Palm Springs CA - Palm Desert CA - Market Statistics
INVENTORY DROPS - DAYS ON MARKET DECREASES - MONTHS SUPPLY OF INVENTORY AT 2 YEAR LOW
As the statistical chart below shows the Palm Springs -Palm Desert area real estate market is continuing to show a steady drop in the inventory of available homes for sale. Days on market has declined from 90+ to about 83 as of this writing and we are beating the national average on Months Supply Of Inventory.
Important to note is the ABSORPTION RATE. The rate at which homes are being purchased is reflected in the MSI figure. For Example in December of 2007 we had a 23 month supply of inventory with 8,458 homes on the market where as in December 2008 we had a 14 month supply of inventory with almost the same number of homes on the market. Tracking this is where you will see the market improving.
Month-Year/ MSI-local/ MSI-National Avg/ Total Homes on Market
Mid-Century Style in the perfect setting. All the really great homes make you feel good about them from the minute you walk in the door. This home has that quality. Mere minutes from anything and everything in Palm Springs but tucked away on a quiet Cul-De-Sac on a beautiful lot. The house has a west facing back yard taking advantage of the stunning view just perfectly. Mature landscaping and shrubbery lend an estate like feel to the grounds.
The pool and spa are the focal point of the very private back yard. Enjoy both from the expansive covered lanai running the whole length of the back of the house. Open kitchen and great room design is a natural for parties. Laundry closet, 3 bedrooms and two bathrooms round out this great property.
Palm Springs - A combination of perfect weather, Hollywood glamor, and an intimate village atmosphere have kept Palm Springs on the A-List of great destinations. Enjoy fine dining, shopping, and our world-famous boutique hotels and intimate properties that surround a downtown area distinguished by our famed mid-century modern architecture. For fun, experience the Palm Springs Aerial Tramway, The Fabulous Palm Springs Follies, Palm Springs Pavilion Theater, breathtaking Indian Canyons, Knott's Soak City, or spend time at Palm Springs Art Museum, Palm Springs Air Museum, or Agua Caliente Cultural Museum. Whatever you seek in Palm Springs, rest, relaxation and fun awaits your visit!
Palm Springs real estate represents some of the best over all retirement/vacation home prices in the otherwise pricey California real estate market. The value for the money remains very high when compared to other areas of the state. The proximity to the 22 million southern Californians makes it a perpetually popular weekend getaway. The warmth of our winters makes it the perfect place to escape the cold and snowy weather in the North. While many of our visitors and second home owners come from the Pacific Northwest more and more are coming from Canada and beyond. The ease of arriving by air has greatly increased since the expansion of the convenient Palm Springs International airport. Once a sleepy little, winter vacation spot in the California desert the 7 cities that make up the Coachella valley have blossomed into vibrant year round communities. Palm Springs offers an enviable resort lifestyle that includes over 320 days of Sunshine per year.
Neighborhoods and Architecture: Historic mixes with trendy and new blends with old in the neighborhoods of Palm Springs. From the ULTRA modern soaring rooflines of the multi million dollar ALTA neighborhood in South Palm Springs to the more traditional California Ranch homes of Tahquitz River Estates. Mid Century architecture abounds in the neighborhoods of Palm Springs. From Deepwell, to Ruth Hardy Park to The Movie Colony and Las Palmas and little Tuscany. Palm Springs is an architectural smorgasbord.
The Future: looks quite bright for Palm Springs. A slew of high quality projects are on the books with hotel projects such as the Hard Rock Hotel, Ace Hotel (now open) and Modrigan luxury chain coming in. In addition to that the Spa Hotel downtown is scheduled for demolition at some point next year with a stunning new resort set to take its place. The Wyhndam attached to the Palm Springs Convention Center is slated to become part of the Marriott family with a first class remodel. The City of Palm Springs continues talks to redevelop the old fashion plaza mall in downtown into a a series of condos/lofts and retail focusing on a boulevard leading up to the Desert Art Museum entrance.
Musically: the valley rocks with many shows coming to the casinos, the Agua Caliente in Rancho Mirage just opened THE SHOW the Valley's first dedicated casino theater. Reviews have been good and headliners have included the likes of Billy Joel, Melissa Etheridge, Martina McBride and Jay Leno. Two major music festivals now take place at the East end of the valley. Coachella Fest which draws over 50,000 people to see a variety of bands including many huge headliners such as Madonna, Prince and Paul McCartney as well as countless other acts from across the musical spectrum. On the country music side of things the Stagecoach Festival host a large number of major country and Western Acts.
Cinema: The Palm Springs area is home to dozens of film festivals each year. The largest one - an international event - is held every January drawing A list celebrities and Oscar winners. The excitement continues with Film Noir, Native American, Hispanic, Gay and Lesbian, Jewish and shirt film festivals held throughout the year. Playing host to many of these festivals is the Camelot Theater a real jewel in the crown of Palm Springs. A state of the art theater with an astounding variety of films showing year round. Located just off of Baristo Road at the intersection of Farrell.
Good Eats: Culinary delights are not far behind. The Tropicale continues to delight with amazing cuisine and a chic setting that is retro without being to kitchy. The Purple Palm and the Viceroy are also amazing culinary experiences. Hamburger Marys came to town a few years ago and now we have a custom built DINKS restaurant. The popular Koffi has expanded to South Palm Springs with a location at the new Oceo Townhome Complex directly across the street from the Ace Hotel on the corner of Camino Real.
Running out of things to see and do in Palm Springs in nearly impossible!
Opportunity is knocking. Are you ready? First time on the market in decades. This large home located in South Palm Springs has many special features.
A dramatic entry courtyard complete with fountain, a sunken wet bar, large an plentiful closets, a bonus room, an RV ready garage, storage loft and even a big workshop. Of course there is a pool spa and a very private backyard with mountain views. Three bedrooms and two full baths round out the rooms. There is a fireplace in the den.
Tile floors except in the bedrooms and privacy abounds with the split bedroom floorplan and the walls and hedges it feels like a grand estate. The master even has a private patio. With the enormous garage and adjoining workshop you could create a great hobby area from working on cars or motorcycles to an Artists retreat. The options are almost endless.
Come see what you can imagine in this unique space.
South Palm Springs - Unique Home
Located in Tahquitz River Estates - this unusual home offers a great opportunity to someone with Vision. Opportunity s knocking. Are you ready. First time on the market in decades. This large home located in South Palm Springs has many special features.
A dramatic entry courtyard complete with fountain, a sunken wet bar, large an plentiful closets, a bonus room, an RV ready garage, storage loft and even a big workshop. Of course there is a pool/spa and a very private backyard with moutain views. Three bedrooms and two full baths round out the rooms. There is a fireplace in the den.
Tile floors except in the bedrooms and privacy abounds with the split bedroom floorplan and the walls and hedges it feels like a grand estate. The master even has a private patio.
Come see what you can do to complete this picture.
Palm Springs – A combination of perfect weather, Hollywood glamor, and an intimate village atmosphere have kept Palm Springs on the A-List of great destinations. Enjoy fine dining, shopping, and our world-famous boutique hotels and intimate properties that surround a downtown area distinguished by our famed mid-century modern architecture. For fun, experience the Palm Springs Aerial Tramway, The Fabulous Palm Springs Follies, Palm Springs Pavilion Theater, breathtaking Indian Canyons, Knott’s Soak City, or spend time at Palm Springs Art Museum, Palm Springs Air Museum, or Agua Caliente Cultural Museum. Whatever you seek in Palm Springs, rest, relaxation and fun awaits your visit!
Palm Springs real estate represents some of the best over all retirement/vacation home prices in the otherwise pricey California real estate market. The value for the money remains very high when compared to other areas of the state. The proximity to the 22 million southern Californians makes it a perpetually popular weekend getaway. The warmth of our winters makes it the perfect place to escape the cold and snowy weather in the North. While many of our visitors and second home owners come from the Pacific Northwest more and more are coming from Canada and beyond. The ease of arriving by air has greatly increased since the expansion of the convenient Palm Springs International airport. Once a sleepy little, winter vacation spot in the California desert the 7 cities that make up the Coachella valley have blossomed into vibrant year round communities. Palm Springs offers an enviable resort lifestyle that includes over 320 days of Sunshine per year.
Neighborhoods and Architecture: Historic mixes with trendy and new blends with old in the neighborhoods of Palm Springs. From the ULTRA modern soaring rooflines of the multi million dollar ALTA neighborhood in South Palm Springs to the more traditional California Ranch homes of Tahquitz River Estates. Mid Century architecture abounds in the neighborhoods of Palm Springs. From Deepwell, to Ruth Hardy Park to The Movie Colony and Las Palmas and little Tuscany. Palm Springs is an architectural smorgasbord.
The Future: looks quite bright for Palm Springs. A slew of high quality projects are on the books with hotel projects such as the Hard Rock Hotel, Ace Hotel (now open) and Modrigan luxury chain coming in. In addition to that the Spa Hotel downtown is scheduled for demolition at some point next year with a stunning new resort set to take its place. The Wyhndam attached to the Palm Springs Convention Center is slated to become part of the Marriott family with a first class remodel. The City of Palm Springs continues talks to redevelop the old fashion plaza mall in downtown into a a series of condos/lofts and retail focusing on a boulevard leading up to the Desert Art Museum entrance.
Musically: the valley rocks with many shows coming to the casinos, the Agua Caliente in Rancho Mirage just opened THE SHOW the Valley's first dedicated casino theater. Reviews have been good and headliners have included the likes of Billy Joel, Melissa Etheridge, Martina McBride and Jay Leno. Two major music festivals now take place at the East end of the valley. Coachella Fest which draws over 50,000 people to see a variety of bands including many huge headliners such as Madonna, Prince and Paul McCartney as well as countless other acts from across the musical spectrum. On the country music side of things the Stagecoach Festival host a large number of major country and Western Acts.
Cinema: The Palm Springs area is home to dozens of film festivals each year. The largest one - an international event - is held every January drawing A list celebrities and Oscar winners. The excitement continues with Film Noir, Native American, Hispanic, Gay and Lesbian, Jewish and shirt film festivals held throughout the year. Playing host to many of these festivals is the Camelot Theater a real jewel in the crown of Palm Springs. A state of the art theater with an astounding variety of films showing year round. Located just off of Baristo Road at the intersection of Farrell.
Good Eats: Culinary delights are not far behind. The Tropicale continues to delight with amazing cuisine and a chic setting that is retro without being to kitchy. The Purple Palm and the Viceroy are also amazing culinary experiences. Hamburger Marys came to town a few years ago and now we have a custom built DINKS restaurant. The popular Koffi has expanded to South Palm Springs with a location at the new Oceo Townhome Complex directly across the street from the Ace Hotel on the corner of Camino Real.
Running out of things to see and do in Palm Springs in nearly impossible!
In my Southern California Desert marketplace the vibe is back. Lower priced short sale and REO (bank owned) properties are humming. We are getting great call and showing activity and about half the time there will be multiple offers on properties like these. It is refreshing to see this level of activity after such a slow start in the first month of the year.
That is the good news.
The bad news is the new level of errors I am spotting. Virtually every HUD1 (closing statement) I see contains a mistake. You must remain very focused on the paperwork in these transactions or you stand to lose big. Looking at the situation and trying to determine the root cause of this I identify several issues.
•a)Long distance escrows - typically in Bank properties the bank has pre-negotiated contracts with certain escrow and title companies. In most cases they are not local. There is no relationship there for me to rely on as I do when the escrows are with local companies. Talk about feeling like a number! To be fair I have had some excellent escrow officers in bank transactions but the norm is average to sub- average.
•b)The sheer volume of transactions. This applies to both the listing agent in the transaction and the escrow companies. They are handling so many files the chances for errors go way up. One agent in my market place has 169 REO listings. Need I say more?
•c)The complexity of these deals. Everyone wants a good deal and the bank owned properties, at least in my market place, are often the best deals you can find. However, this deal comes with a price. The very first thing that typically happens in a bank owned home transaction is that the purchase offer is followed up with a complex "Bank Addendum" these range from 3-21 pages in my experience. Translating all of that information and comparing it to the purchase contract is essential but not always easy. The opportunity for a misunderstanding goes up exponentially.
As with any contract you should read it but in this case you MUST read it. Several of the items that come up time and time again in my experience are:
•I)Repairs - the bank simply won't do them. You may have asked - you may have written it into the contract but read your addendum carefully the bank may have simply excluded them from the agreement. A good home inspection is crucial to understand what you getting into. Also, a home warranty is highly recommended, at least for the first year. These will typically cover the systems in the house for one low service call fee. I think these are must for HVAC and Pool equipment and not a bad idea for bigger appliances such as fridges.
•II) Inspection Periods - Banks like to shorten these. I have seen them try to cut them as low as 5 days.
•III)Non refundable deposits. - You sign the addendum and that's it. NO refunds on the deposit regardless of what you find in your inspections
•IV)Misc. Fees - These can be any amount for any reason. I have seen extra fees for as little as $15 and as much as $550. Typically these are nothing but extra revenue for the bank - be sure you know and look for hidden extra fees in the addendum.
•V)HOA fees - Be absolutely certain, if you are buying in a community that has an association, that the Bank is paying the full amount of the arrearages on the property you are buying. Banks are starting to dig in their heels and limit what they will pay the HOA for past fines and penalties. HOA's are finding it pretty hard to fight the big faceless nameless banks and are simply attaching the fees to the property for the new owners. Not a very nice welcome gift.
The rule of the day is caution and diligence. These deals don't come delivered on a silver platter there is homework to be done.
Located in Central Palm Springs, on a quiet cul-de-sac this totally redone Mid Century home is a masterpiece of style and substance!
With over 1800 square feet on a 13,000 plus square foot lot space won 't be an issue. In addition to the total interior remodel the roof is new in 2004 as is the saltwater pool in 2005.
The house features multiple patios and courtyards for wonderful outdoor living and privacy.
Amazing opportunity to live the perfect Palm Springs desert lifestyle all wrapped up in one perfect package.
Palm Desert is enjoying a sales boom like most of the Desert communities. Low interest rates and great first time buyer programs coupled with low prices are making a traditionally slow season a little busier!
Current Sales Stats: There are 436 homes and 535 condos currently for sale in Palm Desert. There were 79 homes and 66 Condos that went under contract in the month of May. There were 40 homes and 40 condos for a perfect match in the sold category!
The most expensive home sold in Palm Desert in May of 2009 was a one million two hundred and fifty thousand dollar home on 72-342 Bajada Trl in Stone Eagle. This beautiful golf community is located along the Westerb edge of Hwy 74 in South Palm Desert. There are not too many homes in this newer golf course community so someone got an amazing deal. The home was originally priced at 2 million plus.
TWO YEAR STATS: Check Out These Stats for a great Perspective on the Market
Month
For Sale
Under Contract
Sold
Days On Market
New To Market
April 07
12,006
737
724
96
2,105
April 09
10,575
1,379
939
94
1,559
This Chart shows some awesome movement in the reduction of total inventory and an increase in total sold volume. Days on market is dropping some too and new listings come on are dropping off as well. Keep in mind the two years stats are for the entire Desert - not just Palm Desert.
The Month of May was surprisingly busy in Palm Springs. Typically mid April is the end of our traditional season and many snowbirds leave. With graduations and people gearing up for summer May has not really be a strong month for sales in the past.
However, this year with the great first time buyer programs and unprecedented bargains in REO and Short sale properties the Activity was fantastic.
For Palm Springs proper our sales activity was as follows:
In May of 2009 we had 58homes & 70 condos sell with another 75condos going into escrow and 97homes! In both cases and Increase over April. There were 508homes and 506 Condos on the Market to date in 2009 holding more or less steady in both cases since our last report.
In May 2009 there was one home sold over 1 million dollars in Palm Springs. It was a $1,150,000 home in the Altaneighborhood of South Palm Springs.
Activity is keeping pace and it seems as though June will be just as busy. Multiple offers have returned and now if we could just get some easier financing for the mid range buyers it might get even better. Currently lenders are bending over backwards to make up for their hyper relaxed attitudes of just a few years ago. It is an interesting contrast but tough on the average buyer who just wants to get an affordable loan without having to provide enough paperwork to reach pentagon security clearance levels!
Real Estate and Life In the Palm Springs California Desert Resorts. Cities covered include Palm Desert, Rancho Mirage, Cathedral City, Indian Wells, La Quinta, Desert Hot Springs and Indio.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Palm Springs - A combination of perfect weather, Hollywood glamor, and an intimate village atmosphere have kept Palm Springs on the A-List of great destinations. Enjoy fine dining, shopping, and our world-famous boutique hotels and intimate properties that surround a downtown area distinguished by our famed mid-century modern architecture. For fun, experience the Palm Springs Aerial Tramway, The Fabulous Palm Springs Follies, Palm Springs Pavilion Theater, breathtaking Indian Canyons, Knott's Soak City, or spend time at Palm Springs Art Museum, Palm Springs Air Museum, or Agua Caliente Cultural Museum. Whatever you seek in Palm Springs, rest, relaxation and fun awaits your visit!
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