Real Estate Market Update for Palm Springs and the Desert Cities

This is the market update for the month of April. The market is turning, prices are already showing some increase and by next season it will be a different game. Alvin and myself are here all summer and ready to work with you and get ahead of the flock waiting for Next January to still find the “DEAL” .

To see the charts for the previous months see our webpage : http://www.claudinereal.com/Area_Sales_Statistics.htm

The “Sold” transactions , mean closed transactions for sales that happened traditionally 30 days before hand.

The numbers for this month are confirming the fact that our market is changing and the trend is towards a SELLERS’MARKET. Inventory is shrinking and some buyers are still out there looking for the Deal that they should have made 6 months ago! and sitting on the fence waiting for…WHAT? …Look at the numbers you can still buy low and certainly lower that 6 months from now.

Results for April 2012

Total homes sold : 686 month over month a 0.5% increase and 17% year over year

Total homes in “pending” (under contract ready to close) : 522

Total homes in “back up offer” (still under contingencies, mainly short sales waiting for bank’s approval) : 806 A great majority of these 806 might have to wake up in a few months empty handed  and get to choose a different property from an even  smaller inventory at a higher prices.

Median price for condos : $257,900 a slight increase

Median price for single family : $ 440,125 a 10% increase month over month

Total Bank Owned (REO’s) sold in April 2012: 95 a 25% decrease month over month and  that explains the increase in median price an

Total Short Sales sold in April 2012: 5314.5% decrease. Fewer short sales closed because the banks are not working fast enough

Total Bank Owned (REO’s) active in May 2012: 83 a 30% month over month decrease and 69.5% year over year . Less REOs on the market and prices are going up.

Total Short Sales active in May 2012:156, a 20% month over month decrease

Total Inventory for the cities we cover : 2742 10% decrease compared to April . and a 29% decrease year over year. The inventory for short sales + REOs is just about 9% of the total inventory, compared to the 16% average during the past year.

 

Cities MedianPrice
condos sold
Price/sqft
condossold
Total
condos
MedianPrice
SFR
Price/sqft
SFR
Total
SFR
Total
sold
Sold REOs Active REOs
Palm Springs

150,000

124.85

150

352,000

195.84

93

243

36

32

RanchoMirage

266,000

136.80

32

412,500

185.13

48

80

10

15

Palm Desert

223,500

151.88

89

300,000

176.45

65

154

22

17

Indian Wells

390,000

171.93

9

806,250

306.82

24

33

1

4

La Quinta

260,000

189.35

31

465,000

200.94

115

146

26

15

Sun City

305,000

165.21

29

30

0

 

We are just a phone call away…and will be happy to answer any of your questions.

 


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