Palm Springs Real Estate Market Insights

Maurice Minno - Palm Springs Realtor

May 2010

The Palm Springs real estate market continues to favor Buyers.  Market statistics for May 2010 follow.  Home and condominium sale prices and the number of sales support the strength of the Palm Springs Buyers Market.

Residential Single Family Home Sales

• May’s closed sale transactions (# of units) increased 30% vs. April’s sales.
• The median sale price in May was $389,500.
• Year-over-year closed sale transactions increased 26%.
• May’s number of closed sale transactions are close to 2005’s sales volume.

Condominium Sales

• The number of closed sales declined by 2.3% in May vs. April.  However, year-over-year, sales increased 16.4%.
• The median sales price was $145,000.

Days on Market

The current number of days on market dropped 10 days, to 55 days, for single family homes, and 110 days for condominiums.  Clearly, properties that are priced right for today’s market are moving quickly.

Sale Price to List Price

The sales price to list price ratio is an important indicator of market demand and sale prices.  May’s rates are:

• Single-family homes: 93.9% or a drop of 1.2% (vs. April).
• Homes under $500,000: 95.9%.
• Homes in the $500,000 to $999,999 segment: 93.1%.
• Homes above $1,000,000 segment: 89%.
• Condominiums: 94.1% or an increase of 1.6%

Normal Sales

The majority of the May’s transactions were normal sales, and not bank owned (REO) properties.

Trends In The Under $500,000 Home Segment

• The median sale price increased 22.6% year-over-year.  This shows the demand for properties in the less than $500,000 sector of the market.
• This segment represented 78.5% of all of May’s home sales.

Trends In The $500,000 To $1,000,000 Home Segment

• The median price rose 6.3% year-over-year.  This rise is less than a third of the median sale price in the under $500,000 segment.
• This segment made up 13.4% of home sales in May.

Trends In The One Million Dollar Plus Home Segment

• The median price was down by 8.0% year-over-year demonstrating the segments weak sales.
• This segment made up 8.1% of May’s total home sales.

Trends In The Condominium Segment

• The median price fell 9.8% vs. April.
• Sales are up 62.6% year-over-year.

Given interest rates this week (June 21, 2010) are at their lowest point in over 50 years, and the market here in Palm Springs continues to show positive sales improvement and trends over last year, for the first time in several years, there is one important question to ask yourself.  If you are a Buyer, what are you waiting for given these unprecidented market conditions to purchase your Palm Springs home?

If you have interest in purchasing a Palm Springs area home, I welcome the opportunity to work with you.

My Mission:

My Mission Is Not To Sell My Buyers A Home, But To Sell Each Of My Buyers The Right Home.

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