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Claudine & Alvin      
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 MARKET UPDATES AND STATS FOR  PALM SPRINGS REAL ESTATE    
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Browse down this page to see the Charts with monthly sales data covering the cities of Palm Springs, Rancho Mirage, Palm Desert, La Quinta, Indian Wells and Sun City Del Webb.

Results for April 30, 2013  considered the end of our snowbirds season - The increase in prices for the homes since October has been significant as well as during the last month of our season - see below
We are ending our season with 2602 homes for sale in the cities I cover, that is 9% down from last month.
Of theses 2602 we have 51 Bank Owned (less than 2%) and 70 Short Sales (just above 2.5%) which brings a total number of distressed properties to less than 5%.

Prices are showing increase accross the board:
Palm Springs : 10% increase in ONE MONTH WOW!
Rancho Mirage : 11% increase in ONE MONTH
Palm Desert : 12% increase in ONE MONTH
Indian Wells : 13% increase in ONE MONTH
La Quinta : 11.2% increase in ONE MONTH
SunCity : 5% decrease but we had a 20% increase last month over last October.

CitiesMedianPrice
condos sold
Total
condos
MedianPrice
singlefamily
Total SFRTotal
sold
#Sold
REO's
#Active
REO's
#Active
Shortsale
ActiveAll
Included
PalmSprings
March 2013
179,000 103 399,000 77 180 11 15  14  523
April 2013 187,000 97 440,000 104 201 14 18 18 491
RanchoMirage
March 2013
290,000 29 487,500 49 78 7 9  9  486
April 2013 245,500 32 616,000 52 84 3 7 8 435
Palm Desert
March 2013
231,000 86 297,000 90 176 15 14  15  717
April  2013 245,000 100 362,500 76 176 8 11 18 685
Indian Wells
March 2013
222,450 4 700,000 37 41 0 7  4  250
April 2013 443,250 10 725,000 24 34 2 5 5 247
La Quinta
March 2013
287,000 32 370,000 119 151 12 16  15  741
April 2013 285,000 21 450,500 148 169 10 10 19 694
Sun City
March 2013
    310,000 37 37 5 0  3  70
April 2013     299,000 42 42 0 0 2 50


Comparing numbers from the end of October 2012 to the end of March 2013
Considering October was not the season, yet the inventory was 30% smaller, 2178 compared to 2787. As well, the number of distressed properties active on the market in October was 198 representing 9% of active listings compared to the 121 for  March 31, 2013 (representing only 4% of the active listings)

Let's talk about the prices for the cities I cover :
Palm Springs shows a 20% increase 
Rancho Mirage shows a slight decrease
Palm Desert is also on the rise with a 20% increase
Indian Wells is the big surprise with 15% increase but 5 times as many homes sold - Indian Wells is the higher end community - the high end buyers are back and buying here.
La Quinta also is up by 20% !!
SunCity Del Webb (5000 homes on its own) shows the same 20% increase rate.

Wow....

CitiesMedianPrice
condos sold
Total
condos
MedianPrice
singlefamily
Total SFRTotal
sold
#Sold
REO's
#Active
REO's
#Active
Shortsale
ActiveAll
Included
Palm Springs
October 2012
142,000 46 320,000 81 127 13 16 31  415
March 2013
179,000 103 399,000 77 180 11 15 14 523
RanchoMirage
October 2012
275,000 15 578,000 24 39 1 12 18  381
March 2013 290,000 29 487,500 49 78 7 9 9 486
Palm Desert
October 2012
185,000 40 346,000 39 79 13 21 34 581
March 2013 231,000 86 346,000 90 176 15 14 15 717
Indian Wells
October 2012
275,000 3 610,000 5 8 1 6 4 168
March 2013 222,450 4 700,000 37 41 0 7 4 250
La Quinta
October 2012
245,000 13 310,000 73 86 9 21 24 516
March 2013 287,000 32 370,000 119 151 12 16 15 741
Sun City
October 2012
    247,450 22 22 1 3 8 87
March 2013     310,000 37 37 5 0 3 70


March 2013 :How is the market ? the ONE MILLION $$$ question"

9 Quarters Trend of Home Sales & Average Sale Prices , city by city.

Why use 9 quarters on these graphs?

–Real estate is a seasonal business. 9 quarters compares the  most recent quarter to the two previous seasonal calendar quarters, both 1 year and 2 years in history


Year over Year January 2012 compared to January 2013
This is a comparable analysis year over year covering the cities of Palm Springs, Rancho Mirage, Palm Desert, Indian Wells and La Quinta ONLY.Condos up to 400K have increased in price as well as the  single family homes up to 300K.The total inventory is down 16.5%  and inventory the bank owned properties is down 62% - The market got "cleaned" of a great number of foreclosures that impacted the prices all the past the year. That would explain the drop in price you can see for certain categories on the chart.The average Sold Price to Listed Price is approximately 96% compared to 94% last year.

 photo chartFeb2013_zpsd99c2003.jpg
Year over Year here are the numbers:
The total number of sales 515 compared to 385 year over year this is 25% increase.
The total number of active listings is 2791 compared to 3169 year over year - a 9% drop of inventory
The number of REO's (bank owned active) is 96 compared to 167 year over year -a 60% drop of Bank Owned properties
The number of Short Sales active is 100 compared to 237 last year - a 40% drop in Shortsales
Less inventory, less distressed properties, buyers more confident, more sales, this can only bring us a positive trend in our market.

CitiesMedianPrice
condos sold
Total
condos
MedianPrice
singlefamily
Total SFRTotal
sold
#Sold
REO's
#Active
REO's
#Active
Shortsale
ActiveAll
Included
Palm Springs
Nov. 2011
135,000 54 365,000 79 133 30 44
Dec. 2012 175,000 59 406,250 98 157 11 23 26 507
RanchoMirage
Nov. 2011
285,000 11 567,000 26 37 9 22
Dec.2012 265,000 17 545,000 45 62 6 20 15 480
Palm Desert
Nov. 2011
212,000 39 302,500 54 93 15 52
Dec. 2012 197,250 58 325,000 67 125 14 22 26 732
Indian Wells
Nov. 2011
297,000 4 1,175,000 11 15 1 9
Dec. 2012 417,500 6 1,375,000 11 17 1 3 5 218
La Quinta
Nov. 2011
179,000 9 313,000 81 90 24 39
Dec. 2012 281,000 20 310,000 103 123 11 22 22 760
Sun City
Nov. 2011
262,000 17 17 0 1
Dec. 2012 318,000 31 31 1 6 6 94


Numbers/Results for November 2012
The inventory beginning of December  for the cities we cover is 2788 that is a 13% drop year over year, including 96 REO's (bank owned ) and 107 Short Sales : representing 7% of the inventory for distressed properties compared to 13% year over year. (so the number of distressed properties has dropped  significantly ). This is bringing a raise in prices of about  5% year over year .  The homes are sold in average of 95% TO 104% of the asking price. We are far from the times where we presented offers at 10 to 15% under the asking price!!!

CitiesMedianPrice
condos sold
Total
condos
MedianPrice
singlefamily
Total SFRTotal
sold
#Sold
REO's
#Active
REO's
#Active
Shortsale
ActiveAll
Included
Palm Springs
Sept.2012
141,000 46 320,000 81 127 32 16 31 415
Nov.2012 159,000 57 409,500 76 133 10 31 32 528
RanchoMirage
Sept.2012
275,000 15 578,000 24 39 1 12 18 381
Nov.2012 265,000 13 530,000 33 46 4 19 15 484
Palm Desert
Sept.2012
185,000 40 346,000 39 79 13 21 24 581
Nov. 2012 234,900 49 345,525 39 88 7 23 29 762
Indian Wells
Sept. 2012
275,000 3 610,000 5 8 1 6 4 168
Nov. 2012 370,000 5 874,500 14 19 3 2 2 213
La Quinta
Sept. 2012
245,000 13 310,000 73 86 9 21 24 516
Nov. 2012 270,000 19 275,000 91 110 10 17 24 709
Sun City
Sept. 2012
247,450 22 22 1 3 8 87
Nov. 2012 262,000 24 24 1 4 5 92


Results for the month of October 2012 As you can see single family homes sold under 300K and condos sold under 200K remain at a high percentage of distressed properties. We also see the same pattern in the active properties available for sale. Our inventory is slightly higher (getting close to season) but the average number of Bank Owned and Short Sales added are about the same.
The average  sold price  compared to the list price for  the properties under 1 Million is 96.7%.The properties getting the most attention and closed sales are the ones in the lower price range, showing that our market is still open to those investors , mainly cash deals looking for the distressed properties and  buying them.

Number of
Units Sold
REOs &
Shortsales
Price %Sold
versus Listed
Total ActiveActive REOs &
Shortsales
Condos up to
200K
80 36/45% 95.75% 196 43/22%
Condos above 200K 73 6/8% 94.37% 663 38/5.5%
Single Family
up to 300K
144 66/46% 99.03% 243 52/21%
Single Family
300K to 1M
147 20/13% 97.83% 901 66/7%
Single Family
1M and over
20 3/15% 92.19% 450 5/1%
Total October 464 131/28% 2453 204/8%
Total September 361 102/28% 2148 197/9


Results for September 2012 versus September 2011 -The inventory for the cities we cover is 2148 (versus 3008 in September 2011)  , including 79 REO's and 118 Short Sales. Still a very low inventory and only less than 8% of distressed properties on the market (versus 16% in September 2011). That explains why prices are showing increases in many categories. The sellers are aware that the market is changing and they are holding on to their prices. The time for offers more than 10% below the asking price are definitely over.

CitiesMedianPrice
condos sold
Total
condos
MedianPrice
singlefamily
Total SFRTotal
sold
#Sold REO's#Active REO's#Active
Shortsale
Active All Included
Palm Springs 145,000 57 357,000 52
109
32 49
Sept 2012 141,500 46 320,000 81 127 13 16 31 415
RanchoMirage 253,450 14 509,000
33 47
7 27
Sept 2012 275,000 15 578,000 24 39 1 12 18 381
Palm Desert 195,050 38
297,000 52
90
26 55
Sept 2012 185,000 40 346,000 39 79 13 21 34 581
Indian Wells 244,500
1 472,500 14 15 2
10
Sept 2012 275,000 3 610,000 5 8 1 6 4 168
La Quinta 285,000
12
245,000
95
107
28 46
Sept 2012 245,000 13 310,000 73 86 9 21 24 516
Sun City

272,000 22 22
0 1
Sept 2012 247,450 22 22 1 3 8 87


Inventory and Sales comparison year over year period of Feb thru July 2012
Inventory in the Desert is  shrinking as it is happening everywhere else in California.

Inventory and Sales comparison for distressed properties year over year
Inventory update end of June 2012

Fewer Bank Owned -shrinking  inventory alltogether (just above 4 months worth). Properties are sold in average between 94% and 101% of the asking price.

Results for June 2012
Total homes sold : 584 month over month a 15% decrease but this is our summer!
Total homes in "pending" (under contract ready to close) : 513
Total homes in "back up offer"(mainly short sales waiting for bank's approval) : 738 a 10% drop from last month 
Median price for condos : $265,650  a slight increase year over year and month over month- because of our short inventory

Median price for single family : $ 393,750
Total Bank Owned (REO's) sold in June 2012: 78 against 154 year over year because less REO inventory
Total Short Sales sold in June 2012: 87 some improvement on the banks side to close the shortsales
Total Bank Owned (REO's) active in July  2012: 74 against 214 year over year. Less REO's inventory
Total Short Sales active in July 2012:129, a 20% month over month decrease
Total Inventory for the cities we cover : 2227  another 20% decrease compared to May and 30% decrease year over year. The inventory for short sales + REOs is just about 9% of the total inventory.

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