Probably doesn't have a lot to do with the typical property we discuss here at Palm Springs Condo Living, but Barron's magazine has just ranked it's annual list of the best luxury second home markets. And while this was no surprise to us Palm Springs lovers, Palm Springs ranked a very respectable 11th on the list. For the complete article click on the link below:
http://online.barrons.com/article/SB50001424052970203979804576152351515182700.html?mod=TWM_pastedition_1#articleTabs%3Darticle
Median price for this type of property in the greater Palm Springs area: $3.3 Million. Again, this isn't the usual condo we focus on at Palm Springs Condo Living, but it does raise the issue that property values, at least in the luxury market that they're writing about, are increasing. And sometimes it's just nice to dream!
Thursday, March 17, 2011
Thursday, March 10, 2011
February 2011 Sales Analysis
The following sales analysis compares February 2011 sales data with data from the preceding month (January 2011) and the previous year (February 2010). 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
January started the new year pretty poorly, sales-wise, in South Palm Springs, so it's nice to see such great sales as we had in February! The number of condos sold in February more than doubled those sold in January and was also a lot higher than last year's sales. The range of prices for all time periods was more or less in the same range. The big jump happened in the average price, which is $30,000 more than either last month or last year. Part of this increase was because the average condo sold in February was a bit larger than either of the two previous time periods by at least 100 square feet. However, the average price per square foot was still highest in February than last month or last year. The number of days on the market jumped up a lot over last year, but was consistent with January. The percent of sales that were distressed properties stayed lower at 37% vs. 50% last year. All things considered February in South Palm Springs was a good month.
Central Palm Springs - Between Ramon Road and Vista Chino
Sales in Central Palm Springs, unfortunately, did not catch the same wave that was experienced in South Palm Springs, although it wasn't horrible at all. The number of units sold was actually higher than the other time periods. The range of prices is where we really see the difference, with the high price being half as much as it was in February of 2010, although it was consistent with last month. This obviously effected the average price paid for a condo, dropping it down over $100,000 from last year and $50,000 from last month! Part of the issue this month is that the size of the average condo sold was a lot smaller than the other time periods. The average price per square foot, while lower, is not dramatically so when compared with the price range issue. Days on market was actually the lowest of the time periods, but the percent of distressed sales was the highest. All in all it was a mixed bag in Central Palm Springs.
North Palm Springs - North of Vista Chino
After the horrible start to the year February, like South Palm Springs, was a decent month in North Palm Springs. Total sales were more than double last month, although since January only had 5 sales doubling that isn't such a big deal! But the price range was good and included the highest price paid in all time periods. This naturally impacted the average price paid for a condo, giving February 2011 the highest figure of all time periods. However, part of this comes from the fact that the average size of a condo sold was 150 square feet bigger in February than last month or last year. So on a price per square foot basis February 2011 was higher than January 2011, but not as high as February 2010. Days on market was the highest of all three time periods in February. But the percent of condos sold that were distressed was a low 27% in February, considerably less than the earlier time periods. While not quite as robust as the sales experienced in South Palm Springs sales in North Palm Springs did well.
In my January sales analysis Central Palm Springs was the one bright spot. This month the other regions were hot and Central Palm Springs was the one low point. The recovery we are experiencing, in fits and starts, will need to be consistent across regions to really have legs. While there were some bright spots in February, there were also some not so bright features. Stay tuned for more as the real estate scene continues changing!
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
| February 2011 | January 2011 | February 2010 | |
| Condos Sold | 35 | 16 | 22 |
| Price Range | $57,750 - $500,000 | $54,900 - $400,000 | $55,000 - $535,000 |
| Average Price | $198,084 | $162,469 | $168,873 |
| Average Square Feet | 1,481 | 1,316 | 1,388 |
| Price/Square Foot | $134.19 | $117.59 | $119.44 |
| Days on Market | 120 | 116 | 79 |
| % Distressed Sales (REO or Short Sale) | 37% | 38% | 50% |
January started the new year pretty poorly, sales-wise, in South Palm Springs, so it's nice to see such great sales as we had in February! The number of condos sold in February more than doubled those sold in January and was also a lot higher than last year's sales. The range of prices for all time periods was more or less in the same range. The big jump happened in the average price, which is $30,000 more than either last month or last year. Part of this increase was because the average condo sold in February was a bit larger than either of the two previous time periods by at least 100 square feet. However, the average price per square foot was still highest in February than last month or last year. The number of days on the market jumped up a lot over last year, but was consistent with January. The percent of sales that were distressed properties stayed lower at 37% vs. 50% last year. All things considered February in South Palm Springs was a good month.
Central Palm Springs - Between Ramon Road and Vista Chino
| February 2011 | January 2011 | February 2010 | |
| Condos Sold | 19 | 18 | 16 |
| Price Range | $55,000 - $305,000 | $47,500 - $310,000 | $70,000 - $610,000 |
| Average Price | $132,037 | $185,972 | $236,619 |
| Average Square Feet | 1,037 | 1,294 | 1,450 |
| Price/Square Foot | $125.74 | $140.95 | $158.30 |
| Days on Market | 108 | 122 | 126 |
| % Distressed Sales (REO or Short Sale) | 58% | 44% | 25% |
Sales in Central Palm Springs, unfortunately, did not catch the same wave that was experienced in South Palm Springs, although it wasn't horrible at all. The number of units sold was actually higher than the other time periods. The range of prices is where we really see the difference, with the high price being half as much as it was in February of 2010, although it was consistent with last month. This obviously effected the average price paid for a condo, dropping it down over $100,000 from last year and $50,000 from last month! Part of the issue this month is that the size of the average condo sold was a lot smaller than the other time periods. The average price per square foot, while lower, is not dramatically so when compared with the price range issue. Days on market was actually the lowest of the time periods, but the percent of distressed sales was the highest. All in all it was a mixed bag in Central Palm Springs.
North Palm Springs - North of Vista Chino
| February 2011 | January 2011 | February 2010 | |
| Condos Sold | 11 | 5 | 13 |
| Price Range | $43,000 - $285,000 | $50,000 - $105,000 | $42,500 - $237,800 |
| Average Price | $95,908 | $68,650 | $88,028 |
| Average Square Feet | 895 | 734 | 729 |
| Price/Square Foot | $102.87 | $93.70 | $115.30 |
| Days on Market | 112 | 105 | 53 |
| % Distressed Sales (REO or Short Sale) | 27% | 40% | 54% |
After the horrible start to the year February, like South Palm Springs, was a decent month in North Palm Springs. Total sales were more than double last month, although since January only had 5 sales doubling that isn't such a big deal! But the price range was good and included the highest price paid in all time periods. This naturally impacted the average price paid for a condo, giving February 2011 the highest figure of all time periods. However, part of this comes from the fact that the average size of a condo sold was 150 square feet bigger in February than last month or last year. So on a price per square foot basis February 2011 was higher than January 2011, but not as high as February 2010. Days on market was the highest of all three time periods in February. But the percent of condos sold that were distressed was a low 27% in February, considerably less than the earlier time periods. While not quite as robust as the sales experienced in South Palm Springs sales in North Palm Springs did well.
In my January sales analysis Central Palm Springs was the one bright spot. This month the other regions were hot and Central Palm Springs was the one low point. The recovery we are experiencing, in fits and starts, will need to be consistent across regions to really have legs. While there were some bright spots in February, there were also some not so bright features. Stay tuned for more as the real estate scene continues changing!
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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