At Palm Springs Condo Living we encourage people to purchase condos because it's such a desirable and easy way to experience the Palm Springs lifestyle. However, it's not for everybody. With this in mind for this week's blog I'm going to offer a link to an article I read in the Washington Post that spells out many of the good and not so good point about condo living. Please read it and let me know what you think.
Click on this link http://www.washingtonpost.com/wp-dyn/content/article/2008/09/05/AR2008090501825.html
Alan Wilke
Condos@PalmSpringsCondoLiving.Com
760-464-6693
Thursday, November 18, 2010
Tuesday, November 16, 2010
October 2010 Sales Analysis
The following sales analysis compares October 2010 sales data with data from the preceding month (September 2010) and the previous year (October 2009). Data is analyzed by region in the city: South Palm Springs, Central Palm Springs, and North Palm Springs.
South Palm Springs - South of Ramon Road
Sales in South Palm Springs were mostly flat during the most recent period compared with the earlier periods. The range of prices paid was also mostly similar with previous periods, but the average and median prices did see an increase over last month and last year. The price per square foot did drop over last year, but increased over last month. The number of days on the market did see a big jump from 80 last year to 111 this year. The percent of sales that were distressed properties dropped from last month and also from last year. Overall, not a bad picture for South Palm Springs given where the market has been for the past couple years.
Central Palm Springs - Between Ramon Road and Vista Chino
The scenario in Central Palm Springs was not as rosy as South Palm Springs. The number of sales did jump up over the preceding year and month. The range of prices paid was more or less in line with the previous periods. However, both the average and median prices were down dramatically from last year. The price per square foot was also down compared with last year and last month. The days on market was down from last year, but up from last month. But the big news is that distressed sales represented 73% of all condo sales in the region, almost 3 times more than 1 year ago.
North Palm Springs - North of Vista Chino
Sales in North Palm Springs actually were not too bad during the most recent period. The number of condos sold is double what it was last year and 50% greater than the previous month. The price range for sold condos is in line with the preceding month and year. Average and median prices, however, experienced increases, especially over the preceding month. The average price per square foot is also higher than the earlier periods. Days on market was a bit higher than last year, but a lot lower than just a month earlier. The big news here, as with Central Palm Springs, is the amount of distressed sales...73% of all condo sales were distressed in the area, a small drop from last month, but a fairly good size jump from last year.
The good news is that in all regions of Palm Springs the number of sales is increasing or at least equal with last year. As somebody who's out in the field daily this makes sense to me...it just feels like more transactions are happening. Pricing, however, is hit or miss, with increases in South and North Palm Springs, but decreases in the Central area. Also problematic are the percentage of distressed sales, which are lower in South Palm Springs, but quite high in Central and North Palm Springs. All of this is indicative of a still volatile market.
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
South Palm Springs - South of Ramon Road
| October 2010 | September 2010 | October 2009 | |
| Condos Sold | 29 | 28 | 28 |
| Price Range | $59,000 - $435,000 | $29,000 - $350,000 | $61,000 - $440,000 |
| Average Price | $186,471 | $150,779 | $170,782 |
| Median Price | $172,250 | $132,000 | $137,500 |
| Price/Square Foot | $128.47 | $108.71 | $134.34 |
| Days on Market | 111 | 115 | 80 |
| % Distressed Sales (REO or Short Sale) | 28% | 43% | 36% |
Sales in South Palm Springs were mostly flat during the most recent period compared with the earlier periods. The range of prices paid was also mostly similar with previous periods, but the average and median prices did see an increase over last month and last year. The price per square foot did drop over last year, but increased over last month. The number of days on the market did see a big jump from 80 last year to 111 this year. The percent of sales that were distressed properties dropped from last month and also from last year. Overall, not a bad picture for South Palm Springs given where the market has been for the past couple years.
Central Palm Springs - Between Ramon Road and Vista Chino
| October 2010 | September 2010 | October 2009 | |
| Condos Sold | 15 | 11 | 12 |
| Price Range | $29,500 - $400,000 | $30,000 - $400,000 | $69,000 - $364,900 |
| Average Price | $155,745 | $143,409 | $206,081 |
| Median Price | $125,000 | $105,000 | $204,000 |
| Price/Square Foot | $127.83 | $133.89 | $152.11 |
| Days on Market | 142 | 107 | 169 |
| % Distressed Sales (REO or Short Sale) | 73% | 64% | 25% |
The scenario in Central Palm Springs was not as rosy as South Palm Springs. The number of sales did jump up over the preceding year and month. The range of prices paid was more or less in line with the previous periods. However, both the average and median prices were down dramatically from last year. The price per square foot was also down compared with last year and last month. The days on market was down from last year, but up from last month. But the big news is that distressed sales represented 73% of all condo sales in the region, almost 3 times more than 1 year ago.
North Palm Springs - North of Vista Chino
| October 2010 | September 2010 | October 2009 | |
| Condos Sold | 15 | 10 | 7 |
| Price Range | $37,500 - $197,500 | $42,000 - $235,000 | $48,000 - $195,000 |
| Average Price | $118,079 | $94,445 | $105,843 |
| Median Price | $125,000 | $66,350 | $105,000 |
| Price/Square Foot | $112.33 | $93.81 | $110.99 |
| Days on Market | 62 | 117 | 51 |
| % Distressed Sales (REO or Short Sale) | 73% | 80% | 57% |
Sales in North Palm Springs actually were not too bad during the most recent period. The number of condos sold is double what it was last year and 50% greater than the previous month. The price range for sold condos is in line with the preceding month and year. Average and median prices, however, experienced increases, especially over the preceding month. The average price per square foot is also higher than the earlier periods. Days on market was a bit higher than last year, but a lot lower than just a month earlier. The big news here, as with Central Palm Springs, is the amount of distressed sales...73% of all condo sales were distressed in the area, a small drop from last month, but a fairly good size jump from last year.
The good news is that in all regions of Palm Springs the number of sales is increasing or at least equal with last year. As somebody who's out in the field daily this makes sense to me...it just feels like more transactions are happening. Pricing, however, is hit or miss, with increases in South and North Palm Springs, but decreases in the Central area. Also problematic are the percentage of distressed sales, which are lower in South Palm Springs, but quite high in Central and North Palm Springs. All of this is indicative of a still volatile market.
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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