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.

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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.

Market Trends and This month In Real Estate

November numbers are out for the Valley and show a decided drop in the over all sales. A 7.7% drop from Novemebr 2009 when 826 total properties sold vs. 762 in 2010.

Difficulty for consumers in obtaining loans and the vast number of short sales (delayed property closings) surely contributed to the lower number as did a general slowdown in foreclosed properties coming to the market.

There were some bright spots in the market - as always Real Estate is local and a look at the local areas confirms that. Palm Springs Central (north of Ramon Road but south of Vista Chino) saw an increase of 29% in the number of homes sold year over year. It was also the second month in a row as October had a 22.2% increase. Thousand Palms and La Quinta as well as two of the three sections of Indio all saw significant double digit gains in numbers of properties sold year over year.

At the end of the day, however, we saw a drop and the inventory slipped back up to 9.7 months. This is the number of months it would take to sell existing inventory at current rates if no other homes came on the market.

In the new year we will be looking for government programs, incentive and consumer confidence to drive home sales. Additionally the banks, at least in the Palm Springs marketplace, should start releasing more homes from their foreclosure inventory in the lower price ranges. There is a pent up demand for the lower priced homes that has not been addressed on the local level.

See More Reginal and National Statistics in my One Minute Real Estate Report

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.

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.

Palm Springs Sales Statistics for Dec 2009

The numbers for December are in and we ended up the year on a very positive note. Another dip in overall inventory for sale and sales holding steady despite the holiday season.

In December of 2009 we had 70 homes & 60 condos sell with another 53 condos going into escrow and 63 homes! There were 373 homes and 433 Condos on the Market for sale to date in representing another decline in available inventory for homes and Condos.

In December 2009 there were 4 homes sold over 1 million dollars in Palm Springs. The most expensive was a $2,183,000 home in Smoke Tree Ranch, in South Palm Springs.

Palm Springs real estate represents some of the best over all retirement/vacation home prices in the otherwise pricey California real estate market. The value for the money remains very high when compared to other areas of the state. The proximity to the 22 million southern Californians makes it a perpetually popular weekend getaway. The warmth of our winters makes it the perfect place to escape the cold and snowy weather in the North. While many of our visitors and second home owners come from the Pacific Northwest more and more are coming from Canada and beyond. The ease of arriving by air has greatly increased since the expansion of the convenient Palm Springs International airport. Once a sleepy little, winter vacation spot in the California desert the 7 cities that make up the Coachella valley have blossomed into vibrant year round communities. Palm Springs offers an enviable resort lifestyle that includes over 320 days of Sunshine per year.

Dramatic Stats

As you probably recall August of 2007 was the start of the big Real Estate slowdown.  We can track the decline in sales and prices back to that point - at least here in the Desert  Communities of Palm Springs/Palm Desert.

Well things have started to turn around from a sales volume standpoint  and two years later we are seeing a big difference in the numbers.  Please see my examples below:

October 2007:

Homes Under Contract: 350
Homes On The Market: 8,129

October 2009:

Homes Under Contract: 663
Homes on the Market:  5,519

While no one is probably prepared to declare "all clear"  & no problems in housing a declining inventory with increasing sales means we are at least headed in the right direction.

For more market stats and Real Estate informationplease visit my website at www.PSagent.com