Market Update for Palm Springs September 2011
The numbers are encouraging (for us and for the economy) because they show some increase in prices, fewer bank owned sold and fewer bank owned on the market. This confirms what we talked about last month regarding the banks shying away from foreclosures. They are trying to help the homeowners by slowing down the process and asking them to try and sell the distressed properties as short sales. This is why we are seeing more short sales on the market and more short sales selling. The banks are making efforts to process them faster. I am showing you, below, the results for the month of September 2011 and comparing month over month with August 2011. As well, I am also giving you the numbers comparing year over year. One thing is sure, properties are selling and prices are not “crashing”. Let’s talk. So the weather is really cooler at under 85 degrees today and it might be just time to call us and set an appointment to buy a property in Palm Springs before the big seasonal rush .
MONTH OVER MONTH
September 2011 results versus August 2011 as usual green for better results red for worse.
Total homes sold : 390 versus 434 a 10% month over month decrease (normal reflecting the sales for August which is our hottest month)
Median price for condos : $224,600 versus $210,035 almost 7% increase
Median price for single family : $358,750 versus $350,358 a slight increase
Total Median price : $291,675 versus $280,196
Total Bank Owned (REO’s) sold : 95 versus 113 a 16% decrease reflecting the same as total number of sales
Total Short Sales sold : 56 versus 62 a 10% decrease reflecting the same as total sales
Total Bank Owned (REO’s) active in October2011: 188 versus 202 a 7% month over month decrease
Total Short Sales active in October 2011: 281 versus 250 – a 12% month over month increase
Total Inventory for the cities we cover : 3008 versus 2553 last month an 18%
month over month increase. The inventory for short sales + REOs is just about 16% of the total inventory, this is the same month over month. Short sales represent a growing number while the REOs number is shrinking.
YEAR OVER YEAR
Total homes sold in September 2010 : 329 compared to 390 in 2011
Median Price all in all in September 2010 : 296,413 compared to 291,675 in 2011
Total Bank Owned(REO’s) Sold in September 2010 : 107 compared to 95 in 2011
Total Bank Owned (REO’s) Active in October 2010: 304 compared to 188 in 2011