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
