South Palm Springs - South of Ramon Road
| November 2010 | October 2010 | November 2009 | |
| Condos Sold | 30 | 29 | 29 |
| Price Range | $70,000 - $370,000 | $59,000 - $435,000 | $50,000 - $359,000 |
| Average Price | $191,800 | $186,471 | $188,560 |
| Median Price | $203,500 | $172,250 | $187,000 |
| Price/Square Foot | $116.68 | $128.47 | $138.68 |
| Days on Market | 150 | 111 | 145 |
| % Distressed Sales (REO or Short Sale) | 27% | 28% | 48% |
Sales in South Palm Springs held their own vs. sales in the previous month and year. Quantity was almost equal, with 30 this November and 29 for both last month and last year. The range of prices paid was also mostly similar with previous periods, although the high of October 2010 was not quite reached this month. The average price paid in November was a bit higher than last month and year, but the median price paid in November was considerably higher than the previous periods. The price per square foot did drop over last month and last year by about 10-15%. The number of days on the market jumped up from 111 last month to 150 in November. It was mostly flat with last year. The percent of sales that were distressed properties was mostly equal with last month (27% vs. 28%), but a big drop from last year.
Central Palm Springs - Between Ramon Road and Vista Chino
| November 2010 | October 2010 | November 2009 | |
| Condos Sold | 19 | 15 | 15 |
| Price Range | $50,500 - $350,000 | $29,500 - $400,000 | $65,650 - $332,000 |
| Average Price | $168,184 | $155,745 | $181,597 |
| Median Price | $163,000 | $125,000 | $157,000 |
| Price/Square Foot | $138.71 | $127.83 | $150.36 |
| Days on Market | 101 | 142 | 123 |
| % Distressed Sales (REO or Short Sale) | 37% | 73% | 40% |
Sales in Central Palm Springs were also fairly consistent with the previous periods. The number of sales did jump up over the preceding year and month...19 vs. 15 for each of the previous periods. The range of prices paid was more or less in line with the previous periods. The average price in November was about halfway between what it was last month and last year. The median price was actually higher than either of the previous periods. The price per square foot was also about halfway between the numbers for last month and last year. Days on market was down from both periods, but particularly so when compared with last month. More good news comes in the distressed sales arena where total percent of properties sold that were distressed dropped down to 37% from 73% last month.
North Palm Springs - North of Vista Chino
| November 2010 | October 2010 | November 2009 | |
| Condos Sold | 7 | 15 | 15 |
| Price Range | $35,000 - $168,800 | $37,500 - $197,500 | $44,550 - $276,900 |
| Average Price | $80,361 | $118,079 | $131,243 |
| Median Price | $57,500 | $125,000 | $105,500 |
| Price/Square Foot | $84.81 | $112.33 | $110.98 |
| Days on Market | 75 | 62 | 102 |
| % Distressed Sales (REO or Short Sale) | 86% | 73% | 67% |
However, sales in North Palm Springs saw the worst numbers of all regions in Palm Springs. At 7, the number of condos sold is less than half what it was last month and last year. The price range for sold condos is in line with the preceding month and year for the low price, but there were not many more expensive condos sold in November 2010. This fact is shown dramatically in the average and median prices, which are considerably lower than last month and year. The average price per square foot is also considerably lower than the earlier periods. The only good news here is that days on market was a bit higher than last month, but a lot lower than last year. And as incredible as it seems the percentage of distressed properties keeps going up in North Palm Springs...now at 86% of all condos sold!
The good news is that sales in South and Central Palm Springs are holding their own when compared with previous sales periods. There are a lot of transactions happening and the pricing is at least on par with last year. North Palm Springs is a bit disappointing this month with low sales numbers, prices, and percent distressed properties. In general, South and Central Palm Springs are more desirable areas and have larger more expensive condos than North Palm Springs, so perhaps the market is strengthening in these areas before it moves on to North Palm Springs. Time will tell...
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
