South Palm Springs - South of Ramon Road
| January 2011 | December 2010 | January 2010 | |
| Condos Sold | 16 | 35 | 16 |
| Price Range | $54,900 - $400,000 | $46,999 - $350,000 | $100,000 - $350,500 |
| Average Price | $162,469 | $182,783 | $226,581 |
| Average Square Feet | 1,316 | 1,300 | 1,437 |
| Price/Square Foot | $117.59 | $137.56 | $159.57 |
| Days on Market | 116 | 108 | 126 |
| % Distressed Sales (REO or Short Sale) | 38% | 31% | 13% |
The start of the new year did not bring spectacular sales to South Palm Springs. The number of units sold was equal with January of last year. The big drop in sales from December shows how few people are looking to purchase property around the holidays. Typically, people making offers in December would be closing escrow in January. The range of prices sold is similar with last year on the high end, but the low end has dropped a lot from last year. This can be seen even more clearly when we analyze the average price paid year over year...a drop of $64,000! The average size is a bit smaller in January 2011 than January 2010. The average price per square foot also took a huge drop of $42.00 this January compared to last. Days on market is a bit better at 116 days vs. 126 days. But the percent of sales that are distressed properties has almost tripled in the past year to represent 38% of all condo sales in South Palm Springs.
Central Palm Springs - Between Ramon Road and Vista Chino
| January 2011 | December 2010 | January 2010 | |
| Condos Sold | 18 | 18 | 19 |
| Price Range | $47,500 - $310,000 | $57,000 - $575,000 | $61,500 - $330,000 |
| Average Price | $185,972 | $149,161 | $164,763 |
| Average Square Feet | 1,294 | 1,177 | 1,169 |
| Price/Square Foot | $140.95 | $120.95 | $137.52 |
| Days on Market | 122 | 91 | 111 |
| % Distressed Sales (REO or Short Sale) | 44% | 67% | 47% |
Conversely, sales in Central Palm Springs looked pretty good in the new years. There was no seasonal drop in sales, with quantity sold being equal with December and January of 2010. The range of prices sold was similar on the low end with the preceding month and year, but a big drop from the high end of December. However, I think the high in December may be attributable to one or two sales only because the average price sold in January 2011 was a lot higher than the average for last month and last year. The average size condo sold in January was about 10% bigger than the preceding month. The average price per square foot was mostly equal to last year, but a big increase of $20 over December 2010. Average days on market took a big increase to a full month longer to sell than the most recent period of December 2010. However, the percent of all condo sales that were distressed sales dropped down to 44%, a number similar to a year ago, but a big decrease from last month.
North Palm Springs - North of Vista Chino
| January 2011 | December 2010 | December 2009 | |
| Condos Sold | 5 | 12 | 12 |
| Price Range | $50,000 - $105,000 | $41,000 - $211,000 | $48,000 - $241,000 |
| Average Price | $68,650 | $91,917 | $109,733 |
| Average Square Feet | 734 | 908 | 963 |
| Price/Square Foot | $93.70 | $95.96 | $111.18 |
| Days on Market | 105 | 73 | 62 |
| % Distressed Sales (REO or Short Sale) | 40% | 75% | 67% |
Unfortunately, sales in North Palm Springs for the start of the year are looking more like South Palm Springs rather than Central Palm Springs. Quantity sold in January 2011 is a dismal 5 units, less than half of what was sold last month and in the corresponding month of last year. The range of prices sold was similar to earlier periods on the low end, but the highest priced sale is less than half that of the previous periods. This can be seen clearly in the average sale price which is a huge drop from last month and last year. However, part of the issue is that only smaller condos sold this month as the average square feet is a lot less than earlier periods. This helps the average price per square foot which is similar to last month, although it is a drop from last year. Days on market took a big leap up over 100 days in January, a lot more than previous periods. But, happily, the percent of all condo sales that were distressed was only 40%...a big drop from last month and last year. However, how much of a trend can we call when there were only 5 units sold?
The one bright spot on the sales scene is Central Palm Springs. Most of the statistics in this region are better than they were last month and last year. However, sales in South Palm Springs and North Palm Springs were down so much that, overall, the sales scenario is still down from last year. For sellers it appears that the market is still challenging. For buyers, make the most of it, because this is your time!
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
