South Palm Springs - South of Ramon Road
| August 2011 | July 2011 | August 2010 | |
| Condos Sold | 39 | 35 | 31 |
| Price Range | $54,000 - $308,000 | $52,500 - $560,000 | $36,500 - $388,000 |
| Average Price | $147,854 | $186,422 | $173,203 |
| Average Square Feet | 1,205 | 1,477 | 1,390 |
| Price/Square Foot | $123.12 | $123.43 | $121.77 |
| Days on Market | 86 | 102 | 110 |
| % Distressed Sales (REO or Short Sale) | 36% | 31% | 55% |
Sales were greatest in South Palm Springs in August than in the two earlier periods. Unfortunately the price range was the lowest. The average price paid for a condo was also lowest in August, by a lot, than the earlier time periods. Part of the issue, though, was the fact that the average condo sold was a lot smaller than July or August of last year. So the average price per square foot in August was actually right in line with the other time periods. Days on market was the shortest of any time period. The percent of condos sold that were distressed was also just a bit over last month an a lot less than last year. All in all August was not a bad month in South Palm Springs.
Central Palm Springs - Between Ramon Road and Vista Chino
| August 2011 | July 2011 | August 2010 | |
| Condos Sold | 18 | 21 | 9 |
| Price Range | $51,000 - $556,000 | $54,300 - $$530,000 | $59,500 - $175,000 |
| Average Price | $138,178 | $166,086 | $105,500 |
| Average Square Feet | 1,039 | 1,189 | 923 |
| Price/Square Foot | $121.30 | $131.04 | $116.63 |
| Days on Market | 121 | 117 | 176 |
| % Distressed Sales (REO or Short Sale) | 61% | 52% | 67% |
The number of condos sold in August in Central Palm Springs was a bit less than last month, but a lot higher than August 2010. And the range of prices paid was highest of the earlier time periods...a lot higher than last year and a little higher than last month. However, the average price paid was a lot less than last month, but was a lot higher than last year. Here also part of the issue was that the average size of a condo sold in August was a lot smaller than the average last month and it was also a lot larger than the average sold last year. When comparing price per square foot the average paid in August was lower than July, but higher than August 2010. Days on market was just a bit longer than July and a lot shorter than August 2010. The percent of condos sold that were distressed was larger than July and smaller than August of last year. Compared with July's sales the August numbers are not as good, but compared to August 2010 this past August was a better month.
North Palm Springs - North of Vista Chino
| August 2011 | July 2011 | August 2010 | |
| Condos Sold | 7 | 16 | 6 |
| Price Range | $42,000 - $205,000 | $42,000 - $279,000 | $113,500 - $250,000 |
| Average Price | $92,071 | $123,478 | $164,367 |
| Average Square Feet | 903 | 1,162 | 1,208 |
| Price/Square Foot | $95.49 | $102.11 | $142.55 |
| Days on Market | 104 | 66 | 92 |
| % Distressed Sales (REO or Short Sale) | 43% | 56% | 33% |
Once again, sales in North Palm Springs were different from the other areas of the city. The number sold was a lot less than last month, but similar with last year. The range of prices paid was lower than the other time periods, but not by a lot. However, the average price paid in August was a lot lower than the two earlier time periods. Part of the issue here, like in other regions, was that the average size sold was a lot smaller in August. But the price per square foot paid in August was the lowest of the three time periods, in fact, a lot less than August 2010. Days on market was also the highest in August than the other time periods. The percent of condos sold that were distressed properties was smaller than last month, but higher than last year. Not a good month in North Palm Springs.
Across the board sales in August in Palm Springs were not as good as in July. The number sold wasn't so bad, but pricing was lower than the preceding month. Compared with August 2010 the sales in August were down in South and North Palm Springs and up in Central Palm Springs. The slower season will end with the September sales and then the tourist season will begin in October. It will be interesting to see what happens in the busier Fall and Winter time periods.
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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