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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Great Deal for "entry level" condo buyers in Palm Springs

Unbelievable – the price – the location – the comps This is the Best Buy in Palm Springs today.

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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