Real Estate Market Update for Palm Springs, Rancho Mirage,Palm Desert, Indian Wells and La Quinta

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.

 

 

Cities MedianPrice
condos sold
Price/sqft
condossold
Total
condos
MedianPrice
SFR
Price/sqft
SFR
Total
SFR

Total
sold
Sold REOs Active REOs
Palm Springs 149,000 127.48
79 337,500 178.90 100
179
24 43
RanchoMirage 239,000 139.42 21 450,000
190.00 42 63
12 21
Palm Desert 210,000 139.83
86
288,450 158.13 76
162
45 35
Indian Wells 430,000
183.25 9 710,000 272.93 40 49 8
5
La Quinta 250,000
164.10
19
341,000
181.07 143
162
35 19
Sun City 272,000 143.90
30 30 0



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