South Palm Springs - South of Ramon Road
| July 2010 | June 2010 | July 2009 | |
| Condos Sold | 24 | 45 | 37 |
| Price Range | $39,000 - $335,000 | $67,500 - $525,000 | $48,000 - $503,000 |
| Average Price | $179,667 | $200,749 | $194,955 |
| Median Price | $182,500 | $189,000 | $165,000 |
| Price/Square Foot | $128.18 | $132.85 | $131.84 |
| Days on Market | 131 | 121 | 143 |
| % Distressed Sales (REO or Short Sale) | 29% | 36% | 43% |
Condo sales have dropped dramatically in South Palm Springs from July 2009 to July 2010, from 37 units to 24...a decrease of 35%. Additionally, compared with sales from just a month earlier, June 2010, sales decreased by 47% in July. Higher end condo sales disappeared in this area as the top price paid was only $335,000 compared with over $500,000 last month and last year. The average price paid dropped 9% from 2009, but the median price actually increased by 11%. All of this information tells me that the sales that occurred in July 2010 were closer together than those that occurred in July 2009, in other words not much fluctuation in sold prices. The average price per square foot changed very little year-over-year, dropping by only 3% or $3.66 per square foot. Days on Market also dropped from 143 to 131 days, a decrease of 8%, however, it increased by the same 8% in comparison with June 2010. Finally, the percent of sold properties that are distressed has continued dropping from 43% of all sold properties a year ago to 29% this July.
Central Palm Springs - Between Ramon Road and Vista Chino
| July 2010 | June 2010 | July 2009 | |
| Condos Sold | 16 | 27 | 24 |
| Price Range | $23,000 - $345,000 | $80,000 - $610,000 | $60,000 - $380,000 |
| Average Price | $181,525 | $218,734 | $191,123 |
| Median Price | $172,750 | $175,500 | $192,000 |
| Price/Square Foot | $155.77 | $145.90 | $156.68 |
| Days on Market | 91 | 75 | 133 |
| % Distressed Sales (REO or Short Sale) | 31% | 44% | 27% |
The number of condos sold year-over-year has dropped 33% in Central Palm Springs, with only 16 sales happening in July 2010. In comparison with just a month earlier, June 2010, sales have dropped 41%. The price range of condos sold is lower in July 2010, with the average price paid being a decrease of 5% over last year and the median price decreasing by 10% over last year. Happily, the average price per square foot is almost identical to last year, dropping by only $.91 per square foot...a less than 1% decrease. The big news in this region is the continuing decrease in the number of Days on Market, dropping by 42 days or a decrease of 32%. However, in contrast to South Palm Springs the percent of sold condos that are distressed properties is increasing from 27% of the market last year to 31% this year.
North Palm Springs - North of Vista Chino
| July 2010 | June 2010 | July 2009 | |
| Condos Sold | 11 | 10 | 7 |
| Price Range | $46,600 - $178,000 | $43,000 - $165,000 | $48,900 - $265,000 |
| Average Price | $102,841 | $84,850 | $113,271 |
| Median Price | $99,900 | $58,750 | $85,000 |
| Price/Square Foot | $111.00 | $98.70 | $119.58 |
| Days on Market | 63 | 53 | 155 |
| % Distressed Sales (REO or Short Sale) | 55% | 80% | 57% |
The condo market in North Palm Springs is the smallest of any of the Palm Springs regions, with only 11 sales last month, but it is also the only region with an increase (57%) over last year. The bottom of the price range is similar to last year and last month, but the higher priced condos have disappeared. The average price per condo has decreased 9%, however the median price has increased by 15% over last year. As with South Palm Springs this tells me that the prices paid this year are all in a tighter range than they were last year. Average price per square foot has decreased by 7% compared with last year. Similar to Central Palm Springs the big news is the Days on Market, which has decreased by 59%, down to a very short 63 days. Finally, the percent of all sales that are distressed is very similar to last year (55% vs. 57%), but a huge drop compared to just last month when distressed sales represented 80% of all sold properties.
In general, we are in a very unusual and volatile real estate marketplace. In June 2010 the number of sales were up, but in July 2010 the numbers are down. I think some of the increase in June, and then the decrease in July, can be attributable to the federal tax incentives that originally ended on June 30 (it has since been extended to closings up until September 30). This tax benefit caused buyers to try to close in June in order to receive the benefit, thereby diminishing sales that would have closed in July. Another interesting feature of the current market is that condos are not closing for the higher prices they were even one year ago. Entry level and mid-priced condos are selling, but luxury condos are not, at least not in July. A final issue that is at play is the dramatic decrease in the number of Days on Market, perhaps signaling that sellers are understanding what they need to do, price-wise, to get a property sold.
If you have any questions or comments regarding this data please feel free to contact me...I'd love to hear from you!
Alan Wilke
Condos@PalmSpringsCondoLiving.Com
760-464-6693
No comments:
Post a Comment