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