Real Estate Market Report for July 2013 for the Palm Springs area Homes & Condos

Home prices are still going up and the Inventory of homes & condos available for sale is at the lowest since January of 2013.

The chart below breaks down the increases in median price and average selling price for each city , and you will see that some of the cites fared differently.

So if you are considering buying a permanent home or a second home should you be rushing to buy just anything to secure a property ? That's a question I get asked, and my answer is that we are still in a volatile time and there are still several factors that could impact this volatility , so buy wisely as not all homes or areas are equal, & choose your real estate agent wisely.

Palm Springs Area Home Sales Market Update - May 2013

Home prices are still rising across the Palm Springs area (Coachella Valley) in spite of the Summer Heat. There is a sense of urgency to beat the possible higher prices when the demand usually doubles during the Fall & Winter Season. It's the Supply & Demand law at play, as the low inventory & high demand are creating a surge in prices.

The major question that comes to mind and should be considered , is if the inventory of homes for sale eases, would we see a more stable market ?

This is the Desert MLS Report of Home & Condo Sales for May 2013 vs. May 2012. To see the full report, go here

Palm Springs Real Estate: April 2013 Homes & Condos Sales Report

With demand for homes for sale outpacing the supply due to low inventory, we are seeing another month of higher median prices and higher price average of sold homes & condos.
In comparing houses and condo sales the Palm Springs area in April 2013 vs. April 2012, we see an increase of 34.7% in the average prices of houses sold , and an increase of 19% for condos.
Increases between the 2 periods was not across the board in all the desert Cities of the Coachella Valley. There were winners and losers.

Rancho Mirage was the big winner in single family residences with a 43% increase in April 2013 vs April 2012 , while condos average sale prices dropped by -13.1% .

The biggest loser in single family residences was Indian Wells with a decrease of -31% in the average sold price of houses, while the average condo sales prices increased by 14.5%

Palm Springs single family residences went up by 20.1% , and condos were up by 22.7%. Palm Desert averages were flat for single family residences , and up by 8.75%. La Quinta saw small drops in both houses and condos.

Indio average condo sold price jumped by 96% April 2013 vs 2012, and single family homes jumped by 25%.

The chart below breaks down the data by city. See the full size report here ...

March 2013 Home & Condo Sales Report in the Palm Springs Area.

Home prices &Condo prices in Palm Springs and Desert Cities are still on the climb both in the median selling price and the average sold price.

When comparing the number of units sold in 2013 vs 2012 , you will see a drop from 794 sold homes t0 664 and that is mostly attributed to the drop in available Inventory of real estate coming on the market . March 2013 had an inventory of 2515 houses down from January's inventory of 2800 houses.

Condo sales did better in March 2013 with 281 condos sold in the Palm Springs area compared to 261 sold units in 2012. As for the Inventory , there is a drop from 1228 available condos in January 2013 to 1157 units in March 2013.

The chart below breaks down the data by city. See the full size report here ...

The Trend of higher median & average selling prices of houses & condos is still on the rise monthly, while inventories are low and demand is high.

To see the report in full size , find it here

January 2013 Real Estate Market Report of Homes & Condo Sales in the Palm Springs area.

The Desert Area MLS published its January 2013 Home Sales Report . You will see a comparison between January 2012 and 2013 in Average Sale Price and the Median Prices.

Based on the report, the Average Price of houses that sold is up by 27.6% this January from January 2012 , and Average Price of Condos that sold is up by 11.9% .

In Comparing the Median Selling Price for houses between January 2013 & January 2012 , it up by 43.3% & condos up by 29.9%. For a break down of the report visit my blog

Palm Springs Real Estate 6 Month Market Trends & The December 2012 Report

We are slowly shifting from Buyer's Market to Seller's Market . The low inventory is driving the surge in prices with multiple offers presented on well priced properties , so the time to buy is now!

Following is a chart where you can see the moving trend from July 2012 through December 2012:

And this is the Desert Area MLS Report of Home & Condo Sales for December 2012:

Palm Springs Real Estate Market Condition Nov. 2012

November 2012 Average Homes Sale Prices in the Palm Springs Area compared to November 2011 with percentages of price increases/ decreases. See which cities fared best Read the report...

Palm Springs Area (Coachella Valley) Real Estate Report for May 2011

This May, we saw another healthy month of increased sales of condos in the Palm Springs area, surpassing single family homes in number of units sold and average sold price, when compared to May 2010. Read More ...

Has the Real Estate Market Hit Bottom ? The California Association of Realtors Says YES!

In a Market Recap of the Economic and Market Outlook 2010-2011 , published November 11, 2010, the California Association of Realtors answered the question Has the Market Hit Bottom ? with a YES based on the following :

  • California homes Sales hit bottom in late 2007

  • California median Price hit bottom in early 2009

  • Some parts of California still looking for bottom but are close.

This a caption of questions and answers.

The following chart from the Desert Area MLS, shows the trend of the average sale price of homes and listings of homes that actually sold in Palm Springs and the desert cities, and charts home sales activities between July 1, 2008 through September 30, 2010.

Download here

The following is 2 page caption of the Housing Statistics for 9 Quarters provided by the Desert MLS for January 1, 2009 through December 31, 2009.

The full report shows which cities had the highest $ amount paid for homes in the Coachella Valley, what cities had the highest number of sales by zip code and city. Get the Full Report here . More reports about Trends and the California Housing Market are available too .