South Palm Springs - South of Ramon Road
| May 2011 | April 2011 | May 2010 | |
| Condos Sold | 55 | 34 | 51 |
| Price Range | $35,000 - $455,000 | $60,000 - $325,000 | $41,500 - $410,000 |
| Average Price | $182,056 | $178,284 | $178,030 |
| Average Square Feet | 1,347 | 1,494 | 1,385 |
| Price/Square Foot | $130.05 | $125.25 | $124.57 |
| Days on Market | 116 | 140 | 87 |
| % Distressed Sales (REO or Short Sale) | 29% | 29% | 43% |
After a lackluster April it's nice to see some better numbers out of South Palm Springs. Condos Sold in May were a lot higher than April and a little better than May of 2010. The range of prices paid was also higher than either of the earlier periods, especially vs. April. The average price paid for a condo was higher in May than the other earlier periods by about $4,000 per condo. The size of the average condo sold was similar to the earlier periods...a bit smaller than April 2011 and a bit bigger than May 2010. The price per square foot paid for a condo in May was also higher than the other time periods by about $5.00. The number of Days on Market was shorter than April, but longer than May 2010. The percent of condos sold that were distressed was tied with April, but a lot better than a year ago. All things considered May 2011 was a good month in South Palm Springs.
Central Palm Springs - Between Ramon Road and Vista Chino
| May 2011 | April 2011 | May 2010 | |
| Condos Sold | 23 | 28 | 28 |
| Price Range | $29,300 - $575,000 | $58,500 - $600,000 | $43,000 - $370,000 |
| Average Price | $193,452 | $154,936 | $141,264 |
| Average Square Feet | 1,331 | 1,106 | 1,129 |
| Price/Square Foot | $139.32 | $137.26 | $125.61 |
| Days on Market | 93 | 86 | 85 |
| % Distressed Sales (REO or Short Sale) | 22% | 39% | 43% |
Sometimes it's question of quality over quantity, and that's the story this month in Central Palm Springs. There were only 23 sales in May, less than April 2011 or May 2010. But the range of prices paid had some higher numbers...on par with April and a lot higher than May 2010. This led to the highest average price paid for a condo of any of the time periods...by a lot. However, the average condo that sold in May was also a lot bigger, by 200 square feet, than April 2011 and May 2010. But the price per square foot paid for a condo managed to stay higher than either of the earlier time periods...a bit higher than April and quite a bit higher than May 2010. Days on Market was just about a week longer than either April 2011 or May 2010. The most striking statistics in Central Palm Springs, though, is the low number of distressed sales compared with regular sales. I suspect that this has a lot to do with currently low inventory levels of foreclosure or short sale properties on the market.
North Palm Springs - North of Vista Chino
| May 2011 | April 2011 | May 2010 | |
| Condos Sold | 11 | 15 | 13 |
| Price Range | $38,000 - $215,000 | $30,000 - $316,000 | $43,000 - $220,000 |
| Average Price | $100,568 | $99,947 | $106,150 |
| Average Square Feet | 1,086 | 923 | 947 |
| Price/Square Foot | $89.67 | $100.38 | $109.13 |
| Days on Market | 135 | 133 | 78 |
| % Distressed Sales (REO or Short Sale) | 64% | 40% | 69% |
As usual, North Palm Springs bucks the trend of the other regions. 11 condos were sold in May, fewer than April 2011 or May 2010. The range of prices paid for these condos was also lower in May, a lot less than April and just a bit less than May 2010. Surprisingly the average purchase price in May was on par with the other time periods...a bit higher than April 2011 and a larger amount less than May 2010. The reason for this is because the average condo was about 150 square feet bigger than either of the other earlier time periods. The price paid per square foot takes this into account and in May this statistic was lower than either April 2011 or May 2010 by over $10.00 per square foot compared with April and by almost $20.00 per square foot compared with May 2010. The number of Days on Market was also highest of any of the time periods. The most distressing statistic in North Palm Springs was the number of distressed properties that were sold...a lot more than April and a bit more than May 2010. Given the peak sales season in May the sales figures in North Palm Springs are not great.
Overall the sales scenario in Palm Springs was not bad in May. South and Central Palm Springs had good sales figures and the prices were decent. The trend continued of North Palm Springs having not great sales, but given the smaller numbers here the impact isn't so great on the total picture. I'm curious to see how things will play out in the typically quiet summer 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
