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
