Category Archives: Palm Springs Area Market Updates

Palm Springs real estate and market update

Here are the numbers and the comments for March 2011  regarding Palm Springs and the area for sales that took place  during the month of February – enjoy the video and browse down to see the table and numbers:

Total  homes sold in March 2011 : 573 – a 27% increase
Median Price in March all inclusive
: $332,204 – an 8% decrease
Total Bank Owned (REO’s) Sold in March 2011 :
122 a 25% increase

Total Bank Owned (REO’s) Active in April 2011: 275 – a 13% decrease
Total Short Sales Active in April  2011:339 – a 9.5% decrease
Total Inventory for the cities in table
: 4854- short sales + REOs less than 13% of the total inventory

Cities MedianPrice
condos sold
Price/sqft
condossold
Total
condos
MedianPrice
singlefamily
Price/sqft
singlefamily
TotalSingle family
Total
sold
Sold REO’s Active REO’s
Palm Springs 140,000 126.13 101 337,000 191.03 86
187
40 99
RanchoMirage 262,250 152.92 20 460,000
198.10 49 69
8 29
Palm Desert 225,000 147.07
53
423,000 186.49 80
113
27 72
Indian Wells 350,000
181.21 12 540,000 207.47 27 39 5
9
La Quinta 245,000
193.11
25
360,000
175.75 101
126
38 61
Sun City


312,000 168.14
39 39
4 5



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Palm Springs Real Estate February Market Update

Number of sales are up 27% month over month- median prices are up 11% month over month – number of short sales active on the market are down 11% see full statistics at  http://www.claudinereal.com/Area_Sales_Statistics.htm
What more proof do we need to say WE HAVE HIT BOTTOM and WE ARE RECOVERING ?



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Real Estate Market Inventory

Real Estate Market : we keep on hearing “It is going to get worse” and the “foreclosures are going to flood the market”.

Well, if I believe the numbers below (and I have to because these are REAL numbers), this is  NOT TRUE for Palm Springs and the area.

The numbers of Bank Owned and Short Sales properties have, in fact, decreased all in all. Except for Cities like Indio and Cathedral City (less of resort communities) we can see the percentage of Distressed properties coming down and that means that prices will show more stability or an  increase.

Under 6000 active listings is considered Low Inventory, that could mean prices going up ,add to the fact that we are in season .If you are still “not sure” look at the numbers below  and call us for showings.

InventoryJan



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Palm Springs Real Estate – Where does the market stands at end of 2010

We are pleased to say that for Palm Springs and the Desert Cities : Rancho Mirage, Palm Desert, Indian Wells, La Quinta and Palm Springs Proper, the “SOLD” prices have been above 93% of the list prices for most of the year of 2010.

Also for the same cities the average price per square foot is up 10% month over month for November 2010 compared to October 2010 ; as well as 1.8% year of year.

Finishing the year on a positive note is good take a look at the tables below:

 

tablemls2
smallMLS



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Golfing in Palm Springs on Thanksgiving weekend

Are you coming to Palm Springs this week end?

We are ready for our snowbirds still under 80 degrees but not as cold as our friends from Canada are telling us.

The golf courses are brand new seeded and green such a sight! This should be a big week end for real estate, the sellers who were holding on for the summer have now their properties on the market and for the most at very attractive prices

Here is our inventory per city : Palm Springs, Rancho Mirage, Indian Wells, Palm Deset etc…ert….

 

Inventory : condos and single family residences
Cities Active Total 6/6/10 Active  Total Today Shortsales

6/6/10

Short sales Today REO’s6/6/10 REO’s Today
Palm Springs 863 978 113 94 86 117
Rancho Mirage 619 642 48 69 29 36
Palm Desert 923 1022 86 111 62 49
SunCity 147 179 8 16 4 6
Indian Wells 233 287 12 12 13 16
La Quinta 1010 1126 135 146 59 102
Bermuda Dunes 106 133 26 32 18 20
Cathedral City 310 405 53 82 46 66
Indio 491 716 162 189 79 129
Total 4690 5488 568 752 396 541
% of total inventory 12% 13.7% 8% 10%



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What is November looking like in Palm Springs?

Just got back to Palm Springs from a wonderful vacation in Europe.

I can’t believe we are still going out sleeveless and the sun is shining! Almost Thanksgiving and already geared to our season. The snow birds are slowly starting to come back and for us Realtor it is a joy!
We are ready for a great season.

Yes I know the media are on us again with bad news that keep our potential buyers on the fence. Here is a video the California Association of Realtors just put out giving us update on real estate;

[kml_flashembed movie="http://www.youtube.com/v/7DqOjhpXwX8" width="425" height="350" wmode="transparent" /]

Foreclosures – California is looking better so is Palm Springs

graph-inman4-300x204

California  is number 13 out of 20 States on the Chart of Non-Current loans as per  LSP (“Lender Processing Services”)

The 282,528 foreclosure starts initiated by lenders in August represented a 29 percent increase from the low for the year, seen in April, and was the highest level since July 2009.

LPS estimates that 13.02 percent of all outstanding loans — were past due in August, down  from the same time a year ago.

The five states with the highest percentage of non-current loans were Florida (23.5 percent), Nevada (21.3 percent), Mississippi (18.6 percent), Georgia (15.6 percent) and Illinois (14.4 percent). California with 13.3 percent is number 13 on the chart.

The same states showing a high rate of foreclosure are also the ones showing  the highest rates of new, seriously delinquent loans,

California used to be number 3 and 4 at the peak of this recession.  Now is that good news? I keep on saying that Palm Springs California is doing even better than that

Palm Springs Market Update for August 2010

Interesting year over year number : watch video and see numbers in tables below

[kml_flashembed movie="http://www.youtube.com/v/VrL7hOeR-tE" width="425" height="350" wmode="transparent" /]

WOW!  All red numbers all across the board! But this is summer and with 115 degrees most of the time only a few daring and smart buyers came to Palm Springs and we found the most hungry sellers for them. This month I will compare year over year what happened to our market. See the tables below

  • Number of total closed sales in August 2010  compared August 2009 :  a 3%drop in number of homes sold
  • Median price of sold properties (overall) compared to August 2009 : a 3% drop too
  • Number of Bank Owned sold :  a 20% decrease matching the lower overall number of units – Is that because the “regular sellers” finally aligned their prices? The “deals” can be found now not only with “Bank Owned properties “ but ALL properties.
  • Number of Bank Owned still for sale : 60% more units on the market compared to August last year
    • The figures in red mean the numbers are showing worse results compared to the previous month and green means the numbers show an improvement compared to the previous month

They say that the time to buy in Palm Springs is the summer. Sellers are “RIPE.” The “daring buyers”, out there ready to come and look at properties in 110 degree heat, will be rewarded. Summer might be OVER but in our Desert as long as we have 100 degres or more , summer is not OVER…still time to pick up those great deals before the season starts (sellers will definitely get tougher)

Total  homes sold in August 2010 : 344
Median Price all in all : 315,653
Total Bank Owned (REO’s) sold in August 2010 :
99
Total Bank Owned (REO’s) in August 2010: 315

Cities MedianPrice
condos sold
Price/sqft
condossold
Total
condos
MedianPrice
singlefamily
Price/sqft
singlefamily
TotalSingle family Total
sold
Sold REO’s Active REO’s
Palm Springs 139,250 131.14 46 305,000 191.63 41 87 31 112
RanchoMirage 291,550 145.32 15 480,000 190.38 33 48 7 32
Palm Desert 126,900 118.76 41 309,114 151.38 48 89 27 73
Indian Wells 495,625 196.56 4 465,000 238.68 5 22 4 13
La Quinta 252,250 146.81 5 275,000 158.63 81 88 29 80
Sun City 332,500 159.94 10 10 1 5

Total  homes sold in August  2009 : 357
Median Price all in all : 327,450
Total Bank Owned (REO’s) sold in  August 2009 :
126
Total Bank Owned (REO’s) active in August 2009 : 197

Cities MedianPrice
condos sold
Price/sqft
condossold
Total
condos
MedianPrice
singlefamily
Price/sqft
singlefamily
TotalSingle family Total
sold
Sold REO’s Active REO’s
Palm Springs 165,000 137.46 55 284,500 181.73 54 109 44 67
RanchoMirage 280,000 151.15 12 582,500 230.48 32 44 7 25
Palm Desert 215,000 155.34 41 298,442 158.03 52 93 31 55
Indian Wells 400,000 152.33 3 481,000 162.79 4 7 3 4
La Quinta 220,050 161.68 16 345,000 170.05 81 97 40 44
Sun City 330,000 172.18 7 7 1 2