June 21, 2007. The first day of summer, and the longest day of the year has arrived in Palm Springs. The temperature was a sweltering 112 degrees, and heat advisories are already in effect. People always ask me how can you live in a place that is so hot. I just drink lots of water, jump in the pool every morning, or take a trip up the Palm Springs Aerial Tramway. It is usually 20 degrees cooler at the 8000 ft. elevation.
This week's Palm Springs Real Estate Market Update was an active one. There were 49 homes and condos listed for the week ending June 21, 2007. The lowest price listed was a 1 bedroom condo for $112,500, and the highest priced home listed was $2,895,000 at the Alta Development. There were 10 homes & condos that went into escrow this past week.
There were some interesting trends that I noticed in the number of homes that sold. There were 45 homes &
condos that closed escrow. The average days on market was 75 days, and the median price of the homes that sold was $456,787.
In comparison to the same time frame of 2006, there were 44 homes and condos that sold, with a median price of $587,624. The average days on the market of these homes was 122 days.
What do I see in this comparison? I see that sellers are being more realistic in their asking prices of their homes, which in turn is resulting in less time on the market.
Let's see what next week's update has to tell us about the Palm Springs Real Estate Market. If you happen to be in town in the next few weeks, look me up and say "hello".
If you want to know what's happening in your neighborhood, go to my website, GreetingsFromPalmSprings.com, and sign up for the MLS Market Update.
Make it a great day,
Harold Watts, Lyle Realtors
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