Category Archives: Statistics for Home Sales

Palm Springs, CA Market Report for the week of July 23, 2012

The median list price in PALM SPRINGS PROPER, CA 92264 this week is $711,000.

Inventory has been lightening lately and the Market Action Index has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market.

Supply and Demand

Home sales have been exceeding new inventory for several weeks. While still a Buyer’s market, prices seem to have responded by moving upward. If the demand trends continue, expect prices to keep marching upward, especially once we see a Seller’s Market.

Price

Price trends in this zip code continued their recent uptrend this week. While still below the market’s high point, we’ve seen a nice run recently.

For additional information regarding Palm Springs single family homes, CLICK HERE.  Interested with Palm Springs Real Estate & Its prestigious Golf golf communities? Search for Palm Springs Homes OR Just call Claudine @ (760) 799 5308  or Email  her @ info@claudinereal.com

 



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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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Palm Springs Real Estate – where do we stand at the beginning of the season?

Interesting results I wanted to share with you regarding Palm Springs Real Estate

 

Here are the statistics covering ONLY the cities of : Palm Springs Proper, Rancho Mirage, Palm Desert, Indian Wells, Sun City Dell Webb and La Quinta.

The numbers in the chart   are showing the sales for April 2011 compared to October 2011. The table also shows the inventory in April compared to inventory up to date.

The total number of sales are 62% lower. This is “normal” because April would reflect the sales which happened during the month of March which is the height of the season while October shows the sales that happened during September which is still our low season.

What is important is that prices did not drop more than 1%   which shows a stable market at the lower end.

On the other hand , in the high end market, the  median price dropped almost 26%  (but only 4 homes sold)

Inventory :There is  50% less inventory for condos below 200K and 14% less inventory for single family homes below 300K : so the lower end is selling fast

Percentage of distressed properties active : 30% at the lower end below 200K  and only 5% at the higher end of the market

This season has already started strong, this is still a buyers’market – money is cheap out there.

Maybe some of your friends want to buy…let us know JJ

Total Sold April

Total Sold October

Distressed Properties
Sold April

Distressed Properties Sold Oct.

Median Price Sold
April

MedianPrice Sold
October

Total Active April

Total Active
Oct.

Distressed
Properties
ActiveNov.

% Distressed
inventory

Condos up to
200K            
   

108

79

47

39

125,000

114,000

785

393

119

30%

Condos 200K
and up

129

39

8

5

285,000

280,000

576

877

50

5.7%

Single Family
up to 300K

135

125

59

67

185,044

197,500

523

439

151

34%

Single Family
300K to 600K

114

70

19

17

437,931

426,500

777

687

95

14%

Single Family
600K to 2M

77

45

3

13

808,000

806,000

938

772

41

5.3%

Single Family
2M and up

8

4

2

0

  3,200,000   

2,350,000

259

197

5

2.5%

Total

569

362

121

141

 

3858

3365

 

 

 

 



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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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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.

Monthly Statistics for Homes sold in Palm Springs

Almost the end of the summer and interesting numbers for homes Sales in Palm Springs!

  • The number of escrows closed is down 14%. It means 14% fewer homes got into contract  during July. However there is a  20% increase in homes that went into contract for the month of August(which will show as increase in sold homes for next month statistics)
  • Median prices are down 8%
  • 4% drop in number of foreclosures “sold” (this is the reflection of the fewer total number of units closed)
  • 8% drop in number of foreclosures active on the market .

The sales of foreclosures brings the median price down and brings some sellers to accept lower offers. It is still time to get in on” band wagon” and take advantage of the market. Our season is right around the corner  and could affect the market – 2 more months to go.

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

The homes “sold” in August reflects the sales that happened in July and closed in August

 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

Total  homes sold in July 2009 : 416
Median Price all in all : 358,490
Total Bank Owned (REO’s) sold in  July 2009 : 132
Total Bank Owned (REO’s) active in July 2009 : 214

 
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 162,500 140.75 74 300,000 189.42 76 150 53 72
RanchoMirage 292,500 154.08 12 650,000 228.92 29 41 7 31
Palm Desert 190,000 151.53 39 314,900 179.52 51 90 39 53
Indian Wells 395,000 198.15 3 696,000 265.72 14 17 2 6
La Quinta 287,500 199.11 14 375,000 183.62 87 101 30 50
Sun City       280,000 187.83 17 17 1 2