July 2012 Sales Analysis

The following sales analysis compares July 2012 sales information with data from the preceding month (June 2012) and the previous year (July 2011). Data from all three regions of Palm Springs (South, Central, and North Palm Springs) is analyzed together.

Palm Springs

	July 2012	June 2012	July 2011
Condos Sold	69	89	72
Price Range	$59,000 - $523,500	$39,000 - $400,000	$42,000 - $560,000
Average Price	$168,952	$157,192	$165,367
Average Square Feet	1,286	1,268	1,324
Price/Square Foot	$130.63	$119.63	$119.80
Days on Market	93	94	101
% Distressed Sales (REO or Short Sale)	25%	28%	43%

At first glance the sales statistics from July 2012 appear less than the preceding month, but upon further analysis the numbers look pretty good.  Yes, the total sold is a lot less from June, although it's more in line with July 2011 sales.  But a lot of this is simply because the inventory levels are so low this year, as well as the fact that July is steamier than June!  The range of prices sold is a lot better than June 2012, although not quite as good as July 2011.  However, the lowest price paid in July is a lot higher than the low in the other two time periods.  The average price paid in July 2012 is better than either of the two previous periods.  The average size condo is about the same size.  But the all-important price per square foot is a lot better in July 2012 than either June 2012 or July 2011 which were both similar to each other.  The number of days on the market is more-or-less similar across the board.  And the percent of sales that were distressed continues to drop to the lowest percentage in a long time.

Number of available Palm Springs condos today, August 22, is 183.  Incredibly low inventory levels got about 10% lower in July compared with the preceding couple of months. 

The continuing story is the low inventory levels.  There simply isn't much property available to buy, whether it be distressed or a regular sale.  The July numbers do show that this fact appears to be having the expected response of raising prices.  Not a lot, but prices do seem to be increasing.  The coming months will help determine if this is a trend or a blip in the radar.

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