Palm Springs Area Market Report

Browse down this page to see the Charts with monthly sales data covering the cities of Palm Springs, Rancho Mirage, Palm Desert, La Quinta, Indian Wells and Sun City Palm Desert. Those are the cities  Claudine and Alvin  traditionally cover,  selling  and listing properties . The numbers in green show an improvement in comparison to the control number given for that specific chart.

End of April 2016 : comparing year over year condos and single family homes by price range -for the cities listed above – See the chart below
With an inventory 18% larger than last year at this time, we can  confirm that WE ARE IN A BUYER’S MARKET. Prices for condos came down across the valley but prices for Single Family Homes are all up (in the green) . As agents this is what we experienced all season : The “snowbirds” and the  Canadian buyers are not on the map and that is the main reason for the numbers we are seeing. On the other hand the people “moving” to our area are the ones buying and impacting prices. The market is indeed different. Investors, IT IS THE TIME FOR YOU TO MAKE YOUR MOVE

CitiesMedian Price condos Total condos
sold
MedianPrice single familyTotal single
family sold
Total homes sold
Available properties % Selling to Listing Price
Palm Springs 2015 $206,000108$550,00011522376597.8%
May 2016$244,70094$576,1009018491296.90%
Rancho Mirage 2015 $290,00033$575,000498259795.1%
May 2016$269,90035$632,000508566094.84%
Palm Desert 2015$292,00077$346,500761539505.6%
May 2016$265,00085$439,00078163103195.30%
Indian Wells 2015$464,0008$660,000233128192%
May 2016$412,5006$704,500202632292%
La Quinta 2015$335,00021$406,75012414581194.48%
May 2016$320,500024$478,000119143109897.46%
Sun City 2015$338,000363614497,45%
May 2016 $323,000313115095.83%
Total May 20152474236703548
Total May 20162443886324173

End of February 2016 : comparing year over year – condos and single family homes by price range -for the cities listed above – See the chart below
All the numbers in red show a drop in selling prices across the board. The listing prices are showing in  green (means prices up compared to last year) . So the sellers and their Realtors had their hopes up that this season would allow a price increase. Well,  the reality is , price reductions happen everyday and this is the only way you can get showings and offers on the listings. On the other hand the inventory is higher and number of sales are up. That means buyers that figured it out ARE buying at lower prices.

The numbers confirm what the Realtors and the industry in the Desert are saying,  mid-way into our season : This is a buyer’s market and we have not been here in a long time!! It is time to  get off the fence!
 

Category Total Active Total SoldMedian Price listed Median Price sold% Prices Listed/Sold
Condos up to 200K Feb 201521948$156,291$148,000
February 201632248$144,575$137,50095%
Condos 200K/400K Feb 2015
72577$307,949$293,760
February 201690496$310,928$274,25088%
Condos 400K + Feb 2015 29826$546,200$516,038
February 201630527$567,400$528,21193%
House up to 300K Feb 2015
19141$240,650$231,185
February 201619255$241,049$226,86794%
House 300K/600K Feb 201579193$447,340$432,268
February 2016932109$465,622$427,50091,8%
House 600K to 2M Feb 2015112267$1,075,097$1,019,863
February 2016 131391$1,054,444$870,36682.5%
House 2 M + Feb 2015 2548$3,284,850$3,043,125
February 201632710$3,519,815$3,167,81589.9%
Totals February 20153600379
Total February 2016 429543690.57%

 

January 2016 : Comparing year over year per city prices-number of sales and inventory
It takes traditionally 30 to 45 days to “close escrow” (inspections, removal of contingencies and financing). So the chart will show the “closed transactions” (the ones that went under contract previous to January 1st, 2016) as well the “sales” (properties that went under contract  after January 1st 2016 and still “in escrow”, commonly called “sales”  ) That said here are the comments regarding our market during the first month of the season.
The numbers speak for themselves . We are in a “flat market” . Prices are steady and even a little up compared to the same time last year and the number of sales is also about the same. The only significant change is the inventory which is higher (20%) than last year and that is trending toward  a buyer’s market.

CitiesAverage
condos
Closed sales
Condos
Average single familyClosed Sales
Single Family
Closed Sales
Total
New Sales
Today's
Inventory
Palm Springs Jan 15$220,00076$525,00055131721
January 2016$218,50059$637,00063122216930
RanchoMirage Jan15$255,00019$569,0002544589
January 2016$259,60013$751,500364993688
Palm Desert Jan 15$254,50059$425,00048107890
January 2016$269,50049$487,700531021371107
Indian Wells Jan15$327,5002$1,095,000911290
January 2016$446,0004$839,600121632332
La Quinta January15 $249,00015$516,0006479959
January 2016$306,50017$789,00055721701156
Sun City January15$355,0001919164
January 2016$350,000232340174
Total January 15$261,200171$580,8502203913613
Total January 16 $300,000142$642,4502423846884387

 

September 2015: Comparing year over year per city-prices-number of sales and inventory
The inventory shows an increase of 25% – this is good news!
The prices for condos dropped about 20% except in Palm Springs Proper- more sales of lower priced condos skewed the numbers down
The prices for free standing homes increased about 7% in all the cities
The number of sales show an increase of over 25%
So more sales, more inventory, stable steady increase in prices puts us in a “healthy place” to start our season. NO crisis just a very stable market

CitiesMedian Price condos Total condos
sold
Median Price single familyTotal single
family sold
Total homes sold
Available properties % Selling to Listing Price
Palm Springs 2014 $219,00070$559,0005212246898%
September 2015$220,00089$581,2875013963696.83%
Rancho Mirage $318,50018$533,000264437992.69%
September 2015$270,00022$570,000274946194.44%
Palm Desert $249,50040$329,000307063195.64%
September 2015$250,00045$418,950428776198.03%
Indian Wells $389,0003$665,00091214192%
September 2015$318,0003$675,000111419392%
La Quinta $415,0007$336,950626958795.64%
September 2015$321,23812$341,500809275094,24%
Sun City $320,00015159198.74%
September 2015$270,000292910995.46%
Totals 318,580138457,3601943322297
Total Sept. 2015$275,846171$475,9652394102910


Mid-May 2015
: comparing year over year , per city: prices, number of sales and inventory
The trend we were seeing in the middle of the season is continuing.
Inventory is higher by more than 20% year over year.
In general, prices have come down except for “Palm Springs Proper” (the city of Palm Springs) and Sun City Palm Desert that remains  stable year over year.

CitiesMedian Price condos Total condos
sold
Median Price single familyTotal single
family sold
Total homes sold
Available properties % Selling to Listing Price
Palm Springs 2014 $205,00088$467,0008217059793%
May 2015 $206,750108$550,00011522376597.08%
Rancho Mirage 2014 $384,00029$660,000548346889%
May 2015 $290,00033$575,000498259795.81%
Palm Desert 2014$275,00077$395,5008015776492%
May 2015 $292,00077$346,5007615395095.06%
Indian Wells 2014$377,00014$1.26 M223621386%
May 2015 $464,4508$660,000233128192%
La Quinta 2014$375,00022$600,00010712973590%
May 2015$335,00021$406,75012414581194.48%
Sun City 2014$342,00033338898%
May 2015 $338,900363614497.34%
Totals May 2014323,400230621,1663756082865
Total May 2015$317,640247$480,5254236703548

End of March 2015 : Market Update brought to us by The Palm Springs Regional Association of Realtors, the Association to which we belong 1March 2015-1I just received the  “Market Watch Report” for our area that I would like to share with you. The numbers  just confirm what I have been saying all along : The market IS STABLE. Only 2 cities in our valley saw a significant price change (increase) for the 2015 season. Palm Springs proper  is ALWAYS on top of the list.

9We have very few “distressed” properties in our area (foreclosures and short sales).
On the other hand the fact that many of our Canadian friends did not show up to buy real estate (or anything else by the way) has affected our market in the number of sales.  Of course,  less demand = no bidding wars and only a slight increase in the prices .
The majority of our buyers are now coming from California and the surrounding  states (often just driving distance).  We will be here all summer and available to show you properties.

End of February 2015 : Year over year comparison of prices and inventory. See the chart below

In general, inventory is higher :  2594 for 2014 versus 3600 for 2015
In general, Condo prices have slightly come down except on the low end where they remain stable.
Single Family home prices have gone up except for 2M and above where the listing prices came down.
The list price to selling price delta has not changed : 94.99% versus 94.89% . The sellers are holding to their price.
WE ARE IN A STABLE MARKET AND THIS IS GOOD FOR INVESTING IN  REAL ESTATE

Category Total Active Total SoldMedian Price listed Median Price sold% Prices Listed/Sold
Condos up to 200K
February 2014
13238$157,600$147,13693.93%
February 2015 21948$156,291$148,00094.58%
Condos 200K to 400K
February 2014
38748$313,764$301,18896.15%
February 2015 72577$307,949$293,76095.39%
Condos above 400K
February 2014
20818$620,056$598,80696.53%
February 2015 29826$546,200$516,.03894.48%
Single Family up to300K
February 2014
16058$231,021$222,21896.64%
February 2015 19141$240,656$231,18596.06%
Single Family 300K to 600K February 201463392$440,110$427,33997.63%
February 2015 79193$447,340$432,26896.03%
Single Family 600K to 2M February 201483262$1,067,785$988,99796.29%
February 2015 112267$1,075,897$1,019,96394.80%
Single Family 2 M and over February 201424211$4,226,273$3,777,72789.65%
February 2015 2548$3,284,850$3,043,12592.66%
Totals February 2014259438994.99%
Total February 2015 360037994.85%

End of January 2015 :  Year over year comparison median prices per cities, inventory per cities – see the chart below
The number of sales compared to January 2014 are 10% lower , our inventory is 10% higher.
Palm Springs Proper, as well as the 55+ Active Community of SunCity Del Webb in Palm Desert, is showing increase in prices . This describes exactly who are our main  buyers : the California “mid-century homes lovers” (those are mainly found in Palm Springs Proper) and the retirees.
The % of selling price compared to listing price is still showing between 93% and 97% . So the sellers are still holding their prices.
This year is different from the past 5 years : our Canadians buyers have almost disappeared due to the drop of their dollar – almost 20% compared to the US dollar. Yes Canadians that bought up to last year are now laughing all the way to the bank!
So yes our market has changed in a way that our boomers, retirees, US residents  second homes buyers are now our main  source of business.

CitiesMedian Price condos Total condos
sold
Median Price single familyTotal single
family sold
Total homes sold
Available properties % Selling to Listing Price
Palm Springs Jan 14$195,00067$437,0005312063292%
January 2015$220,00076$525,0005513172197.10%
RanchoMirage Jan14$337,00026$679,000376354493%
January 2015$255,00019$569,000254458994.15%
Palm Desert Jan 14$257,50070$450,0004211285992%
January 2015$254,50059$425,0004810789094.29%
Indian Wells Jan14$365,0005$649,000131827293%
January 2015$327,5002$1,095,00091129094%
La Quinta January14 $353,50016 $590,0008610287794%
January 2015 $249,00015$516,000647995992.29%
Sun City January14$339,000272790102%
January 2015 $355,000191916496%
Total January 14$301,600184$524,0002584423274
January 2015 $261,200171$580,8332203913613

End of October 2014  : The market report for this month is comparing inventory and number of sales from July 2014 through October 2014
We notice an 8% increase in inventory and an 8% decrease in number of sales. Now that is interesting!! The numbers do not lie. What is really interesting though is that the % of selling price to listing price is in the green. The sellers are now getting close to their asking price or they just are more open to listening to their realtors and accepting to list their homes at a realistic price. The sellers and their Realtors are anxious to see the season “pick up”, but the “snowbirds” are just beginning their migration.

Category Total Active Total SoldMedian Price listed Median Price sold% Prices Listed/Sold
Condos up to 200K
July 2014
22356$148,926$142,48895.72%
October 201422467$154,151$146,21694.85%
Condos 200K to 400K
July 2014
47696$302,075$290,02996.65%
October 201459569$286,282$268,43095.33%
Condos above 400K
July 2014
19128$527,989$504,29495.67%
October 201424722$507,327$486,81895.96%
Single Family up to300K
July 2014
15964$235,258$225,81596.66%
October 201416047$233,913$230,41398.50%
Single Family 300K to 600K July 2014514139$445,387$429,94196.77%
October 201467799$436,789$423,78197.02%
Single Family 600K to 2M July201463184$1,005,939$945,59295,11%
October 2014 79363$916,621$875,47995,11%
Single Family 2 M and over July 20141349$3,001,556$2,563,28986.45%
October 2014 1862$2,735,000$2,521,25092.18%
Totals July 2014232847694.71%
Total October 2014 288236995.56%

End of September 2014 – trying to compare the market at where it was at the end of May 2014, we are seeing a lot of numbers in red , the number of sales dropped significantly and the inventory as well. The % of selling price to listing price is the only number all in green. The sellers are not in a rush and unless they get their price they will wait for the season where more buyers will be around.

CitiesMedian Price condos Total condos
sold
Median Price single familyTotal single
family sold
Total homes sold
Available properties % Selling to Listing Price
Palm Springs May $205,00088$467,0008217059793%
September 2014$219,00070$559,5005212246898.29%
Rancho Mirage May$384,00029$660,000548346889%
September 2014$318,50018$533,500264437992.69%
Palm Desert May$275,00077$395,5008015776492%
September 2014$249.50040$329,000307063195.64%
Indian Wells May$377,00014$1.26 M223621386%
September 2014$389,9003$665,00091214192%
La Quinta May$375,00022$600,00010712973590%
September 2014$415,0007$336,950626958795.64%
Sun City May$342,00033338898%
September 2014 $320,20015159198.74%
Totals May 2014323,400230621,1663756082865
Total Sept. 2014 $318,580138$457,3601943322297

End of July – Middle of our summer – how is our Market doing compared to February middle of our season :Surprisingly enough there are a larger number of total sales : YES we are busy and the buyers are in town
The selling price to listing price is almost the same : the saying that sellers are “softer” in the summer is NOT showing in our market
Except for the high end properties the prices on average are above 95% of the asking price.

Category Total Active Total SoldMedian Price listed Median Price sold% Prices Listed/Sold
Condos up to 200K
February 2014
13238$157,600$147,136 93,93%
July 201422356$148,926$142.48895.72%
Condos 200K to 400K
February 2014
38748$313,764$301,18896.15%
July 201447696$302,0275$290,02996.65%
Condos above 400K
February 2014
20818$620,056$598,80696.53%
July 201419128$527,989$504,29495.67%
Single Family up to300K
February 2014
16058$231,021$222,21896.64%
July 201415964$235,258$225,81596.66%
Single Family 300K to 600K February 201463392$440,110$427,33997.63%
July 2014514139$445,387$429,94196.77%
Single Family 600K to 2M February 201483262$1,067,785$988,99796.29%
July 2014 63184$1,005,939$945,59295,11%
Single Family 2 M and over February 201424211$4,226,273$3,777,72789.65%
July 2014 1349$3,001,556$2,563,28986.45%
Totals February 2014259438994.99%
Total July 2014 232847694.71%
Looks like we are going towards smooth stable times until we hit season and then it will change.

[youtube]http://youtu.be/m8QBfW43oWE[/youtube]

Market Update for end of May 2014. The numbers end of January 2014 compared to end of May 2014. The economists in the Industry have been projecting a growth of 7% for this year and we are seeing exactly that. Also the comparison of the listing price to selling price is showing that the sellers lower their price if they want to sell.

WE ARE IN A STABLE MARKET AND THERE SHOULD BE NO FEAR TO BUYERS OR SELLERS TO JUMP IN

CitiesMedian Price condos Total condos
sold
Median Price single familyTotal single
family sold
Total homes sold
Available properties % Selling to Listing Price
Palm Springs Jan $195,00067$437,0005312063292%
May 2014$205,50088$467,0008217059793%
Rancho Mirage Jan$337,00026$679,000376354493%
May 2014$384,00029$660,000 548346889%
Palm Desert Jan $257,50070$450,0004211285992%
May 2014$275,00077$395,5008015776492%
Indian Wells Jan$365,0005$649,000131827293%
May 2014$377,50014$1,262,500223621386%
La Quinta January $353,50016 $590,0008610287794%
May 2014$375,00022$600,00010712973590%
Sun City January$339,000272790102%
May 2014 $342,00033338898%
Totals January $301,600184$524,0002584423274
May 2014 $323,400230$621,1663756082865

The Market by April 30th We are now at the end of the “season” and we have seen some potential buyers stay shy because they did not believe prices could go up so fast and it “smelled and looked” like something we had seen before : “the bubble” “Is this a new Bubble?” Here is the data that proves that “No it is NOT a Bubble”. As we have been saying all along, we are entering a stable market – Just a “regular Market ” with Buyers ready to buy and Sellers willing to sell. And isn’t it the most comfortable time to think of buyer with no “fear” ?