South Palm Springs - South of Ramon Road
| September 2011 | August 2011 | September 2010 | |
| Condos Sold | 33 | 39 | 28 |
| Price Range | $47,000 - $389,000 | $54,000 - $308,000 | $29,000 - $350,000 |
| Average Price | $185,088 | $147,854 | $150,779 |
| Average Square Feet | 1,415 | 1,205 | 1,386 |
| Price/Square Foot | $127.90 | $123.12 | $108.71 |
| Days on Market | 102 | 86 | 115 |
| % Distressed Sales (REO or Short Sale) | 45% | 36% | 43% |
The number of condos sold in September in South Palm Springs was right in the middle of those sold in the earlier two time periods at 33 units. The range of prices paid was in line with the earlier time periods, although September did have the highest price paid. The average price paid for a condo was a lot higher than the earlier periods by over 20%. However, the average size condo was also bigger in September...much bigger than August and a bit bigger than September 2010. When looking at the price per square foot, though, September still had the higher number of the three time periods. The number of days on market was right in the middle of the two earlier time periods. But the percentage of condos sold that were REOs or Short Sales was the highest of the three time periods. Other than the high number of distressed properties sold September 2011 was a decent month in South Palm Springs.
Central Palm Springs - Between Ramon Road and Vista Chino
| September 2011 | August 2011 | September 2010 | |
| Condos Sold | 13 | 18 | 11 |
| Price Range | $51,000 - $349,000 | $51,000 - $556,000 | $30,000 - $400,000 |
| Average Price | $184,808 | $138,178 | $143,409 |
| Average Square Feet | 1,283 | 1,039 | 1,007 |
| Price/Square Foot | $137.83 | $121.30 | $133.89 |
| Days on Market | 93 | 121 | 107 |
| % Distressed Sales (REO or Short Sale) | 38% | 61% | 64% |
In Central Palm Springs the number of condos sold in September was not as high as in August, but better than last September. The range of prices paid on the low side was okay, but the high price was the lowest of the three time periods. However, the good news is that the average price paid for a condo in September is a lot higher, by over $40,000 per unit, than the earlier two time periods. However, part of the reason for this is because the average size condo in September was also a lot bigger than the two earlier periods...by over 200 square feet per unit. But the price per square foot in September still was the best of the three time periods. The number of days on market was also better (shorter = better) than the two earlier time periods. And the percent of condos sold that were distressed was the lowest, by far, of all three time periods. Aside from not having the highest number of condos sold September in Central Palm Springs was a good month.
North Palm Springs - North of Vista Chino
| September 2011 | August 2011 | September 2010 | |
| Condos Sold | 12 | 7 | 10 |
| Price Range | $27,500 - $185,000 | $42,000 - $205,000 | $42,000 - $235,000 |
| Average Price | $80,725 | $92,071 | $94,445 |
| Average Square Feet | 873 | 903 | 940 |
| Price/Square Foot | $88.18 | $95.49 | $93.81 |
| Days on Market | 96 | 104 | 117 |
| % Distressed Sales (REO or Short Sale) | 67% | 43% | 80% |
The number of condos sold in North Palm Springs in September was the highest of the three time periods. However, the positive news ends there! The range of prices paid was the lowest in all three time periods. This led to the lowest average price paid of the three time periods. The average size of a condo sold in September was the smallest of the three time periods. The average price per square foot paid in September was also the lowest of the three time periods. A bright spot is that the number of days on the market was the shortest in September than the other two time periods. And the percent of condos sold that were distressed was 67%...halfway in-between the figures for the earlier two time periods. Other than having a higher quantity of condos sold in North Palm Springs compared with the other time periods September was not a great month.
It's interesting to note that, as usual, South and Central Palm Springs had mostly similar results and North Palm Springs was the outlier. Both Central and South had not the highest quantity sold, but prices were up. In the North the quantity sold was up, but they were a lot less expensive. Across the board the number of days needed to sell condos wasn't bad, but the number of distressed properties sold did seem to creep up, except in Central Palm Springs. For all you bargain hunters it does appear that there are still quite a few distressed properties out there waiting to be picked up, however, pricing does appear to be stabilizing...mostly.
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
