South Palm Springs - South of Ramon Road
| June 2010 | May 2010 | June 2009 | |
| Condos Sold | 45 | 48 | 33 |
| Price Range | $67,500 - $525,000 | $41,500 - $410,000 | $85,000 - $422,000 |
| Average Price | $200,749 | $182,127 | $209,367 |
| Median Price | $189,000 | $170,000 | $200,000 |
| Price/Square Foot | $132.85 | $125.78 | $151.90 |
| Average Square Feet | 1486 S.F. | 1405 S.F. | 1430 S.F. |
| Days on Market | 121 | 89 | 117 |
| % Distressed Sales (REO or Short Sale) | 36% | 40% | 21% |
Year-over-year there has been a great increase in the number of condos sold in South Palm Springs...45 in 2010 vs. 33 in 2009, a 36% increase. However, the average sales price dropped 4%, the median sales price dropped 6%, and the average price per square foot dropped 13%. The size of the average condo sold is similar to last year and the days a property stayed on the market before selling is also mostly unchanged from last year. It is interesting to note that distressed sales (REOs and Short Sales) have increased dramatically from 21% of all sales in June of last year to 40% in May and 36% in June of this year.
Central Palm Springs - Between Ramon Road and Vista Chino
| June 2010 | May 2010 | June 2009 | |
| Condos Sold | 27 | 25 | 24 |
| Price Range | $80,000 - $610,000 | $64,900 - $370,000 | $80,000 - $700,000 |
| Average Price | $218,734 | $159,536 | $257,158 |
| Median Price | $175,500 | $143,000 | $197,000 |
| Price/Square Foot | $145.90 | $127.47 | $180.82 |
| Average Square Feet | 1432 S.F. | 1194 S.F. | 1344 S.F. |
| Days on Market | 75 | 87 | 166 |
| % Distressed Sales (REO or Short Sale) | 44% | 40% | 29% |
The number of condos sold year-over-year has been relatively flat in Central Palm Springs, increasing by only 3 units, or 13 %, in 2010. Similar to South Palm Springs prices have dropped - average price dropped 15%, median price dropped 11%, and price per square foot has dropped 19%. At the same time, the average size of a condo has increased by about 90 square feet and the days a property stayed on the market before selling has dramatically dropped by 55%. The percent of distressed properties selling has increased 52% over June of 2009. One explanation of this data may be that the distressed properties are finally moving through the market and actually closing and closing more quickly than they were a year ago.
North Palm Springs - North of Vista Chino
| June 2010 | May 2010 | June 2009 | |
| Condos Sold | 10 | 12 | 9 |
| Price Range | $43,000 - $165,000 | $43,000 - $220,000 | $53,000 - $279,000 |
| Average Price | $84,850 | $101,246 | $111,056 |
| Median Price | $58,750 | $87,775 | $80,000 |
| Price/Square Foot | $98.70 | $107.73 | $116.42 |
| Average Square Feet | 818 S.F. | 917 S.F. | 888 S.F. |
| Days on Market | 53 | 78 | 169 |
| % Distressed Sales (REO or Short Sale) | 80% | 67% | 44% |
The condo market in North Palm Springs is the smallest of any of the Palm Springs regions, with only 10 sales last month, 1 more than last year. Similar to the other areas in Palm Springs, but even more pronounced in the north, pricing has experienced a downward trend - average price dropped 24%, median price dropped 27%, and average price per square foot dropped 15% vs. last year. The average sold condo is 70 square feet smaller than one sold last year. But the biggest change in the entire analysis is that the days a property stayed on the market before selling dropped by 69% to a mere 53 day average. Add to that number the fact that the percent of distressed property sales now represents 80% of all condos sold in this region, almost double what it was a year ago. As with Central Palm Springs a case could be made that the distressed sales are finally moving through the market more quickly than they were a year ago.
Across the board a number, of issues stand out for the Palm Springs condo market in relation to a year ago:
- Number of condos selling has increased.
- Prices of condos selling has decreased.
- Number of days a condo stays on the market has decreased.
- Percent of all sales that are distressed properties has increased
Alan Wilke
Condos@PalmSpringsCondoLiving.Com
760-464-6693
No comments:
Post a Comment