July 2012 Sales Analysis

The following sales analysis compares July 2012 sales information with data from the preceding month (June 2012) and the previous year (July 2011). Data from all three regions of Palm Springs (South, Central, and North Palm Springs) is analyzed together.

Palm Springs

	July 2012	June 2012	July 2011
Condos Sold	69	89	72
Price Range	$59,000 - $523,500	$39,000 - $400,000	$42,000 - $560,000
Average Price	$168,952	$157,192	$165,367
Average Square Feet	1,286	1,268	1,324
Price/Square Foot	$130.63	$119.63	$119.80
Days on Market	93	94	101
% Distressed Sales (REO or Short Sale)	25%	28%	43%

At first glance the sales statistics from July 2012 appear less than the preceding month, but upon further analysis the numbers look pretty good.  Yes, the total sold is a lot less from June, although it's more in line with July 2011 sales.  But a lot of this is simply because the inventory levels are so low this year, as well as the fact that July is steamier than June!  The range of prices sold is a lot better than June 2012, although not quite as good as July 2011.  However, the lowest price paid in July is a lot higher than the low in the other two time periods.  The average price paid in July 2012 is better than either of the two previous periods.  The average size condo is about the same size.  But the all-important price per square foot is a lot better in July 2012 than either June 2012 or July 2011 which were both similar to each other.  The number of days on the market is more-or-less similar across the board.  And the percent of sales that were distressed continues to drop to the lowest percentage in a long time.

Number of available Palm Springs condos today, August 22, is 183.  Incredibly low inventory levels got about 10% lower in July compared with the preceding couple of months. 

The continuing story is the low inventory levels.  There simply isn't much property available to buy, whether it be distressed or a regular sale.  The July numbers do show that this fact appears to be having the expected response of raising prices.  Not a lot, but prices do seem to be increasing.  The coming months will help determine if this is a trend or a blip in the radar.

If you have any questions or comments regarding this data please feel free to contact me...I'd love to hear from you!

Alan Wilke
Condos@PalmSpringsCondoLiving.Com
760-464-6693

June 2012 Sales Analysis

The following sales analysis compares June 2012 sales information with data from the preceding month (May 2012) and the previous year (June 2011). Data from all three regions of Palm Springs (South, Central, and North Palm Springs) is analyzed together.

Palm Springs

	June 2012	May 2012	June 2011
Condos Sold	89	96	91
Price Range	$39,000 - $400,000	$32,000 - $591,000	$29,500 - $630,000
Average Price	$157,192	$165,255	$172,273
Average Square Feet	1,268	1,316	1,309
Price/Square Foot	$119.63	$121.21	$119.13
Days on Market	94	101	98
% Distressed Sales (REO or Short Sale)	28%	33%	43%

One a few levels June 2012 looks very similar to May 2012 and June 2011.  However, there are a few differences that are worth pointing out.  The number of condos sold during each time period is very similar, from 89 to 96 units.  But the range of prices paid during 2012 is not as wide as the earlier time periods and the high end is not nearly as high.  The average paid in June 2012 is a bit less than May 2012 and considerably less than June 2011.  The size of the average condo is a bit smaller in June 2012 than the other two time periods.  This leads to the price per square foot paid in all time periods to be practically identical...within $2 per square foot difference between the three time periods. The number of days on the market is also very similar between all time periods, from 94 to 101 days.  But the big news in June 2012 is the low number of distressed properties sold compared with last year and even compared with a month earlier.  The pool of distressed properties has simply dried up. 

Number of available Palm Springs condos today, July 20, is 202.  Almost identical to last month's number of 204.  However, both of these inventory levels are very low. 

As I mentioned the analysis for June is not too different from May.  The big surprises, at least for me, are the continuing price decrease and lack of distressed sales.  I would think that if we have a lower number of short sales and foreclosures on the market that market pricing would increase.  Thus far the answer is no, but I'm going to keep an eye on this.  The low inventory levels, for distressed as well as normal sales, should lead to an increase in prices.  Perhaps the bad general economy is still rearing its ugly head!

If you have any questions or comments regarding this data please feel free to contact me...I'd love to hear from you!

Alan Wilke
Condos@PalmSpringsCondoLiving.Com
760-464-6693

May 2012 Sales Analysis

The following sales analysis compares May 2012 sales information with data from the preceding month (April 2012) and the previous year (May 2011). Data from all three regions of Palm Springs (South, Central, and North Palm Springs) is analyzed together.

Palm Springs

	May 2012	April 2012	May 2011
Condos Sold	96	115	92
Price Range	$32,000 - $591,500	$36,225 - $400,000	$29,300 - $575,000
Average Price	$165,255	$168,723	$175,693
Average Square Feet	1,316	1,308	1,308
Price/Square Foot	$121.21	$125.09	$128.37
Days on Market	101	113	113
% Distressed Sales (REO or Short Sale)	33%	26%	34%

After such a strong April the May statistics are a little disappointing, but when examined in full with last month and last year the numbers are not too bad.  The number of condos sold in May was very similar with last year, but a big drop from April.  I think a lot of this has to do with the fact that there simply isn't much inventory available to purchase in Palm Springs.  The range of prices paid was similar, although a little better, to last year and the high this month was a lot higher than the high in April.    The average paid in May was a little less than the average paid in April, but it was $10,000 less than the average paid in May 2011.  The average square feet of a condo in all 3 time periods is almost identical.  Price paid per square foot was the lowest of all the time periods in May, but not by a lot.  The number of days on the market was less in May compared with the other 2 time periods.  The percentage of condos sold that were distressed was similar with last year, but higher than April, which is surprising since there is very little short sale or foreclosure properties available.

Number of available Palm Springs condos today, June 18, is 204.  This is more than 10% fewer available condos than we had just last month on May 21.

I was very encouraged in April with the high number of condos sold.  This month didn't quite keep up, but compared with other months in 2012 it was still a good number of condos sold.  Pricing is still less than last year, but I suspect if inventory levels continue dropping the market will experience increasing prices.  What this all reinforces for me is that this recovery, and we are definitely in a recovery regarding Palm Springs condos, will be one where it's like "2 steps forward, 1 step back."  But it's important to look at the long term situation and while the numbers are not as good as April's we are still on a path of improvement from where we've been.  If anybody has a condo you're thinking of selling this is a great time to list it...give me a call!

If you have any questions or comments regarding this data please feel free to contact me...I'd love to hear from you!

Alan Wilke
Condos@PalmSpringsCondoLiving.Com
760-464-6693

April 2012 Sales Analysis

The following sales analysis compares April 2012 sales information with data from the preceding month (March 2012) and the previous year (April 2011). Data from all three regions of Palm Springs (South, Central, and North Palm Springs) is analyzed together.

Palm Springs

	April 2012	March 2012	April 2011
Condos Sold	115	88	78
Price Range	$36,225 - $400,000	$34,900 - $680,000	$30,000 - $600,000
Average Price	$168,723	$172,628	$153,177
Average Square Feet	1,308	1,397	1,243
Price/Square Foot	$125.09	$122.97	$123.47
Days on Market	113	123	123
% Distressed Sales (REO or Short Sale)	26%	27%	36%

After many months of trying to find something positive in the sales data it gives me great pleasure to say that it appears that the condo real estate market in Palm Springs has finally turned the corner...for the better!  The number of condos sold, at 115, is way above the number sold in March 2012 and April 2011.  The low end of the price range paid is consistent among the three periods, but the high in April was a lot lower than the earlier periods which each had one high priced outlier.  The average price paid was a bit lower than March 2012, but considerably higher than April 2011.  The average size condo sold was right in the middle of the other time periods.  The all important price per square foot, while similar in the three time periods is highest in April 2012.  Days on market was also lower by 10 days in April 2012 than in the other two time periods.  And the percent of all sales that were distressed was lowest in April 2012 by a little compared with March 2012 and a lot lower than April 2011.  All in all a good month.

Number of available Palm Springs condos today, May 21, is 233.

This data all confirms something that myself and other real estate agents have been discussing...market improvement!  There are many more buyers on the market looking for properties and fewer distressed properties available to purchase.  This combination is pushing buyers toward higher priced non-distressed properties.  Although we aren't seeing a lot of actual price improvement it will be interesting to follow the market and see if price is positively impacted by the changes in the market and economy.

If you have any questions or comments regarding this data please feel free to contact me...I'd love to hear from you!

Alan Wilke
Condos@PalmSpringsCondoLiving.Com
760-464-6693

March 2012 Sales Analysis

The following sales analysis compares March 2012 sales information with data from the preceding month (February 2012) and the previous year (March 2011). Data from all three regions of Palm Springs (South, Central, and North Palm Springs) is analyzed together.

Palm Springs
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	March 2012	February 2012	March 2011
Condos Sold	88	72	107
Price Range	$34,900 - $680,000	$38,000 - $399,000	$32,000 - $620,000
Average Price	$172,628	$158,083	$177,940
Average Square Feet	1,397	1,376	1,380
Price/Square Foot	$122.97	$113.48	$124.71
Days on Market	123	137	107
% Distressed Sales (REO or Short Sale)	27%	32%	36%

Sales statistics for Palm Springs condos in March were considerably better than February, but not quite as good as March 2011.  The total sold, at 88, was an improvement over the 72 sold in February, but not as many as 107 sold last year.  The price range, however, was consistent with last year and an improvement over February.  The average price paid was just $5,000 less than the average paid last March and a more substantial $14,000 over February.  The average size of a condo sold was similar in all three time periods.  The average price per square foot was a bit less than March 2011, but higher than February 2012.  Days on market was a bit shorter than February, but a bit longer than March 2011.  At 27% the number of condos sold that were distressed properties was the lowest of the three time periods, especially compared with March 2011. 

As a new feature I'm going to start including the number of Palm Springs condos available for sale on the day I write the blog.  So today, April 16, there are 230 condos available for purchase in Palm Springs.

Starting in February and continuing in March I think we're seeing a real change in the real estate market in Palm Springs.  Incredibly low inventory levels has sparked many more multiple offers being received on properties as many more buyers have entered the market, but fewer new listings have been made available.  One of the big issues is the lack of distressed properties available for sale.  If banks have the properties available they are not putting them up for sale.  And although sales and prices are still below last year the decrease is smaller than it had been.  If inventory levels stay low I think you will see prices increase over last year.

If you have any questions or comments regarding this data please feel free to contact me...I'd love to hear from you!

Alan Wilke
Condos@PalmSpringsCondoLiving.Com
760-464-6693

February 2012 Sales Analysis

The following sales analysis compares February 2012 sales information with data from the preceding month (January 2012) and the previous year (February 2011). Data from all three regions of Palm Springs (South, Central, and North Palm Springs) is analyzed together.

Palm Springs

	February 2012	January 2012	February 2011
Condos Sold	72	69	67
Price Range	$38,000 - $399,000	$35,000 - $550,000	$31,500 - $500,000
Average Price	$158,083	$152,153	$159,006
Average Square Feet	1,376	1,366	1,245
Price/Square Foot	$113.48	$109.59	$124.76
Days on Market	137	115	115
% Distressed Sales (REO or Short Sale)	32%	41%	43%

Of the three time periods surveyed the number of condos sold in February, at 72, was the most.  The range of prices, however, was the lowest in February, with $399,000 being the top price paid for a condo in Palm Springs compared with high prices being in the $500,000 range both in January 2012 and February 2011.  The average price paid for a condo in February was in line with last year and even above the average price paid in January 2012.  The average size condo in February was similarly sized to January and a bit bigger than the average from February 2011.   The price per square foot paid during February was a bit higher than January and almost 10% lower than February 2011.  The number of days on the market was a bit longer than in January 2012 and February of last year.  The percent of condos sold that were distressed properties dropped by quite a bit compared to last month and last year. 

Overall I think the sales statistics in February held their own compared with the earlier time periods.  However, given the low quantity of condos available for sale we may see one or both of the following issues come in to play:  number of condos sold drops because there isn't enough inventory or prices rise as supply continues to grow and supply continues to drop.  Stay tuned to see what happens!

If you have any questions or comments regarding this data please feel free to contact me...I'd love to hear from you!

Alan Wilke
Condos@PalmSpringsCondoLiving.Com
760-464-6693

January 2012 Sales Analysis

The following sales analysis compares January 2012 sales information with data from the preceding month (December 2011) and the previous year (January 2011). Data from all three regions of Palm Springs (South, Central, and North Palm Springs) is analyzed together.

Palm Springs

	January 2012	December 2011	January 2011
Condos Sold	69	92	39
Price Range	$35,000 - $550,000	$34,000 - $515,000	$47,500 - $400,000
Average Price	$152,153	$153,685	$161,288
Average Square Feet	1,366	1,281	1,231
Price/Square Foot	$109.59	$115.37	$125.31
Days on Market	115	109	128
% Distressed Sales (REO or Short Sale)	41%	40%	41%

(Note to blog followers...I've started analyzing the data in Palm Springs by the city as a whole, not by region any longer.)

The number of condos sold in January, at 69, was a steep drop from the 92 sales that occurred in December, but in comparison with the 39 total sales in January of 2011 it was a great increase.  The months of December and January are one of the reasons we look at the preceding month as well as the previous year when we do a sales analysis.  January closings are always lower because this would typically mean the buyers were writing offers in December, which doesn't happen too much because of the holidays.  So comparing year over year in January is probably a better way to analyze the data and when doing so 2012 is off to a great start...at least when we examine the number of properties sold.  The range of prices was also good in January...an improvement over December and January of last year.  However, the average price paid, while in line with December did drop when compared with last January.   The average size condo in January was the largest of the three time periods analyzed.  This led to a bit lower price per square foot paid in January than December and a substantially lower price per square foot compared with January 2011.  The number of days on the market was a bit longer than in December and shorter than January 2011.  And the percent of sales that were distressed properties was near constant at 40-41% over all three time periods analyzed. 

I think the data shown speaks of good news for the year to come.  There were a good number of sales in January, especially when compared with last January.  This tells me that there are a lot of buyers looking for condos.  As always, though, these buyers are looking for deals as we can see by the prices paid.  But the range of prices was higher this year than last which tells me that buyers will pay higher prices if the properties seem worth it.  The length of time needed to sell a property dropped so I'm hopeful that banks and other sellers are getting deals done faster than before.  And while 40-41% of all sales being distressed properties may sound like a lot it is actually a lower percentage than in other communities.  Palm Springs presently has fewer distressed properties for sale.  The question is how long with that last?  Tune in next month to see what transpires in February!

If you have any questions or comments regarding this data please feel free to contact me...I'd love to hear from you!

Alan Wilke
Condos@PalmSpringsCondoLiving.Com
760-464-6693

December 2011 Sales Analysis

The following sales analysis compares December 2011 sales data with data from the preceding month (November 2011) and the previous year (December 2010). Data is analyzed by region in the city: South Palm Springs, Central Palm Springs, and North Palm Springs.

South Palm Springs - South of Ramon Road

	December 2011	November 2011	December 2010
Condos Sold	51	23	35
Price Range	$40,000 - $460,000	$38,600 - 385,000	$46,999 - $350,000
Average Price	$159,201	$161,574	$182,783
Average Square Feet	1,369	1,424	1,300
Price/Square Foot	$111.24	$109.78	$137.56
Days on Market	102	109	108
% Distressed Sales (REO or Short Sale)	39%	39%	31%

Central Palm Springs - Between Ramon Road and Vista Chino

	December 2011	November 2011	December 2010
Condos Sold	27	19	18
Price Range	$57,000 - $515,000	$58,000 - $602,500	$57,000 - $575,000
Average Price	$168,160	$205,563	$149,161
Average Square Feet	1,272	1,248	1,177
Price/Square Foot	$131.68	$149.51	$120.95
Days on Market	131	88	91
% Distressed Sales (REO or Short Sale)	33%	37%	67%

North Palm Springs - North of Vista Chino

	December 2011	November 2011	December 2010
Condos Sold	14	13	12
Price Range	$34,000 - $265,000	$40,000 - $141,900	$41,000 - $211,000
Average Price	$105,679	$69,046	$91,917
Average Square Feet	984	816	908
Price/Square Foot	$98.98	$84.91	$95.96
Days on Market	92	57	73
% Distressed Sales (REO or Short Sale)	57%	38%	75%

If you have any questions or comments regarding this data please feel free to contact me...I'd love to hear from you!

Alan Wilke
Condos@PalmSpringsCondoLiving.Com
760-464-6693