Category Archives: Palm Springs Area Inventory Updates

Is the change of hearts for banks going to change our real estate market in Palm Springs?

Changing pace of real estate inventory in Palm Springs?

Yes the inventory is shrinking but we also see a change in the Banks policy as far as processing shortsales and foreclosures.

We see a much lower number of bank owned properties on the market and the banks are now committed to “work” Short Sales in a faster and more efficient way.

I understand that change in the market and I went for a two days training to become a Certified Distressed Properties Expert . Ready to work with the banks to get my  buyers and sellers reach the best solution in their transactions.



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Palm Springs Heat bringing also Heat to the Real Estate Market?

Bidding on homes in Palm Springs.

It happened again today! I wrote an offer on a house 10% over the listing price and the listing agent comes back to me asking for best and final announcing that he has multiple offers in hand and that I should do much better if I want to be in the game.

OMG! this happening to me again and again…properties are selling fast and faster and if not at asking price then above the asking price.

It is 106 degrees out there, my courageous clients braving the heat , in Palm Springs and trying to beat the market and buy before next season (I believe prices will raise more by then) ,

This is what happens when there is no inventory and when the late bloomers start waking up and want NOT TO MISS the BOTTOM….Well the bad news is that the BOTTOM of the market was hit 6 months ago but the good news is that prices WILL go up and whoever can be brave enough to come during the hot summer months to Palm Springs will still buy real estate at lesser price than the buyers who will be here next season.

 



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Real Estate Market Update for Palm Springs and the Desert Cities

This is the market update for the month of April. The market is turning, prices are already showing some increase and by next season it will be a different game. Alvin and myself are here all summer and ready to work with you and get ahead of the flock waiting for Next January to still find the “DEAL” .

To see the charts for the previous months see our webpage : http://www.claudinereal.com/Area_Sales_Statistics.htm

The “Sold” transactions , mean closed transactions for sales that happened traditionally 30 days before hand.

The numbers for this month are confirming the fact that our market is changing and the trend is towards a SELLERS’MARKET. Inventory is shrinking and some buyers are still out there looking for the Deal that they should have made 6 months ago! and sitting on the fence waiting for…WHAT? …Look at the numbers you can still buy low and certainly lower that 6 months from now.

Results for April 2012

Total homes sold : 686 month over month a 0.5% increase and 17% year over year

Total homes in “pending” (under contract ready to close) : 522

Total homes in “back up offer” (still under contingencies, mainly short sales waiting for bank’s approval) : 806 A great majority of these 806 might have to wake up in a few months empty handed  and get to choose a different property from an even  smaller inventory at a higher prices.

Median price for condos : $257,900 a slight increase

Median price for single family : $ 440,125 a 10% increase month over month

Total Bank Owned (REO’s) sold in April 2012: 95 a 25% decrease month over month and  that explains the increase in median price an

Total Short Sales sold in April 2012: 5314.5% decrease. Fewer short sales closed because the banks are not working fast enough

Total Bank Owned (REO’s) active in May 2012: 83 a 30% month over month decrease and 69.5% year over year . Less REOs on the market and prices are going up.

Total Short Sales active in May 2012:156, a 20% month over month decrease

Total Inventory for the cities we cover : 2742 10% decrease compared to April . and a 29% decrease year over year. The inventory for short sales + REOs is just about 9% of the total inventory, compared to the 16% average during the past year.

 

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

150,000

124.85

150

352,000

195.84

93

243

36

32

RanchoMirage

266,000

136.80

32

412,500

185.13

48

80

10

15

Palm Desert

223,500

151.88

89

300,000

176.45

65

154

22

17

Indian Wells

390,000

171.93

9

806,250

306.82

24

33

1

4

La Quinta

260,000

189.35

31

465,000

200.94

115

146

26

15

Sun City

305,000

165.21

29

30

0

 

We are just a phone call away…and will be happy to answer any of your questions.

 


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The Real Estate Market in Palm Springs recovering

Just released the January Market Update from Leslie Appleton Chief Economist for California Association of Realtors

It confirms what we are seeing everyday…the last 3 offers i wrote we were in a bidding position and had to bid over list price to win the deal. I was in that position in 2004 when the market was starting to move and get better.

Listen to what she has to say :

 


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REOs Bank Owned Properties in Palm Springs

The market is turning – Palm Springs Real Estate is on its way to recovery

Just to confirm my previous post showing a chart and how the inventory is looking I would like to share a story with you: i wrote an offer on a home in Palm Springs, free standing home , in a decent condition, new listing just before President day week end. the price was over 250K

We wrote an offer a full asking price and presented it to the listing agent,by time it was presented to the bank 3 days later (because of the holiday week end) there were 13 offers on the table..

Now do you think that whoever is going to buy this property is going to buy it at a fair market price or will it be over priced? I say over priced .

So what I was predicting is happening, the number of  bank owned properties is decreasing and prices in this price range up to 300K will go up very fast.

I believe that the next few months will be the last of the “super deals” in the lower  end of the market in Palm Springs and  the Desert Cities Real Estate.

 



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Buyers'market turning into a sellers'market in Palm Springs Real Estate?

Palm Springs Real Estate market is changing and for the better

In my previous blog I was showing the numbers for our inventory in Palm Springs and the Desert Cities by price range and also showing the number of bank owned properties for each category SOLD and ACTIVE.

During the last week and in the lower “entry level” price range , meaning up 300K. I found myself in a bidding position each time. Reminds me of the good years ..
I am not saying that we are recovered and certainly not considering that the banks are just as difficult in giving out money. But I did find myself in this situation in many years bidding on properties which are regular equity sales and not even bank owned.

I am full of hope and happy for all my clients who bought during the last year they will see prices go up.

Still some good ones out there..



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Monthly Statistics for Palm Springs Real Estate

Here are the numbers covering the sales for November and comparison month over month for Palm Springs and the Desert Cities.

The comments next to the numbers should help you better understand that our market is a micro market and what applies to most of California does not apply to beautiful Palm Springs.

November 2011 results
Total homes sold : 385 a 7% month over month decrease
There were more potential buyers who were not ready to pay the market price for the homes they looked at and they went home without buying.
Median price for condos : $222,100 almost 7% decrease – 3 times as many bank owned sold in that category brought the median price down.
Median price for single family : $497,580 huge increase due to high end homes sold in Indian Wells.
Total Bank Owned (REO’s) sold : 79 a 15% decrease reflecting the fact that less Bank Owned inventory on the market.
Total Short Sales sold : 55 the same number  reflecting the same decrease as total sale
Total Bank Owned (REO’s) active in December 2011: 167 a 9% month over month decrease
Total Short Sales active in December 2011:237 a 9% month over month decrease
Total Inventory for the cities we cover : 3169 a 9% month over month decrease.The inventory is really low, so when you are here, you need to understand that if you are not ready to pay the price, someone right behind you will.  The inventory for short sales + REOs is just about 13% of the total inventory, this is slightly down compared to last month.The number of distressed properties in the cities we cover has come down.So prices WENT UP

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

137,000

116.32

54

365,000

183.57

79

133

30

44

RanchoMirage

285,000

171.96

11

567,500

200.66

26

37

9

22

Palm Desert

212,000

144.84

39

302,500

166.16

54

93

15

52

Indian Wells

297,500

140.34

4

1,175,000

346.26

11

15

1

9

La Quinta

179,000

140.51

9

313,000

161.08

81

90

24

39

Sun City

262,500

154.27

17

17

0

Numbers for October 2011

 

Cities MedianPrice
condos sold
Price/sqft
condossold
Total
condos
MedianPrice
singlefamily
Price/sqft
singlefamily
Total SFR Total
sold
Sold REO’s Active REO’s
Palm Springs

123,000

112.37

49

285,000

178.51

67

116

24

52

RanchoMirage

215,000

118.15

14

366,000

185.02

40

54

14

24

Palm Desert

168,000

118.31

39

270,000

163.89

49

88

34

59

Indian Wells

400,000

143.58

2

624,000

225.99

14

16

4

9

La Quinta

297,094

154.76

14

249,000

138.84

66

80

29

40

Sun City

257,000

143.58

7

22

1

2



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Real Estate Market Update in Palm Springs

Market Update for Palm Springs September 2011

The numbers are encouraging (for us and for the economy) because they show some increase in prices, fewer bank owned sold and fewer bank owned on the market. This confirms what we talked about last month regarding the banks shying away from foreclosures. They are trying to help the homeowners by slowing down the process and asking them to try and sell the distressed properties as short sales. This is why we are seeing more short sales on the market and more short sales selling. The banks are making efforts to process them faster. I am showing you, below, the results for the month of September 2011 and comparing month over month with August 2011. As well, I am also giving you the numbers comparing year over year. One thing is sure, properties are selling and prices are not “crashing”.  Let’s talk. So the weather is really cooler at under 85 degrees today and it might be just time to call us and set an appointment to buy a property in Palm Springs before the big seasonal rush .

MONTH OVER MONTH

September 2011 results versus August 2011 as usual green for better results red for worse.
Total homes sold : 390 versus 434 a 10% month over month decrease (normal reflecting the sales for August which is our hottest month)
Median price for condos : $224,600 versus $210,035 almost 7% increase
Median price for single family : $358,750 versus $350,358 a slight increase
Total Median price : $291,675 versus $280,196
Total Bank Owned (REO’s) sold : 95 versus 113 a 16% decrease reflecting the same as total number of sales
Total Short Sales sold : 56 versus 62 a 10% decrease reflecting the same as total sales
Total Bank Owned (REO’s) active in October2011: 188 versus 202 a 7% month over month decrease
Total Short Sales active in October 2011: 281 versus 250 – a 12% month over month increase
Total Inventory for the cities we cover : 3008 versus 2553 last month an 18%
month over month increase. The inventory for short sales + REOs is just about 16% of the total inventory, this is the same month over month. Short sales represent a growing number while the REOs number is shrinking.
YEAR OVER YEAR
Total homes sold in September 2010 : 329 compared to 390 in 2011
Median Price all in all in September 2010 : 296,413 compared to 291,675 in 2011
Total Bank Owned(REO’s) Sold in September 2010 : 107 compared to 95 in 2011
Total Bank Owned (REO’s) Active in October 2010: 304 compared to 188 in 2011



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Daily update for Palm Springs Real Estate Market

How is Real Estate doing  in Palm Springs and the Desert Cities on Tuesday September 20th ?

 

88 New Listings25 Contingent (went into contract waiting for inspections) – 63 Pending (contingencies removed on the way to closing transaction)- 42 Sold (transactions closed)- 48 Back on the market (could have expired earlier)

So 130 homes are off the market compared to the 136 (88  + 48) that just came on the market .

Our inventory is shrinking – I am curious to see what will happen as we get closer to our season.

 


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