Category Archives: Palm Springs Area Inventory Updates

Palm Springs Market Update September 2011


August Market Update for Palm Springs Real Estate

Just comparing the numbers year over year, we actually are in the green and look better than we could think watching gloomy news.

the numbers below the video will demonstrate the point.

[kml_flashembed movie="http://www.youtube.com/v/G1_HufO98xo" width="425" height="350" wmode="transparent" /]

 

Total  homes sold in August 2010 : 331
Median Price all inclusive : 315,653
Total Bank Owned (REO’s) sold in August 2010 :
99
Total Bank Owned (REO’s)Active  in September 2010: 315

Total  homes sold in August 2011 : 434
Median Price all inclusive : $286,578
Total Bank Owned (REO’s Sold in August 2011 : 113
Total Bank Owned(REOS’s) Active in September 2011:

Surprising…not that alarming after all?


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Short sales properties or Bank Owned properties in Palm Springs and the Desert Cities?

Are we going to see more Short Sales or more Bank Owned in the near future or the future as a whole in Palm Springs?
As Realtor in Palm Springs, last time I looked and counted (end of July) I found out that less than 17% of our inventory is Short Sales and REO’s (Bank Owned) combined.
The Realtors handling REOs accounts are experiencing a significant drop in the number of properties that are given to them to sell.
On the other hand, The National Association of Realtors is telling us very clearly (I mean this is an insider TIP) that yes the reason why the number of REOs is dropping is because the banks are “trying to get Short Sales thru” faster and more successfully.
So the whole industry is now shifting from Bank Owned to Short Sales. So be it .
But I have my doubts and I did investigate with “real insiders” and my belief is that we WILL SEE more Bank Owned properties hit the market but the low end of the market (prices under 250K) are going away and this is the second wave with the homes priced over the 300K up to 800K.
I have my eyes on this specific subject and will keep sharing any information I can get with you.

 

 

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Buying Bank Owned Real Estate in Palm Springs

This chart represents the SOLD bank owned properties (REO) since January 1st 2011 as well as the REOs available today in Palm Springs, Rancho Mirage, Palm Desert, Indian Wells, La Quinta and SunCity Del Webb.
Whether buying real estate in our area is for investment, personal use or both, your expectations should be set on REAL numbers and not on hearsay or the media.
The perception that banks would want to “get rid” of their inventory at any price is proven not to be true. The reality and the numbers prove otherwise. In fact, many “investors” just like you, with cash in hand to make a deal, are out there trying to make it happen. You DO have competition.
In case of multiple offers, the banks can take the highest offer or can come back asking for “best and final” without a formal counter offer with a number on it . THIS IS HOW IT WORKS, and your first shot might be your only shot.
When we find the right bank owned property, let’s write an offer not below 95% of the asking price and if it is a HOT one, a full price offer would work even better. THIS WILL GIVE US A CHANCE TO WIN.

Total REOs Sold %Price Sold versusListed Total REO Active
Condos up to
300K
135 95.53% 98
Condos 300K
and over
5 97.09% 8
Single Family
up to 300K
201 96.60% 89
Single Family
300K to 600K
69 97% 43
Single Family
600K to 2M
15 94.45% 12
Single Family
2M and up
0 2
Total 425 96.13% 252



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Real Estate Inventory for Palm Springs by mid-season

Reaching the middle of our season let’s take a look at the  current inventory for our area.
• Not much change since a month ago and this is good, but inventory is still shrinking.
• The inventory is at 5 to 6 months for the whole area.
• What is most important is that the percentage of Shortsales and REO’s is decreasing.
Less than 10% of REO’s and just above 12% of Shortsales of the total amount of 5616 listings are available for sale.



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Palm Springs Real Estate – Inventory at the end of this year

It’s getting close to the end of our calendar year and I am sending you the current inventory for our area.

• Not much change since a month ago and this is good.
• The inventory is at 5 to 6 months worth of listings active for the whole area.
• What is most important is that the number of Shortsales and REO’s did not increase in % compared to the total number of active listings.
• Still showing 10% of REO’s and 13.4% of Shortsales of the total 5616 listings available active for sale.

So we have STATUS QUO month over month and if you are waiting for the “dumping” of more foreclosures on the market ..it does not seem to be happening here. We don’t see prices or inventory changing much ; only the nicest units, best locations and best prices will be going first. Now is as good a time as any to buy. Call us to schedule.