The month of June in Palm Springs went by so quickly this year.  Even though the temperatures are above 100 degrees these days, it has not stopped the activities around town.  Some of the Palm Springs events that occurred in June included the Film Noir Festival, the Palm Springs Fire Departments Annual Fish Fry, and the start of the Palm Springs Power Baseball season.

In one of my blog posts a few weeks ago, I said that real estate in Palm Springs is normally slow at this time of year.  As I was preparing the market numbers for this post, I realized that this statement was wrong.

The month of June was very active for the Palm Springs Real Estate market.  There were a total of 143 homes and condos that sold in Palm Springs during the month of June.  The lowest priced home was $100,750, and the highest priced home sold for $2,550,000, which was located adjacent of the Tennis Club neighborhood near Downtown.

The median price of the 143 homes sold was $477,252, and the average time on the market was 133 days.  Even though the homes have been staying on the market longer, the homes that sold were getting over 96% of the asking price.

What does this mean to you, the consumer?  It means that this is your time to buy.  The sellers are being more realistic in their asking prices, but you still have room to negotiate.  The median price of homes in Palm Springs continues to slowly increase.  If you are waiting for prices to fall, it is not going to happen.

If you want to know to what to know the value of your Palm Springs home, go to my website GreetingsFromPalmSprings.com and sign up for the MLS Market Snapshot. 

See you next month for the July 2007 Palm Springs Market Update!!

Make it a great day,

Harold Watts, Lyle Realtors