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.

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....

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.

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.

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!!!

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.

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.

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.