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