This is the market update for the month of April. The market is turning, prices are already showing some increase and by next season it will be a different game. Alvin and myself are here all summer and ready to work with you and get ahead of the flock waiting for Next January to still find the “DEAL” .
The “Sold” transactions , mean closed transactions for sales that happened traditionally 30 days before hand.
The numbers for this month are confirming the fact that our market is changing and the trend is towards a SELLERS’MARKET. Inventory is shrinking and some buyers are still out there looking for the Deal that they should have made 6 months ago! and sitting on the fence waiting for…WHAT? …Look at the numbers you can still buy low and certainly lower that 6 months from now.
Results for April 2012 Total homes sold : 686 month over month a 0.5% increase and 17% year over year
Total homes in “pending” (under contract ready to close) : 522
Total homes in “back up offer” (still under contingencies, mainly short sales waiting for bank’s approval) : 806 A great majority of these 806 might have to wake up in a few months empty handed and get to choose a different property from an even smaller inventory at a higher prices.
Median price for condos : $257,900 a slight increase Median price for single family : $ 440,125a 10% increase month over month Total Bank Owned (REO’s) soldin April 2012: 95 a 25% decrease month over month and that explains the increase in median price an Total Short Sales soldin April 2012:53 – 14.5% decrease. Fewer short sales closed because the banks are not working fast enough Total Bank Owned (REO’s) activein May 2012:83 a 30% month over month decrease and 69.5% year over year . Less REOs on the market and prices are going up. Total Short Sales activein May 2012:156, a 20% month over month decrease Total Inventory for the cities we cover : 2742 10% decrease compared to April . and a 29% decrease year over year The inventory for short sales + REOs is just about 9% of the total inventory, compared to the 16% average during the past year.
Cities
MedianPrice
condos sold
Price/sqft
condossold
Total
condos
MedianPrice
SFR
Price/sqft
SFR
Total
SFR
Total
sold
Sold REOs
Active REOs
Palm Springs
150,000
124.85
150
352,000
195.84
93
243
36
32
RanchoMirage
266,000
136.80
32
412,500
185.13
48
80
10
15
Palm Desert
223,500
151.88
89
300,000
176.45
65
154
22
17
Indian Wells
390,000
171.93
9
806,250
306.82
24
33
1
4
La Quinta
260,000
189.35
31
465,000
200.94
115
146
26
15
Sun City
305,000
165.21
29
30
0
We are just a phone call away…and will be happy to answer any of your questions.
Not only the heat that started quite early this year but the snowbirds flocking out of the area kind , and as a Realtor …I have this kind of relief feel, the tour guide season is over for us REaltors too.
We do love the snowbirds and the full activity and buzz that they bring with them to our area. But as a seasoned Realtor, I know that we have to get in gear for the SERIOUS BUYERS…the people that mean business …the ones that are ready to fly in to look at properties and that are ready to write an offer.
The numbers we can show for the last 5 to 6 years confirm that our best numbers are reached during the summer…too hot to golf …so they stick with us…and we get the business taken care off.
So yes we are ready for you guys and despite the heat we will get into our cars and take the time to show you around…
I am of those Realtors that stay in for the whole summer and will not complain. Just love Palm Springs in all weather and season
Some Realtors tuning down for the summer in Palm Springs – NOT US
As we are seeing the snow birds leaving town as a flock of migrating birds, I as a Realtor get in gear for the best of my selling season.
Well would you tell me but most of the buyers are there during the season ? Yes they are but the “lookers” too and some time they get mixed up and a lot of time is lost with those.
On another note the sellers noticing the number of “showings” dropping are also more open to price adjustments and looking closer to offers that come along
I am happy to speak from now on to REAL potential buyers which will visit for a week or so and this is all you need to look at a number of homes , make a decision and get into escrow.
Our number of sales and goals for the last 5 or 6 years were reached thanks to the number of sales made from July on. So our decision to stay in town and get that business has proven to be right and will this year too if I look at my appointments schedule for the summer months.
I will keep on blogging and tell you what is happening in our market . stay tuned
Here another video from buyers this time from Washington who found it right to buy a condo in a country club in Palm Desert..Yes inventory is definitely shrinking and who knows what would be the next step ? Increase in prices??
Hello I am sending you the monthly Real Estate update for Palm Springs and the Desert Cities we cover including Rancho Mirage, Palm Desert , Indian Well, La Quinta and Sun City only. You can access the charts back to February 2011, month by month by going to http://www.claudinereal.com/Area_Sales_Statistics.htm
The numbers for this month are confirming the fact that our market is changing and the trend is towards a SELLERS’ MARKET. Inventory is shrinking and some buyers are still out there looking for the Deal that they should have made 6 months ago! and sitting on the fence waiting for…WHAT? …Look at the numbers.
Results for March 2012 Total homes sold : 645 month over month a 25% increase
Total homes in “pending” (under contract) : 514 Median price for condos : $255,600 more than 5% increase month over month Median price for single family : $399,825 Total Bank Owned (REO’s) soldin March 2012: 124 a 37% increase. Total Short Sales soldin March2012:62 Total Bank Owned (REO’s) activein April 2012:123, a 13% month over month decrease. Less REOs on the market. Total Short Sales activein April 2012:186, a 5% month over month decrease Total Inventory for the cities we cover : 3040 a 8% decrease compared to March. The inventory for short sales + REOs is just about 10% of the total inventory, compared to the 16% average during the past year.
I am used to talk to you about Real Estate in Palm Springs , this time just enjoy the fun
A very short moment of the great time we had yesterday at the 24th annual Opera in The Park in Palm Springs.
Hope you will be here next year : blue skies, fun and good music
“Opera in the Park” the 14th annual FREE event in Palm Springs Sunrise Park
As we have done for the last 10 years, to day we will be going to Sunrise Park in Palm Springs Proper and spend a wonderful afternoon listening to lead singers and talents performing.
Our Canadians friends in Palm Springs come and join us…let me know if you are there let’s meet …got an umbrella and chairs and munchies…
As Realtors our week end’s occupation and leisure is all about Real Estate, showing homes and doing open houses. We are in season but this is such a great event that we make a point each year to plan our day off to enjoy listening to Opera music under the blue skies.
Watch for the video I will be posting later and I will be at the park if you want to meet me just text me at 760 799 5308
See you there we might not be talking Palm Springs Real Estate right there and then !!
The Canadian media is looking at Canadians buying properties in Palm Springs and the Desert Cities
I received a call this morning from a Canadian reporter writing for a finance magazine and wanting to ask questions about Canadians buying in Palm Springs. Up to there nothing unusual, this had happened in the past and I have answered many and been quoted many times in Canadian business magazines.
It became weird and quite interesting when he started asking questions of Canadians buying to move to our area permanently!!!!!!
I must say that I was very surprised by the questions: out of all my sales to Canadian buyers NONE was buying to move to the US.
I have met Canadians living in the US but this is the ones that moved here a long time ago because of marriages with US residents or just business taking them here.
The whole conversation kept on coming back to that point….What do I make of that? is the Canadian government concerned about the number of Canadians buying in beautiful, sunny Palm Springs? I guess they are because why so much noise in the media about the “Risk of buying in the US? the risk of new taxes coming up for Canadians buying real estate in the US?
Canadians, we love you and thank you. You have contributed a huge part in helping the economy in Palm Springs and the Desert Cities when you come here to buy the great real estate deals available ; when you come spend money in our restaurants ; when you shop in our shopping malls or on El Paseo in Palm Desert .
Keep it coming…and if you have any concerns rumors are what they are “RUMORS”, just contact me to ask your questions.
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