Hello I am sending you the monthly Real Estate update for Palm Springs and the Desert Cities we cover including Rancho Mirage, Palm Desert , Indian Well, La Quinta and Sun City only. You can access the charts back to February 2011, month by month by going to http://www.claudinereal.com/Area_Sales_Statistics.htm
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.
Results for March 2012
Total homes sold : 645 month over month a 25% increase
Total homes in “pending” (under contract) : 514
Median price for condos : $255,600 more than 5% increase month over month
Median price for single family : $399,825
Total Bank Owned (REO’s) sold in March 2012: 124 a 37% increase.
Total Short Sales sold in March2012: 62
Total Bank Owned (REO’s) active in April 2012: 123, a 13% month over month decrease. Less REOs on the market.
Total Short Sales active in April 2012:186, a 5% month over month decrease
Total Inventory for the cities we cover : 3040 a 8% decrease compared to March. The inventory for short sales + REOs is just about 10% of the total inventory, compared to the 16% average during the past year.
|Sold REOs||Active REOs|