South Palm Springs - South of Ramon Road
| June 2011 | May 2011 | June 2010 | |
| Condos Sold | 44 | 55 | 50 |
| Price Range | $43,000 - $515,000 | $35,000 - $455,000 | $67,250 - $709,000 |
| Average Price | $207,616 | $182,056 | $205,722 |
| Average Square Feet | 1,541 | 1,347 | 1,485 |
| Price/Square Foot | $130.16 | $130.05 | $133.85 |
| Days on Market | 98 | 116 | X |
| % Distressed Sales (REO or Short Sale) | 34% | 29% | 40% |
Sales in May in South Palm Springs were good. While not as good in June at least they weren't bad. Number of condos sold dropped by 20% from May and 10% from June of 2010. However, the price range paid for those sold condos was in line with the earlier periods, although not quite as high as June 2010. The average price paid, though, was highest in June compared with May 2011 or June of 2010. Part of the reason for this was the fact that the average condo sold in June was larger than the earlier periods...by almost 200 square feet over May. After all is said and done the price per square foot for all three periods is almost identical, with only a slight decrease over last year. The system, for some unknown reason, did not keep track of days on market during June 2010, any of the regions, but in 2011 June had considerably fewer days on market than in May. Approximately one-third of all condo sales in South Palm Springs were distressed properties in June, more than in May of 2011 and fewer than June 2010.
Central Palm Springs - Between Ramon Road and Vista Chino
| June 2011 | May 2011 | June 2010 | |
| Condos Sold | 30 | 23 | 28 |
| Price Range | $54,000 - $630,000 | $29,300 - $575,000 | $80,000 - $610,000 |
| Average Price | $161,794 | $193,452 | $214,244 |
| Average Square Feet | 1,173 | 1,331 | 1,409 |
| Price/Square Foot | $121.53 | $139.32 | $144.94 |
| Days on Market | 99 | 93 | X |
| % Distressed Sales (REO or Short Sale) | 43% | 22% | 46% |
In May it was a question of quality over quantity regarding the sales in Central Palm Springs. This month it's the quantity only! Had more sales than either May of 2011 or June of 2010. And the price range was good, too, with the highest sale of any of the three periods happening this month. However, the average sales price dropped a lot...by over $30,000 compared with May and by over $50,000 compared with June of 2010. Part of the problem is the size of the average condo sold in June. It was over 150 square feet smaller than May and over 240 square feet smaller than June 2010. The price paid per square foot of condo also averaged considerably less than the other time periods. Days on market were in line with the number of days from May. The percent of sales that were distressed properties jumped to 43% compared with 22% in May.
North Palm Springs - North of Vista Chino
| June 2011 | May 2011 | June 2010 | |
| Condos Sold | 16 | 11 | 12 |
| Price Range | $29,500 - $275,000 | $38,000 - $215,000 | $43,000 - $165,000 |
| Average Price | $92,558 | $100,568 | $88,292 |
| Average Square Feet | 993 | 1,086 | 813 |
| Price/Square Foot | $90.05 | $89.67 | $104.39 |
| Days on Market | 84 | 135 | X |
| % Distressed Sales (REO or Short Sale) | 69% | 64% | 83% |
Once again, North Palm Springs bucks the trend of the other regions. Total condos sold, while not great compared with the other regions was higher than May or June of last year. The range of prices paid was good, with the highest price paid in the region paid this month. The average price paid was better than last June, but not as high as May. The average size of a sold condo was also bigger than last year, but not as big as May. The average price per square foot was a bit bigger than May and considerably less than June of last year. The number of days on market was a lot less than in May. Any interesting note is related to distressed sales. Over all time periods the greatest percentage of condos that are distressed are in North Palm Springs.
All in all the sales scenario in Palm Springs was decent in June. South Palm Springs had lower quantity, but the prices were good. Central Palm Springs had good sales figures, but the prices were lower. North Palm Springs had good sales numbers, but the prices were lower here, too. An interesting note is that in June 2011 there were 90 condos sold in Palm Springs. In May 2011 there were 89 condos sold in Palm Springs. And in June 2010 there were 90 condos sold in Palm Springs. Almost identical sales numbers, although the sales prices are lower compared with last year.
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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