South Palm Springs - South of Ramon Road
| August 2010 | July 2010 | August 2009 | |
| Condos Sold | 31 | 24 | 31 |
| Price Range | $36,500 - $388,000 | $39,000 - $335,000 | $35,000 - 368,000 |
| Average Price | $173,203 | $179,667 | $175,445 |
| Median Price | $150,000 | $182,500 | $165,000 |
| Price/Square Foot | $121.77 | $128.18 | $133.11 |
| Days on Market | 110 | 131 | 95 |
| % Distressed Sales (REO or Short Sale) | 55% | 29% | 32% |
Year over year, and month over month, there wasn't much change in the sales figures in South Palm Springs. The exact same number of condos (31) were sold in August 2010 as were sold in August 2009, however this was a 29% increase over the sales in July 2010. The range of prices for condos was also very similar year over year, again though there was an increase in August over July 2010. The average price of a condo was virtually unchanged in August vs. a year ago, only dropping a little over 1%. The median price did experience a bigger decrease, dropping 9% from August of 2009. The price per square foot dropped by the same 9% compared with August of last year. The number of Days on Market saw an increase this year up to 110 days, a 16% increase over last year. The biggest change in South Palm Springs compared with last year was in the number of distressed properties that closed escrow. A full 55% of all condos sold in the region were distressed in August 2010, a 90% increase over July 2010 and a 72% increase over August 2009.
Central Palm Springs - Between Ramon Road and Vista Chino
| August 2010 | July 2010 | August 2009 | |
| Condos Sold | 9 | 16 | 14 |
| Price Range | $59,500 - $175,000 | $23,000 - $345,000 | $74,000 - $388,000 |
| Average Price | $110,049 | $181,525 | $221,171 |
| Median Price | $105,500 | $172,750 | $226,000 |
| Price/Square Foot | $116.63 | $155.77 | $162.51 |
| Days on Market | 176 | 91 | 100 |
| % Distressed Sales (REO or Short Sale) | 67% | 31% | 36% |
Unlike South Palm Springs, Central Palm Springs experienced a huge change in August 2010 compared with July as well as the previous August, and it was not for the better. This region had 9 condos sold in August 2010, a drop of 44% from July 2010 and a decrease of 36% from August 2009. The price range of condos sold had a maximum of $175,000 which was about half of what it was in both July 2010 and August 2009. The average price sold in August 2010 was also 50% less than it was in August 2009 and the median price was even more dramatically reduced at 53% less than it was in August 2009. On a price per square foot basis the pricing in August 2010 also took a dive...39% less than August 2009 and 34% less than July 2010. Days on Market increased dramatically, up 76 over last year and up an incredible 93% over just last month. Finally, two-thirds of all condos sold in Central Palm Springs were distressed properties compared with 31% in July of 2010 and 36% in August of 2009.
North Palm Springs - North of Vista Chino
| August 2010 | July 2010 | August 2009 | |
| Condos Sold | 6 | 11 | 10 |
| Price Range | $113,500 - $250,000 | $46,600 - $178,000 | $54,000 - $225,000 |
| Average Price | $164,367 | $102,841 | $114,003 |
| Median Price | $153,750 | $99,900 | $87,062 |
| Price/Square Foot | $142.55 | $111.00 | $115.87 |
| Days on Market | 92 | 63 | 98 |
| % Distressed Sales (REO or Short Sale) | 33% | 55% | 70% |
North Palm Springs, even more than South Palm Springs and lots more than Central Palm Springs, had some bright spots in August 2010. Although the number of condos sold was down a large percentage (40% less than August 2009 and 45% less than July 2010) prices were much improved. The maximum paid in August 2010 was $250,000, 11% more than the maximum in August 2009 and 40% more than the maximum in July 2010. The average price saw a huge increase...60% higher than July 2010 and 44% higher than August 2009. The median price also saw incredible increases...54% higher than July 2010 and 77% higher than August 2009. Price per square foot also saw increases. The average of $142.55 is 28% higher than July 2010 and 23% higher than August 2010. The average Days on Market for North Palm Springs was 92 days this month, 46% longer than the average in July 2010 and 6% shorter than the average in August 2010. One-third of the properties sold in August 2010 were distressed, compared with over half in July 2010 and over two-thirds in August 2009.
Palm Springs is still experiencing a very volatile condo market. Sales in South Palm Springs were comparable with last year, but in Central Palm Springs they were considerably worse than last year, and in North Palm Springs they were considerably better, although there were very few sales. There are some bright spots, but in general it is still a challenging market for sellers. For buyers, it's a buyer's market and the savvy buyer can get an incredible deal on a Palm Springs Condo.
If you have any questions or comments regarding this data and/or the analysis please feel free to contact me...I'd love to hear from you!
Alan Wilke
Condos@PalmSpringsCondoLiving.Com
760-464-6693
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