South Palm Springs - South of Ramon Road
| March 2011 | February 2011 | March 2010 | |
| Condos Sold | 57 | 35 | 46 |
| Price Range | $44,000 - $495,000 | $57,750 - $500,000 | $32,000 - $570,000 |
| Average Price | $205,696 | $198,084 | $195,396 |
| Average Square Feet | 1,531 | 1,481 | 1,372 |
| Price/Square Foot | $131.19 | $134.19 | $137.57 |
| Days on Market | 130 | 120 | 135 |
| % Distressed Sales (REO or Short Sale) | 32% | 37% | 33% |
I'm happy to report two months in a row of good sales in South Palm Springs! While February had much better sales than January, March has the greatest number of units sold of any month this year at 57. The range of prices paid was more or less equal during the three time periods, although there was a higher price paid in March 2010 than either March or February of this year. The average price paid for a condo was higher this month than either last month or last year. One unusual feature of this month's statistics is the size of the average condo...a large 1,531 square feet. This fact caused the price per square foot to be the lowest last month than February 2011 or March 2010, but not by a lot. Number of days on market was more or less equal during the three periods as was the percentage of sold properties that were distressed. All in all a decent month in South Palm Springs.
Central Palm Springs - Between Ramon Road and Vista Chino
| March 2011 | February 2011 | March 2010 | |
| Condos Sold | 32 | 16 | 25 |
| Price Range | $72,000 - $620,000 | $55,000 - $305,000 | $25,000 - $625,000 |
| Average Price | $167,572 | $132,037 | $204,452 |
| Average Square Feet | 1,268 | 1,037 | 1,338 |
| Price/Square Foot | $129.59 | $125.74 | $143.52 |
| Days on Market | 85 | 108 | 120 |
| % Distressed Sales (REO or Short Sale) | 38% | 58% | 44% |
Sales in Central Palm Springs also took off in March vs. February. The number of units sold (32) was higher than the previous month (100% increase) as well as higher than March of 2010, too. The range of prices was also double the high price in March 2011 over February 2011 and it was equal with March 2010. The average price paid for a condo in March was higher than February, but almost a 20% drop over the average of March 2010. Part of this discrepancy has to do with the size of the average condo sold being smaller by 70 square feet than the average sold last year. The price per square foot was down from last year, but only by about 10% and was a bit higher than last month. The really good news vs. the other periods is days on market. The average condo sold in a rapid 85 days in March. Other good news is the percentage of distressed properties which was lowest in March vs. the other time periods. Not as good as South Palm Springs, but sales in Central Palm Springs were good in March, too.
North Palm Springs - North of Vista Chino
| March 2011 | February 2011 | March 2010 | |
| Condos Sold | 15 | 11 | 14 |
| Price Range | $32,000 - $160,000 | $43,000 - $285,000 | $28,957 - $285,000 |
| Average Price | $92,923 | $95,908 | $112,458 |
| Average Square Feet | 1,044 | 895 | 934 |
| Price/Square Foot | $89.84 | $102.87 | $108.57 |
| Days on Market | 98 | 112 | 58 |
| % Distressed Sales (REO or Short Sale) | 40% | 27% | 71% |
The number of condos sold in North Palm Springs was an improvement over last month and last year, but otherwise the month was not spectacular. The range of prices paid was considerably less than both February 2011 and March 2010. The average price paid was lowest of the three time periods, but not by much vs. February. However, when you consider that the average size of a condo sold in March 2011 was a lot bigger than either time period the numbers take a turn. This is seen in the price per square foot which is a lot lower in March than the previous February or March 2010. Days on market was satisfactory at 98 days and this was less than February but much longer than March 2010. Distressed sales were also a mixed bag, with 40% sales being distressed in March 2011. This is an increase over February and a decrease over March 2010. Unfortunately, North Palm Springs is the one negative region in an otherwise good sales picture in March 2011.
As I mentioned above South and Central Palm Springs had good sales in March 2011, but North Palm Springs was not so good. On the bright side, North Palm Springs represents much fewer condo sales than the other regions so a bad month only here does not make a dramatic impact. Overall, I think the sales figures for March 2011 look good and I'm eagerly anticipating the sales data for the upcoming warmer season.
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
