Category Archives: Palm Springs Area Inventory Updates

Palm Springs Real Estate Market Update

Novemberstats

 

Numbers/Results for November 2012
The inventory, at the beginning of December, for the cities we cover, is 2788 which is a 13% drop year over year. This includes 96 REO’s (bank owned ) and 107 Short Sales: representing 7% of the inventory for distressed properties compared to 13% year over year. (so the number of distressed properties has dropped significantly). This is bringing a raise in prices of about 5% year over year. The homes have sold on average of 95% TO 104% of the asking price. We are far from the times where we presented offers at 10 to 15% under the asking price!!!

 


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Palm Springs, CA 92264 Market Report for the Week of October 8, 2012

The median list price in PALM SPRINGS, CA 92264 this week is $699,000.

Inventory and days-on-market are both trending higher recently. However, the improving Market Action Index implies some increased demand will temper the negative trends.

Supply and Demand

Home sales have been exceeding new inventory for several weeks. However because of excess inventory, prices have not yet stopped falling. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb from there. Watch prices as the market transitions from a Buyer’s market to a Seller’s market.

Price

Again this week in this zip code we see a downward notch for prices. We continue to pull back from the market’s highs. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.

CLICK HERE to download the full Palm Springs, CA 92264 market report!

For more information regarding luxury homes in Palm Springs, CA, contact Claudine Messika.



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HOW IS THE MARKET?? Question we are being asked day in and day out

summit2012

So 2538 Realtors spent 3 and 1/2 days at the Tom Ferry Coaching Seminar for Real Estate Professionnals- why so many this year the largest ever…because we all understand that the market IS CHANGING and that we need to learn how to make it work for US for mainly for our clients and how to bring them the best information and help them the best way in this new reality.

The Market has changed no matter if you are in Palm Springs or on the California Coast, Florida, Nevada.. and I am prepared, fully knowledgeable and here in my market in Palm Springs and the Desert Cities to answer your questions and guide you.



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Sellers Making More Price Adjustments

It’s no secret that buyers are at an advantage right now when it comes to purchasing homes, and sellers are definitely starting to take note of this. Two recent surveys indicate that sellers are starting to gain more confidence in their properties; these surveys also show that sellers are also withdrawing from the market.

This results in very low home inventories, which limits the choices that buyers have when they’re looking for a new home, especially in prime buying season, which is in the spring. A national survey also confirmed that housing inventory had dropped 1.3 percent by the end of March. Listed inventory is also 21.8 percent lower than it was a year ago.

However, another study indicates that the number of people who affirmed that now is an ideal time to sell a home increased from 10 to 15 percent for the fourth month in a row. While this isn’t an overwhelming increase, realtors do believe this is a step in a positive direction.

As far as neighborhoods go, only about one in five adults agreed that now is a perfect time for someone in their community to sell a home, while 63 percent disagree with this sentiment. The prices that people are expected to pay for home is also directly linked to changing mindsets among home sellers.

Generally, Americans are expecting home prices to increase about 1.3 percent in the next year. This is due to the fact that people are generally optimistic about the positive turn the economy is taking, and are willing to pay for homes that are a little higher priced. Confidence in the home buying market rose two percent from March to April, so home purchases are expected to increase.

This presents good news for both sellers and buyers, and will increase the chances that individuals will get into new homes they are satisfied with, in terms of both home specifications and price.



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IT'S ALL ABOUT THE INVENTORY IN PALM SPRINGS !!! TAKE A LOOK AT THIS CHART THEN AT THE NUMBERS BELOW

Here is the monthly update with our sales, median prices and inventory  for June 2012 covering the cities of: Palm Springs Proper; Rancho Mirage; Palm Desert; Indian Wells; La Quinta and the community of Sun City (Palm Desert

LESS Bank Owned inventory
and less inventory all together (just above 4 months worth). Properties are sold in average between 94% and 101% of the asking price.

If you are serious about Palm Springs and Real Estate in Palm Springs NOW is the TIME!

The average median price is UP and the numbers are showing the number of distressed properties shrinking (very specific to our second homes market and not necessarily true for the rest of California) . The numbers are more or less comparable to last month except for the inventory, which has significantly reduced. Still, our summer is bringing lots of “real buyers” into town despite the heat. Although there is less competition, there are still multiple offers on many of the properties.

Results for June 2012
Total homes sold : 584 month over month a 15% decrease but this is our summer!
Total homes in “pending” (under contract ready to close) : 513
Total homes in “back up offer”(mainly short sales waiting for bank’s approval) : 738 a 10% drop from last month
Median price for condos : $265,650 a slight increase year over year and month over month- because of our short inventory
Median price for single family : $ 393,750
Total Bank Owned (REO’s) sold in June 2012: 78 against 154 year over year because less REO inventory
Total Short Sales sold in June 2012: 87 some improvement on the banks side to close the shortsales
Total Bank Owned (REO’s) active in July 2012: 74 against 214 year over year. Less REO’s inventory
Total Short Sales active in July 2012:129, a 20% month over month decrease
Total Inventory for the cities we cover : 2227 another 20% decrease compared to May and 30% decrease year over year. The inventory for short sales + REOs is just about 9% of the total inventory.

 

Cities MedianPrice
condos sold
Price/sqft
condossold
Total
condos
MedianPrice
SFR
Price/sqft
SFR
Total
SFR
Total
sold
Sold   REOs Active   REOs
Palm   Springs

145,250

120.90

82

375,000

189.79

94

176

25

21

RanchoMirage

285,000

152.52

39

450,000

191.26

33

72

6

7

Palm   Desert

222,000

150.26

63

292,500

157.87

70

133

24

22

Indian   Wells

370,000

181.76

6

615,000

277.57

20

26

1

4

La   Quinta

306,000

189.35

19

379,000

184.58

130

149

21

20

Sun   City

251,000

154.40

28

28

1

 

Alvin and myself will be in town all summer except for short day trips here and there. Call us to schedule time to purchase your home. If you are serious about Palm Springs and Real Estate in Palm Springs NOW is the TIME!


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May 2012 Market Update for California Real Estate Market

YES! it is official the market is picking up…In our micro market in Palm Springs California, particularly even so!
OK this is NOT the end of seeing distressed properties come on the market but we made that turn and the market is correcting itself at least from what I am seeing in our market with less than 9% of the inventory as distressed properties .
Please watch this video and enjoy the good news! Rush , rush and catch the last waggon of the train.



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Newest Housing Data Signals Improvements

The latest round of real estate data shows home-builder confidence is soaring as homes in the United States become more affordable. In California, prices and sales appear to be on the mend.

In a note back in May, Ian Sheperdson, chief U.S. economist for High Frequency Economics, wrote that the improvements in the housing market may be a result of credit loosening. The lack of readily available home loans has been a significant hindrance and one of the stumbling blocks to a rising market, he wrote.

Reacting to the rise in builder confidence, Sheperdson’s note further stated that the key factor is improving access to mortgage finance versus the level of rates, which have been very low for a long time. After a credit event, availability of credit is an important factor to real recovery; housing is on the cusp, he wrote.

Also in May, the National Association of Home Builders reported that its index of confidence in the market for newly constructed single-family homes climbed to a level of 29, the gauge’s highest reading since May 2007.

The West was the only region that saw a decline, down two points to 29. The Midwest and South were up five points each to hit 27 and 28 respectively, and the Northeast was up six points to 32.

In many housing markets, builders are reporting that sales and buyer traffic have picked back up after a pause this past April, Barry Rutenberg, chairman of the builders association, said in a news release.

It appears we have resumed the gradual upward trend in confidence that started at the beginning of this year, as excellent affordability and stabilizing prices encourage more people to pursue a new-home purchase, he stated further in the release.

A separate index produced by the National Association of Realtors indicated that homes in the United States reached a record level of affordability in the first quarter of this year. According to research, the index shows a family that earns the median annual income of just under $61,000 can afford a home costing $325,500.

And finally, home prices and sales appeared to improve in the Golden State as well, according to the California Association of Realtors. The statewide median price rose above $300,000 for the first time, and sales were at their highest level in more than two years, the group said.

A record-high housing affordability coupled with a brighter economic picture, pushed the Spring home buying season off to a strong start, LeFrancis Arnold, president of the association, said in a news release.

With interest rates declining to new record lows in recent weeks as well as a continually improving economy, we should see a steady improvement in the housing market throughout the end of the year, Arnold said further.

The California real estate group also reported that the amount of inventory on the market remained low. About four months and just under a week’s worth of homes were available for sale on the market, according to the association’s inventory index. Around six to seven months is considered a healthy market.



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Mesquite Golf and Country Club – Palm Springs

The Mesquite Golf and Country Club was established in 1984 and ever since that period, its architect Bert Stamps has managed to make it stand out as one of the most spectacular golf courses in Palm Springs. When one is golfing at the Mesquite, one can’t help but admire the beautiful and spectacular tropical scenery that hits them. From the majestic San Jacinto and Santa Rosa mountain range to the tree lined fairways and the 5 lakes found on the grounds, Mesquite golf country club has one of the most beautiful golf courses in the US.

Reasons one should join the Mesquite Golf and Country Club

 

There are various reasons why one should join the Mesquite Golf and Country Club some of which include;

  • The Mesquite golf course has a beautiful 6,400 yard field that is both challenging and eye catching. This will sure appeal to all golfers who love beautiful scenery and enjoy a challenging game of golf.
  • The Mesquite golf course features a traditional 18 hole championship layout that was designed by renowned architect Bert Stamps.
  • Mesquite golf course also has 5 lakes that are strategically placed within the field to create a more challenging field for the club’s golfers. A feature that members of the Mesquite golf country club enjoy and love.
  • The Mesquite Golf Course is lined with mature trees that give it a certain picturesque appeal that is both appealing and attractive to all of its members.
  • Mesquite Golf and Country Club also features a fairly large grass practice facility for its members coupled with a driving range.
  • The Mesquite clubhouse has being beautifully crafted in a Spanish style that makes it stand out from other clubhouses. This Spanish clubhouse boasts of a lot of culture and uniqueness that most people find hard to resist.
  • The Mesquite clubhouse is huge with over 15,000 square feet, and has an elevated fully established restaurant that serves some of the best cuisines in the region.
  • While at the Mesquite Golf and Country Club one gets to enjoy the awesome views of the mountains and lush fairways that are characteristic of the unique landscape at the Mesquite Golf and Country Club.
  • The clubhouse also has a banquet area, a cocktail lounge, pro shop, two racquetball courts, and a patio that gives one a chance to enjoy the breathtaking views that are at Mesquite golf country club.
  • The Mesquite Golf Country Club is located just a few miles from Downtown Palm Springs, which is close to some of Palm Springs most famous hotels, airports, and casinos.
  • The Mesquite Golf and Country Club has hosted several local PGA and Golden State Tour events, this has made it gain recognition as one of the best places to golf.
  • Bob Hope has also frequented the Mesquite Golf and Country Club. This has served as proof of how beautiful and good the golf course and clubhouse at the Mesquite Golf Country Club is.



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Canadians Have Financial Advantages Buying in Palm Springs

Rates Make This a Good Time for Canadians to Buy in Palm Springs

 

The Canadian dollar is currently enjoying the most favorable exchange rate versus the U.S. dollar in decades.  Add to that the fact thatU.S.real estate prices have fallen from 30 to 50% over the last several years, and the result is that there has likely never been a better time to buy in Palm Springs then right now.

The Palm Springs area is acknowledged as one of the most attractive regions in theU.S.in which to make a purchase.  The locale is internationally renowned as a resort destination.  The dramatic setting beneath the majestic San Jacinto Mountains appears picture perfect, especially in winter when the snow capped peaks provide a striking contrast to the golf course studded desert flatlands.  There are Indian Casinos inside the city, and Las Vegasis an easy drive away.

Surveys show that a fifth of all Canadians are considering purchasing property in the U.S.  They already comprise about a quarter of the international buyers of U.S.real estate.  Such transactions have become so common that most major financial institutions are familiar with the process and able to offer assistance.

 

Process Less Complicated and Time Consuming

 

Experts now view the procedures for Canadians buying in Palm Springs as no more difficult than it would be in their home provinces.  When problems do arise, they tend to involve differences in the income tax codes between the two countries rather than anything about the purchase of the property itself.  For this reason, it is suggested that buyers consult with Canadian financial advisors regarding income taxes before making a purchase.  They will be able to walk clients through the legal fine points that U.S.advisors may be unaware of.

Tax planning should be part of the purchase strategy.  Often times, buyers make a purchase without considering the tax implications until it is time to file their returns.  It is also important to keep abreast of changes in the tax codes from year to year.

 

Many Selections Available Now

 

Because of the so called housing crises, there are many choice properties to select from in the Palm Springs area.  These extend into neighboring locales such asPalm Desert, La Quinta, and Cathedral City.  Each community has its enthusiasts, but all enjoy the same spectacular scenery and warm winter weather.  These are just two of the region’s positive attributes.  Others that add to the enjoyment would be: vibrant night life, an acclaimed community of artists, attractive shopping districts, and numerous golf courses.

Realtors can provide listings of properties in foreclosure or available for short sales.  There are often terrific bargains to be had in such distressed properties.  Local Palm Springsrealtors will also be knowledgeable about property taxes and options for financing.

Many Canadians buy property in Palm Springs for investment purposes or as second homes.  The many attractions to be found here help add to value and protect from downturns.  They also make it easy to rent out places bought.



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