecker or a Red-breasted Sapsucker?How about a Clark’s Nutcracker or a Western Tanager? Do you know why the bill of the Red Crossbill is crossed? When it comes to birds it’s a whole other world when you visit the Mount San Jacinto State Park at an elevation of 8,500 feet! Fifteen (15) species were listed last year! For more information: www.msjnha.org/events

La Quinta Dive-In Movies Night | July 14 from 7:30-10:30pm | Fritz Burns Pool

Showing of the movie “Lightyear”. Family and friends of all ages will enjoy a free Family Movie at the Pool. No tickets needed- just come for a fun-filled flick and you can even watch it from the comfort of the water on a summer night. Movie begins at dusk. For more information: 760-771-4347 | https://www.playinlaquinta.com/event/dive-in-movie-night-2/

Palm Desert Dive-In Movie | July 14 from 7:30pm | Palm Desert Aquatic Center

"Sonic the Hedgehog 2" Select pool areas will be open, and slides will be open from 7:30-8pm only. Food trucks will be on site selling snacks and treats. With limited seating poolside, guests are encouraged to bring towels for the grass areas. No outside chairs/furniture, food or beverages are allowed (except bottled water in plastic containers). Price: $5 per Person. Kids under 2 free. For more information: 760-565-7467 | www.pdpool.com

Map & Compass Training with a Backcountry Hike | July 15 from 8:45am-2:15pm | Palm Springs Aerial Tramway

Map & Compass knowledge allows an individual with the right equipment to hike anywhere in the world and find their way around without having to follow trails or paths made by others. Learn the basics of navigation using a map and compass. Learn how to read a topographic map, identify landmarks, take a bearing and find your location. During the hike we’ll be pointing out landmarks on a topographic map. A “San Jacinto Peak, Calif.” quadrangle map, will be provided to you so you can follow along. The NHA has Ranger compasses to pass out for the use during the class. For more information: www.msjnha.org/events

Taste of Summer Rancho Mirage | July 17-Aug. 13

Restaurants select their own unique summertime special that is available only to those that have purchased their $10 event wristband. When presented at the participating restaurant, patrons are eligible to indulge in their advertised special. Check participating restaurants for their business hours. $10 Event Wristband - Wristbands are NOT available for pick up until June 20th. Wristbands purchased at the Chamber of Commerce will need to be picked up at our office. We cannot mail them. For more information: www.TasteOfSummerRanchoMirage.com

Summer Bioblitz: Santa Rosa & San Jacinto Mountains Nat'l Monument | July 23-29 from 5am-9pm | Santa Rosa and San Jacinto Mountains National Monument

This event is an opportunity to get involved in conservation and contribute to genuine scientific research. A BioBlitz is a species-finding and identifying event designed to showcase the biological diversity found within the Santa Rosa and San Jacinto Mountains National Monument. People of all ages are encouraged to explore any of the designated trails while observing, identifying, and counting plant and animal species using the free smartphone app iNaturalist. For more information: 760-862-9984 | www.desertmountains.org

VillageFest | Every Thursday from 7-10pm | Palm Canyon Drive, Palm Springs

Downtown Palm Springs transforms into a diverse array of artists, artisans, entertainers, and purveyors of fresh fruits and veggies, flowers, jewelry, snacks and sweets. Add all that to the great shops, restaurants, clubs, and entertainment venues located along World Famous Palm Canyon Drive – and the result is one of Southern California’s most popular weekly events: VillageFest! For more information: 760-320-3781 | www.villagefest.org

The In-Flight Experience | Every Saturday from 5-7:30pm | PS Air Bar, Palm Springs

Great Music, Fine Food, Classy Cocktails, and First Class Service. Live music by Nouveau with Desera & Eddie. For more information: 760-327-7701 | www.psairbar.com/events

Sunsets at the Street Fair | July 22 from 6:30 to 10:30pm | College of the Desert, 43500 Monterey Ave., Palm Desert

A new summer program of fun sunset shopping for all ages and any budget. For more information: 760-636-7957 | http://codaastreetfair.com

The Briggs Group | Coldwell Banker Realty * Laurie Briggs - DRE# 01896117 * Tim Briggs - DRE# 01898254 * Coldwell Banker - DRE# 00616212

If it seems like Coachella 2023 just ended, it’s because it did. While the Coachella Valley Music & Arts Festival 2024 edition is still more than 300 days away, Goldenvoice, the event’s organizers, have announced that the advanced pass sale will start on Friday, June 16 at 11 am PT. Coachella 2024 will run the weekends of April 12^th - 14^th and April 19^th – 21^st. No word on the line up, which is typically announced in January.

You can register to be notified of the sale and to buy tickets at coachella.com.

The Briggs Group | Coldwell Banker | Laurie Briggs – DRE 01896117 | Tim Briggs – DRE 01898254 | Coldwell Banker – DRE 00616212

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Local residential real estate experts Market Watch LLC have just released their May 2023 Desert Housing Report. Some highlights:

MAY COACHELLA VALLEY HOME SALES RECOVERY CHART: This month, Market Watch introduced a new chart showing how current average Coachella Valley home sales compare to average home sales before the pandemic. The light blue area on the chart shows where home sales were below average, and the light green area shows where they were above average. The pre-pandemic average of home sales was calculated over the years 2016, 2017, 2018 and 2019. For example, at the height of the pandemic in January of 2021, home sales were 59.5% above average. Home sales then fell to 34.7% below average by January of this year. They have improved over the last few months and are now 22.6% below average. Market Watch predicts a return to normal home sales by the end of the year (red dotted line), based on the current trend of recovery, plus their belief that mortgage rates will return to the 5.5% range.

MAY COACHELLA VALLEY DETACHED HOME MEDIAN PRICE: The median price of a detached home in the Coachella Valley in May was $695,000 (down 0.7% from $700,000 in May 2022). Market Watch felt that this small decline in the detached home median price showed that the Coachella Valley residential, real estate market has continued to hold onto the home price gains of the last five months. Further, Market Watch felt that there are a few more months of seasonal home price strength, so they expected a slight upward pressure on detached home prices to continue for this period.

MAY COACHELLA VALLEY ATTACHED HOME MEDIAN PRICE: The median price of an attached home in the Coachella Valley in May was $485,000 (up $5,000 or 1% from $480,000 in April and only down 1.2% from the record high attached home median price of $491,056 reached in May 2022). Market Watch felt that this was further evidence that homeowner worry of large home price declines has so far been misplaced and that supply and demand continue to stay somewhat balanced.

TWELVE MONTH CHANGE IN THE PRICE OF THE AVERAGE SIZE HOME IN THE COACHELLA VALLEY BY CITY: In May, every Coachella Valley city other than Desert Hot Springs had a decrease year-over-year in the price of its average size detached home. The declines ranged from -2.2% in La Quinta to -14.7% in Indian Wells. Price changes year-over-year for average size attached homes ranged from an increase of 18.5% in Desert Hot Springs to a decrease of 10.1% in Indio. 

MAY COACHELLA VALLEY MONTHLY HOME SALES (THREE MONTH TRAILING AVERAGE):  The three-month average of home sales rose significantly in May to 769 total home sales per month (up 15.6% from 665 total home sales in April but still 22.6% below pre-pandemic average monthly home sales). Market Watch stated that some of this sales increase was seasonal but a lot or it was due to a general recovery in both the detached and attached home markets.

MAY COACHELLA VALLEY MONTHLY HOME SALES (TWELVE MONTH TRAILING AVERAGE): The 12-month average of home sales, which takes out seasonality from the home sale data, shows total home sales averaged 592 home sales per month in May. Market Watch noted that this is the 22nd consecutive monthly decline and that long term home sales are running about 26% below the pre-pandemic long term home sales average of 800 home sales per month. Market Watch predicts that the long-term home sales numbers should begin to rise in the next month or two.

MAY COACHELLA VALLEY HOME SALES BY CITY:  Home sales (three month average) decreased in every Coachella Valley city, other than Thousand Palms and Coachella. The largest decreases were in Desert Hot Springs (down 48.1% year-over year), followed by Bermuda Dunes (down 41.2% year-over-year) and Cathedral City (down 32.9% year-over-year). Of the larger Coachella Valley cities, in May La Quinta and Palm Desert had the smallest percentage sales declines of 18.2% and 19.6% respectively.

MAY COACHELLA VALLEY HOME SALES BY PRICE RANGE: Market Watch noted that sales of homes priced under $400,000 have been improving and are now approaching year-ago levels. Even home sales priced between $400,000 and $500,000, which has the most home sales except for million-dollar plus home sales, have been improving. The largest decline in sales appears to be in homes priced between $500,000 and $700,000. Sales of million-dollar plus homes averaged 167 home sales per month (down 28.3% from an average of 233 homes sales per month in May 2022). Market Watch pointed out that this is a huge improvement over a few months ago when million-dollar plus home sales were running 60% or more below year-ago levels.

MAY COACHELLA VALLEY TOTAL HOME SALE INVENTORY: On June 1^st, Coachella Valley home sale inventory was 1,867 homes (up 58.4% from 1,179 homes on June 1st, 2022 but nine homes less than in April). Market Watch stated that the Coachella Valley home sale inventory has effectively remained unchanged for the last eight months. They felt that the primary reason inventory isn’t growing is because lower home sales have been evenly matched with a lower number of new listings. They also pointed out that Coachella Valley home sale inventory also has a seasonal pattern and if it continues, they expect the number of available homes for sale to begin to contract moving into summer.

MAY COACHELLA VALLEY REGIONAL MONTHS OF SALES RATIO: On June 1^st, the Coachella Valley’s months of sales ratio was 3.2 months (0.1 month higher than on May 1st but 1.9 months more than on June 1^st, 2022). Market Watch explained that this fundamental ratio, which measures supply versus demand, is slightly below the historic averages for this time of year. To them, this means that, even though home sales are down, there continues to be a balance between buyers and sellers, helping to stabilize home prices.

MAY COACHELLA VALLEY MONTHS OF SALES BY PRICE RANGE: The months of sales ratio is significantly higher than one year ago in every price range. Market Watch noted that except for the extreme high and low price ranges, the months of sales ratios are all close to the regional average of 3.2 months. They felt that this helped to explain why home prices are relatively stable throughout the entire range of home prices.

MAY COACHELLA VALLEY MONTHS OF SALES RATIOS BY CITY: The months of sales ratios were 3 months or less in Coachella, Cathedral City, Indio and Palm Desert. Market Watch stressed that the months of sales ratio was below 4 months in all of the Coachella Valley cities.

MAY COACHELLA VALLEY REGIONAL DAYS IN THE MARKET: The average selling time in the Coachella Valley is starting to decrease. At the end of May, the median number of days in the market in the Coachella Valley was 44 days (4 days less than at the end of April but still 24 days more than at the end of May 2022). Market Watch predicts that the days in the market will continue to gradually move lower and will not return to the pre-pandemic average of 65 days.

MAY DAYS IN THE MARKET FOR DETACHED & ATTACHED HOME BY CITY: For detached homes, in May Coachella continued to have the lowest median selling time in the Coachella Valley at 21 days (compared to 24 days in May 2022). This was followed by a detached home median selling time of 35 days in May in Desert Hot Springs (compared to 15 days in May 2022). The longest detached home median selling time in May in the Coachella Valley was 51 days in Palm Desert (compared to 21 days in May 2022). For attached homes, in May Cathedral City had the shortest median selling time in the Coachella Valley at 22 days (compared to 30 days in May 2022). This was followed by an attached home median selling time of 26 days in Palm Springs (compared to 11 days in May 2022). The longest attached home median selling time in May in the Coachella Valley was 85 days in Bermuda Dunes (compared to 28 days in May 2022).

PERCENTAGE OF HOMES SELLING IN THE COACHELLA VALLEY OVER LIST PRICE IN MAY: In May, 17% of the home sales in the Coachella Valley were above list price (compared to 58.3% in May 2022). Market Watch pointed out that the percentage of homes selling above list price in the Coachella Valley has stopped declining and has started to increase.

AVERAGE PRICE DISCOUNTS FROM LIST PRICE: For detached homes, in May every Coachella Valley city other than Coachella had an average selling discount for detached homes, ranging from -0.7% in Desert Hot Springs to -3.4% in Indian Wells. The city of Coachella had an average selling premium for detached homes of 0.2% in May. For attached homes, in May every Coachella Valley city had an average selling discount, ranging from -1.4% in Cathedral City to -6.4% in Bermuda Dunes.

The Briggs Group at Coldwell Banker Realty | Laurie Briggs – DRE# 01896117 | Tim Briggs – DRE# 01898254 | Coldwell Banker Realty DRE# 00616212