Palm Springs Real Estate Market Statistics

The temperatures are not the only numbers climbing in Sunny Palm Springs California. At the midway point of 2017 the numbers show some impressive gains.  The Median price for a single family home has risen to $380,000.  While the sales of homes is up 16.1% in just the last three months!  The average time on market has dropped to 74 days from 89 just last year.

  Finally, the "months supply of Inventory" - how many months our current inventory would last if no new homes were listed for sale, has dropped from just over 6 months to just over 4 months.

Clearly, there is a demand for homes in the Coachella Valley!

What can you do if you want to buy?  

Get Pre-qualified with a lender! Be ready to make that offer.  While there are all cash offers these days it is nothing like it was in 2012 and 2013 when seemingly every offer was ALL CASH.  You can compete and get a home in this market if you are prepared.

Know Your Wants and Needs:  Be prepared to know if a house will work or not work for you. Sounds simple, but wasting a day or two debating about an item could cost you your  dream home.

What Can You Do If You Want To Sell?

Prepare your home for Maximum value. This is your market.  Don't squander it by having unfinished repairs, squeaky doors or a dirty uncluttered house.  Buyers in this market are prepared to pay top of market prices.  Give them the reason to do it!

Timing Is Everything: Markets are not stagnant.  Things will not always be this way.  If you need to sell in six months eight months perhaps you could sell now and lease back. Sell and rent a place for the interim.  Think out of the box and maximize your profits.

Find Your Home in the Coachella Valley Here

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Palm Desert CA Homes For Sale

Numbers Tell The Story Or Do They?

With a total of 247 homes for sale in Palm Desert California right now in  Mid August of 2014 - It 132 total homes for sale.  Still Sounds pretty good!

does not appear on the surface as if there is any kind of shortage.  However, if you look closer and tighten the search by size you will soon discover that in the 3 bed 2 bath single family home category there are

Finding The Bargains:

Now if you tighten the pricing and keep it under $300,000 you'll find just 28 homes for sale in this category.  Yes it is true. Just 28 homes!  Keep in mind that the average list price for a three bedroom in Palm Desert is currently $590,374. So finding a property in good condition for almost half price is a Bargain to be sure!

 Search All Homes For Sale In Palm Desert        Learn More About Palm Desert

Palm Springs Market Statistics 2014

Short sales and Foreclosures Drop - Equity Sales Increase

PRICES RISE year over year in the Coachella Valley

Market statistics for May 2014 have been compiled and published.  It shows some interesting facts and a decided change in the Real Estate market in Palm Springs. If displayed on a graph it would also show a steady line up. The trends we are about to discuss below have been steadily developing this entire year, with no retreat.

• First, the number of homes being sold as foreclosures or short sales has taken another big drop. This category is down 50% from May 2013 when 18% of homes were in this category.


• Secondly, the number of available homes is rising with about 90 more condos and 90 more homes on average – available each month. This is a wake- up call for sellers because the number of homes selling is dropping in each category and each city.


• Third and most important however is the marked increase in price. The median sales price for single family homes is now $455,100 whereas in 2013 it was $368,100 and for condos the median price is now at $232,222 VS. the 2013 figure of $182,000.

With these type numbers Pam Springs and the Coachella Valley are outpacing the Riverside County wide statistics, where a higher percentage of homes are still in foreclosure or short sale and the median price  remains over $100,000 less than Pam Springs.

Obviously, the number of properties selling will drop as prices rise.  The prices will rise as the supply of foreclosed and short sale homes drops.  Notwithstanding that obvious equation - there is no doubt that the market in Palm Springs has returned to a more stabilized mode.

See More Information about the Palm Springs Market Area

How Much Is MY Home Worth?

Find out with our 26 Point Max Home Value assessment...As a free service to you I will come to your home and complete my 26 point Maximum Home Value assessment. Just for letting me meet you and walk through your home I will leave you with a written report of what I think it will take to prepare your home for sale at the maximum current price.

You see, I work with so many buyers that, I can walk through any home and see it through the buyers eyes. I know what they will like and what will raise questions for them. Let me show you these things and you can have a more successful sale.

It will take about 30 minutes, depending on how many questions you have for me. No pressure no obligation - you receive free of charge the written plan to getting your home on the market and achieving top dollar in your sale.

How Do I Calculate How Much My Home is Worth?

The correct selling price of a home is the highest price that the market will bear. Many factors influence this price and those factors can change from month to month and year to year. It is important to talk with a Realtor who is actively working in your community to correctly determine the price of your home. Don't play guessing games with one of your largest assets. To assist you in determining the correct asking price we provide you with a comprehensive market analysis of comparable properties sold and offered for sale in your neighborhood. We educate you on the trends currently at play in the market and advise you on any special concerns in your area.

Simply email us, and we will provide you with a speedy response. There is no obligation, you have lots to gain and nothing to lose by contacting us soon.

Don't forget that knowing your homes current value is very

useful when it comes to insurance matters, tax issues and estate planning. With all the changes of the last five years it is time for you to take another look at this critical number.

Just one mundane example of this is the cost of installing a water heater. It has more than doubled to over $1200.  Just one example of the rising costs of replacement.

Recovery...Really, Is This The Best Time To Sell?

The last three or four months in California (well most of the state anyway) have been a heady return to the days of multiple offers. Declining inventories have lead to a mini frenzy on many properties. Prices have started to inch up. Don't worry, no one is going to get whiplash from the speed that they are rising but they are indeed rising a little. Homes that are in tip top shape sell first, followed by homes that need just a little work followed by great buys on big fixers in good areas.

[caption id="attachment_2151" align="aligncenter" width="300"] Sales Surge In California[/caption]

This trend has bypassed  properties with high Homeowners fees, it has also excluded most condos - Single Family homes are the darlings of the current market.  Great prices on homes/condos have had the negative effect of making the HOA fees really jump up and hit buyers in the face.  Ironically, it is the best priced condos that often have the worst time of it. While many people will take a closer look at a nice condo for a mere $100-115 thousand they hit the pause button upon finding out that the monthly dues are over $400. At todays' historically low interest rate that is almost as much as the mortgage.

Many reports on the state of Real Estate focus endlessly on the numbers 49%-55% decreases in inventories year over year, and as mentioned earlier the modest surge in prices.  It would be easy to interpret this as a positive sign of a rejuvenated housing market.  Underlying these trends though some economists are pointing out, are the harder facts. Only about half of the homes purchased are being bought by primary home owners. That means the other half are being bought by investors that want to fix and flip or fix and rent.  The economist say this points to low demand despite record low interest rates consumers are not flocking to buy homes. The underlying economic conditions of growth in the economy and lack of jobs is holding the average home buyer back even with 3.5% interest rates!

The point here is not to say that all is lost. Movement in the market is still good. Banks still have years of work to do to reduce their foreclosed inventory. It is debatable how they will do that but that is for another blog post. Some new construction is starting to spring up or get restarted.  Inventory levels could change depending on these two segments alone.  It has been talked about lately, that the banks may start selling off their inventory in bulk sales. That could change the market drastically. Also, investors could shift gears. If they are unable to find tenants or buyers for their flips they won't be buying more. The economy could improve the only constant here is the fact that things will change.

This leads me to the point that I don't think should be missed. If you are in a position where you know you want to sell your home in the next 6 months, do not wait. Now is the time - seize the moment and do it now.  After almost 12 years in the business I can personally attest to the fact that in every market condition the market tends to shifts about every six months.  The shift could be availability of financing - inventory levels - consumer confidence or something as mundane as popular price points but it will shift.  We are drawing close to that six month window, sellers now is your moment.

2011 Final Sales Numbers IN!

  2011 Sales Statistics

       For The Coachella ValleyArea

9706 total unit sales  Homes/Condos

The year that just ended was a very busy year for Real Estate.  While Short sales and foreclosures made up close to 50% of the market there were still many traditional sales taking place

Counting the Cities from Palm Springs to Mecca we saw 7,338 single family homes sell in 2011.  Almost  a quater of those - 24.05% - sold in 30 days or less.  Another 34.98% - took between 30 and 90 days to sell.

The median sales price for single family homes was $190,750.  Not surprisingly the homes that sold in 30 days or less achieved 97% of their asking price, however the bigger surprise may be that homes on the market for 120 days or more still achieved 92% of their asking prices.

To contrast these numbers with 2010  the percentage of list price achieved went up year over year - in 2010 it was only 93%, so 4% beter in 2011.  The total number of homes sold was down but only by  25 units however, the median sales price was down 15K over 2010 when it was $205,000.

Looking at  Condo sales in 2011:  We saw 2368 total units sell The median price for those was $173,750. Asking price vs. actual sales price percentages were in a tight range between 92% and 94%. The most telling thing in this category was the days on market - or time it took to sell a condo. Almost half 48.3% of the units took over 120 days to sell. Buyer resistance to homeowners fees and more difficulty qualifying for a loan were the primary culprits here.

There were 5 homes sold in 2011 over 5 million dollars in the valley. One at the Hideaway one at Bighorn in Palm Desert and 2 at the Vintage.  The winner for top sales price was a 7.6 million dollar estate in The Madison.

See Luxury Properties In The Desert

With the vastly reduced inventory (only 4858 homes and condos valley wide) 2012 promises to be a very competitive year for home buyers in the Coachella Valley especially in the more popular price points.  Most well priced properties are once again seeing multiple offer situations.

Search For Homes In The Palm Springs Area

Search For Condos In The Palm Springs Area

This Month In Real Estate

This Month In Real Estate October 2011

[youtube http://www.youtube.com/watch?v=hmkm_tN7Zq0&version=3&hl=en_US&rel=0]

May Sales Stats In The Coachella Valley

As if low interest rates were not enough reason to get serious about buying look at these numbers! 

Exceeding all expectations the May 2011 real estate sales numbers reflect a growing trend. Over 900 homes sold - AGAIN!  This time 911. Once again a new  milestone - breaking the 900 mark for  homes sold in one month for only the third time in the last 2 years! You will also be surprised to learn that while 1274 homes came on the market in May 2011 another 1286 moved into escrow by going under contract.  Essentially wiping out the gains of the new homes listed.  Supply and demand seem to be leveling out.

More good news as the median price has risen 23% since May of 2009. While prices are still low and pockets of resistance still exist there is no question that exceptional values are becoming a little more scarce.  In general we can say that for homes in great condition prices are headed up not down on average.

Most importantly the months supply of inventory is dropping like a stone! Month supply of inventory is figured by assuming that the current sales rate continues and no other home is listed for sale. That would mean we only have 3.8 months inventory left!  Not only is that the lowest in more than two years but it represents a steady decline since December of 2010 when we had a 10 month supply. These are numbers that can't be ignored. A change is in the air. If you are looking to buy real estate it would be hard to beat the timing of this market.

Ruth Hardy Park Sales Statistics for first half of 2011

Ruth Hardy Park is a large and diverse neighborhood in Central Palm Springs.  Just minutes from everything in town and yet full of quiet residential streets with everything from grand estates to mid-century bungalows.  There is also a large park and the Kathryn Finchy Elementary school on the edge of it.

Sales Activity in the neighborhood has been very brisk this year with 21 homes already sold and another 12 in escrow.  Notably 3 of the homes in escrow were originally priced at over one million dollars.
Be sure to see and search for homes in Ruth Hardy Park on our webpage devoted to the neighborhood.

Developing Trends In Real Estate Buying

[caption id="attachment_995" align="alignleft" width="150" caption="The Variables Of The New Market"][/caption]

A Recent article in US World and News Report breaks down the different demographic groups and analyzes the unique choices and challenges each group has in the current real estate market.

The two most interesting points to me, revolved around 1) GenY (late teen to early 30's age group) losing faith in the value of owning a home and coupled with their interest in living in more urban areas becoming a class of permanent renters and 2) The Baby Boomers in the 45-55 age group unable to sell their homes in the suburbs to downsize. Negative equity and a much smaller pool of buyers to sell to make these homes harder to unload.

My thoughts on the Gen Y group is that if they lock themselves into renting now - later in life they may find that the market has passed them by. As the economy changes, interest rates rise and costs continue to escalate they may be unable to buy or at least unable to buy in the areas they most want to live in.  Not only will this create a permanent class of renters but I wonder about the long term economic impact of,  say 20%, of the population not buying property?

As far as the baby boomers being unable to sell their properties at what they paid for them - this is bound to have a negative effect on the retirement plans of these homeowners.  Perhaps fewer vacation home purchases and a delay of retirement all together will be the result. The article mentions a drop in the interest for retirement centers as people live longer and healthier lives. I wonder what will happen to the suburbs as these properties eventually sell for much less or are abandoned all together.

Styles do change and new things become desirable leaving previous "hot ticket items" in the dust. I remember in the early 1980's I was living in the "suburbs" in a nice home that was built in 1973.  It has 4 bedrooms and 4 baths along with a cavernous living room and a small formal dining room plus an eat in kitchen.  I was pretty comfortable and I thought the house was pretty upscale.  One night in the early summer I decided that I would take a walk through the woods to a new home development that was being built.  In those days homes under construction could be left unlocked and I decided to walk through a few of them.  I recall being completely flabbergasted at what I saw.  There were master "suites" with huge walk in closets and bathrooms as big as my entire bedroom and bathroom put together.  Kitchens were big and roomy not little after thoughts off the dining room. Building styles had begun to change and as we would all soon see this was just my first glimpse of  the new style of home for the 1980's. These days no one would look twice at a home like that,  it is standard issue in the American suburbs.

I believe we are the cusp of another major change in how Americans live and what they want in their homes.  My best take, on the trends cited in this interesting article, are that midsized urban centers with a high quality of life are going to be the "hot" properties in the very near future.  Large suburbs far from amenities and work places will suffer as the next generation of home buyer no longer considers them desirable or in fashion.

Look at all homes for sale in Palm Springs California:

Housing Market Affected By Things Other Than Foreclosures

With all of the focus on the foreclosure and short sale market most people assume that the main reason for excess home inventory people losing their homes.

While this of course contributes to the problem recent statistics released by the Census bureau show another trend.  There has been a significant drop in the number of new households that are being created.  The study showed that during the five year period of 2002- 2007 almost 1.3 million new households were being formed each year.  Starting in 2008 the number dropped to just under 400,000 and decreased even more in 2009 to just over 350,000.  That is an astounding drop of 900,000 fewer households started.

In tough economic times people tend to downsize, move in together, delay home purchases and younger people will stay at home longer. In the worst case scenario of course some poeple actually become homeless.  Other factors contributing to the downward trend is a reduction in immigration and marriage rates.  In fact some studies cite immigrants that have actually moved back out of the United States.

These are interesting statistics and show a much broader cause and effect cycle to the housing situation.  As always real estate is local and in the Palm Springs market we are not seeing an oversupply of homes. Our inventory is at a two year low and sales remain very respectable. Further, as so much of the market here is second and vacation home based our numbers and statistics won't line up with more year round markets.

You can see all homes and condos currently available here. If you would like a custom created property search just let us know.

October Sales Stats For The Valley

[caption id="attachment_897" align="alignleft" width="300" caption="Stats"][/caption]

Market statistics are in for October and they show that the numbers of homes that were sold in October (433) dipped somewhat from the previous months. The number of properties going into escrow (under contract) in October 2010 increased to 738.

Market activity continues to be strong most importantly the total number of homes listed for sale continues to drop.  Currently a new two year low has been set with fewer than 5,000 homes on the market in the entire Coachella Valley.

See more information Sales statistics for the Palm Springs area.

 

 

Palm Desert Sales Statistics

Palm Springs Sales Statistics

Search For Homes anywhere in the Coachella Valley here:

[caption id="attachment_898" align="alignleft" width="150" caption="Palm Springs Area Home Search"][/caption]

This Month In Real Estate US Edition

Search for homes in the Palm Springs / Palm Desert California marketplace

Sales Statistics

July Sales Statistics are in and they are impressive. In the 7 major cities of the Coachella Valley 714 homes and condos sold and another 865 went into escrow! While both of these numbers were just a little lower than the June numbers they are very respectable for our "off season" in the valley. Prices seem to be firming up just a little bit strengthened by steadily dropping inventory levels. Currently this is 21% drop in year to year supply of inventory and a 44% increase in sales.

Palm Springs Market Stats

Palm Desert Market Stats

If you have questions about the market or sales trending up or down feel free to call us. Real Estate is always local and conditions can change based on many variables.

January Sales and Inventory levels

January of 2010 ushered in a new two year low for months supply of inventory and the second highest number of homes going under contract in the same two year period.  Months Supply of Inventory refers to how long it would take to the absorb the current supply of homes if demand remained the same and inventory did not change.

Month	MSI	#Homes For Sale	Homes Under Contract
Jan 2010	5.9	5808	978
Dec 2009	7.2	5787	805
Jan 2009	11.3	7715	685
Dec 2008	13.8	7617	553

Activity is very brisk and demand is high for single family homes priced under $250,000.  Condos are holding steady and more expensive homes are starting to see some increased activity.  The sub $150,000 market is red hot in single family homes and very brisk in condos.

At this writing reports are coming in that foreclosure filings have dropped significantly.  Industry experts are predicting that the balance of 2010 will be about short sales and loan modifications for homeowners in trouble. This will further slow the inventory growth and should lead to some modest price gains by year end.

For more details on specific neighborhoods in Palm Springs please see my neighborhood pages  on my website or contact me for a report about your neighborhood sales activity.

Palm Springs CA Sales Stats January 2010

Palm Springs	January 2010
Houses Sold	63
Houses In Escrow	59
Houses Available	463
Condos Sold	40
Condos In Escrow	58
Condos Available	493
Notes:	4 homes over 1 million sold

Palm Springs entered the new year with a respectable showing. A slight inventory increase and mixed results in the pending category - more condos went into escrow than December but slightly fewer homes.  The most expensive home sold in Palm Springs was a 1.7 million dollar view estate in Las Palmas heights.  Overall there were 4 homes over a million dollars sold for the second straight month. 

To see more  million dollar homes in Palm Springs click here

January 2010 Sales Stats Palm Desert

Palm Desert California experienced a slower than expected start to the new year. We are seeing  such a high level of activity these numbers surprised me a bit. I attribute it to the fact that at the first of the year many people put their properties on the market - condo inventory went up by about 44 units - homes by 73 units.  The lower sales figures for homes I would attribute to buyers taking longer to make up their minds plus short sales really slow the system down taking three times as long, in most cases, as bank or regular sales.  Condo sales increased in total units from December.

Palm Desert	January 2010
Houses Sold	35
Houses In Escrow	49
Houses Available	443
Condos Sold	56
Condos In Escrow	49
Condos Available	533
Notes:	3 homes over 1 million sold

The most expensive home sold in Palm Desert so far this year was an eye popping $8,000,000 - 8,885 square foot property at Big Horn in South Palm Desert.  This beautiful country club frequently takes the award for most expensive home sold.

See more million dollar homes in South Palm Desert California

Real Estate Is Local

[caption id="attachment_315" align="alignright" width="112" caption="Palm Trees and Sunshine in The Coachella Valley"][/caption]"WASHINGTON (MarketWatch) -- Capping the worst year for housing since World War II, sales of new U.S. homes fell sharply in December for the second month in a row after a popular tax credit for buyers was set to expire, the Commerce Department estimated Wednesday."

This headline appeared on news service wires across the country in the last few days. Network newscasts lead with the statistic of 9.3% drop in sales for the month of December. Radio stations declared the housing market to still be shaky. Well the reality is that Real Estate market is still very much local.

The Palm Springs / Coachella Valley experienced a sales increase and a median sales price increase in December 2009. National, regional or statewide statistics are useful to focus on general trends in the economy but the only way to truly understand the market you are in is to have local statistics.

These stats are:

Sept 09: 812 homes sold
Oct 09: 814 homes Sold
Nov 09: 776 homes sold
Dec 09: 915 homes sold

Median sales price during these months went from $177,500 to $193,000.

January is off to a great start and there are lots of buyers looking in the market. Offers are flowing and it seems quite busy. Not that everything is perfect and the market is certainly still challenged by finance issues and foreclosures but no one can say the Palm Springs market experienced a sales drop in December of 2009.

For more information about market conditions in Palm Springs be sure to see my website at www.PSagent.com

Supply oF Existing Inventory

The Stats Keep Coming in From year end 2009 reporting Below you will see a chart detailing the steady decline in available inventory in the Coachella Valley.

• _______2_______       3_____          4_______
  Dec-09    6.1              6178            1011
  Nov-09    7                6621               950
  Oct-09     6.7             6569               980
  Sep-09     7.3            6478                888
  Aug-09    7.1             6586                 923
  Jul-09      7.7             6928                898
  Jun-09      7.9            7255                 924
  May-09     8.1            7678                 945
  Apr-09      7.6           8210                 1083
  Mar-09       7.5          8729                1166
  Feb-09       11.6         9080                  785
  Jan-09        11.4         9028                 794

Column 2 is the number of months it would take to sell existing
inventory if no more came on the market.
Column 3 is the # of Properties For Sale on the Last Day of Month Column 4 represent the # of Properties Under Contract end of month

While no one is declaring the Real Estate market has returned to perfect health these are very good signs that the patient is improving. Lower inventory with a steady supply of buyers means prices can begin to rise as they did in December 2009.