South Palm Springs - South of Ramon Road
| September 2010 | August 2010 | September 2009 | |
| Condos Sold | 28 | 31 | 23 |
| Price Range | $29,000 - $350,000 | $36,500 - $388,000 | $69,000 - $456,000 |
| Average Price | $150,779 | $173,203 | $191,424 |
| Median Price | $132,000 | $150,000 | $170,000 |
| Price/Square Foot | $108.71 | $121.77 | $146.30 |
| Days on Market | 115 | 110 | 119 |
| % Distressed Sales (REO or Short Sale) | 43% | 55% | 13% |
Overall sales in South Palm Springs are down 10% in September 2010 vs. August 2010, but they are up 22% over September 2009. All of the pricing information, however, has dropped. The price range this September is similar to August, but it is a significant drop over the price range experienced last year. The average sales price this September is down 15% over August and is down 27% over September of last year. The median sales price figures are similar with a 14% drop vs. August and a 29% drop vs. last year. The average price per square foot is down 12% compared with August and down 35% compared with September of 2009. The number of days on the market are similar for all three time periods...115 days, 110 days, and 119 days respectively. The percentage of properties that are distressed did drop 22% vs. August, but the percentage of properties that are distressed had a huge increase of over 3 times the number sold in September 2009.
Central Palm Springs - Between Ramon Road and Vista Chino
| September 2010 | August 2010 | September 2009 | |
| Condos Sold | 11 | 9 | 13 |
| Price Range | $30,000 - $400,000 | $59,500 - $175,000 | $72,000 - $647,000 |
| Average Price | $143,409 | $110,049 | $210,138 |
| Median Price | $105,000 | $105,500 | $160,000 |
| Price/Square Foot | $133.89 | $116.63 | $170.96 |
| Days on Market | 107 | 176 | 135 |
| % Distressed Sales (REO or Short Sale) | 64% | 67% | 46% |
The number of condos sold in Central Palm Springs were consistent with last month and last year, experiencing a 22% increase over the sales of August 2010, but an 18% decrease over September 2009. The price range of all condos sold was also in the middle in comparison with last month and last year. The price range was a lot higher than the dismal August 2010 results, but not nearly as high as September 2009. The average price was 30% higher in September than August, but 32% lower than September 2009. The median price was even with August at approximately $105,000, but both of these were a drop of 35% over September 2009. Average price per square foot increased 15% compared with August, but decreased 22% compared with September 2009. The number of days on the market dropped a whopping 40% compared with August and also dropped by 21% compared with September 2009. Percentage of properties sold that are distressed stayed similar in September and August 2010 at approximately 2/3 of all sales, and this was an increase in comparison with last year when the distressed sales was under 50%.
North Palm Springs - North of Vista Chino
| September 2010 | August 2010 | September 2009 | |
| Condos Sold | 10 | 6 | 15 |
| Price Range | $42,000 - $235,000 | $113,500 - $250,000 | $48,000 - $232,000 |
| Average Price | $94,445 | $164,367 | $85,340 |
| Median Price | $66,350 | $153,750 | $60,500 |
| Price/Square Foot | $93.81 | $142.55 | $119.12 |
| Days on Market | 117 | 92 | 53 |
| % Distressed Sales (REO or Short Sale) | 80% | 33% | 53% |
In North Palm Springs the increase in sales (66%) over last month looks really dramatic, but with only 6 sales in August anything would look good! Number of sales compared with 2009 were down 33%. The price range of condos sold across all time periods is similar, although in August there were no inexpensive condos sold in the area which impacted sales figures considerably. For example, the average price in September compared with September of 2009 was up 11%, but compared with August it was down 43%. Median price is similar...an increase of 10% compared with last year, but a 57% drop from August. Price per square foot dropped 35% vs. August and also dropped 21% vs. last year. Days on market increased in September 21% compared with August and also increased a whopping 121% compared with last September. The big news in North Palm Springs, though, is the number of distressed sales...80% of all condo sales in the region were distressed in September vs. 33% in August and 53% last September.
I'm sounding like a broken record, but Palm Springs is still experiencing a very volatile condo market. Pricing in South Palm Springs was considerably lower than last year, although the number sold was higher. Similarly, Central Palm Springs experienced lower sales and pricing compared with last year, although there were better sales than in August. North Palm Springs was the main point of difference with last year in the region. Sales were similar or even better than last year, although considerably worse than August 2010. The only issue that is similar across the region concerns the percentage of distressed sales. More and more, across all areas, the condos that are sold are either foreclosures or short sales. For the foreseeable future this trend should continue. This means it will still be a challenging market for sellers. But 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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