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