Palm Springs Real Estate Market Update

What is happening now in Palm Springs Real Estate Market?

 

Here is my take for this month. At the end of the season, the sellers are anxious to sell before the summer, thereby accepting lower offers. This created a lower median price point. There is still time to jump in and buy a good “real estate” value for your money in the Palm Springs area.

 

Here are the numbers for June compared to May :

  • Number of total closed sales in June compared to May: Almost the same
  • Median price of sold properties (overall) compared to May: close to 9% Decrease in price – condo prices held whereas the single family homes brought the overall median price down. (particularly in Indian Wells and Sun City)
  • Number of Bank Owned sold :5% increase.
  • Number of Bank Owned still for sale : almost the same
    • 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

 

Yes as it has been and said for the last 2 decades, the time to buy in Palm Springs is the summer. Sellers are “RIPE.” The “daring buyers”, out there ready to come and look at properties in 110 degrees of heat, will be rewarded.

Alvin and I are here for the summer, let’s set an appointment.

 

Total  homes sold in June 2010 : 513
Median Price all in all : 358,329
Total Bank Owned (REO’s) sold in June 2010 :
135
Total Bank Owned (REO’s) active in June 2010: 270

 

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 150,000 131.14 79 332,000 192.28 87 166 58 97
RanchoMirage 280,000 189.23 19 602,500 221.23 34 53 6 27
Palm Desert 227,500 158.88 56 317,000 177.86 63 119 28 63
Indian Wells 495,625 196.56 4 547,000 283.27 18 22 2 12
La Quinta 270,500 190.50 22 404,500 196.96 110 132 38 66
Sun City 315,000 179.40 21 21 3 5

2 thoughts on “Palm Springs Real Estate Market Update

  1. Adah Swett

    I am now confident the peak in Canadian housing has finally set in. The real estate industry tries to convince everyone it’s business as usual and homes are affordable because rates are low. High-end home prices will remain relatively steady for a brief while longer.

    Reply
    1. claudine Post author

      I agree with you…though in our market : the Palm Springs Real Estate, things are slightly different. Canadians are still buying and plan to buy as long as we: 1) have attractive prices (yet a while to go on those) 2) a value of over 90c to their dollar 3) the sun and good weather in the winter (this is is not going away for a while to come)

      Reply

Care to Comment?  Leave a Reply here!

Your email address will not be published. Required fields are marked *