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Median Home Prices on the Rise in Palm Springs- Market Update for August 2007

By Harold Watts

Real Estate Agent with Teles Properties

September 05, 2007 09:31 AM

Here is the Palm Springs Market Update for the month of August 2007:

August 2007 was the second slowest month for home sales in Palm Springs. There were 46 homes and 41 condos that sold during the month.

   The August 2007 total of 87 homes sold is 36 less homes than the 2006 August total of 123 homes.


But all is not doom & gloom in the Desert. The YTD median home price in Palm Springs is $481,814, which is nearly 2% above the 2006 median home price of $480,246.   The homes in the 1 million+ dollar range has been doing very well in Palm Springs, which has kept the median home price up, even though there have been less sales.
If you would like to know the value of you Palm Springs home or condo, go to my website, www.GreetingsFromPalmSprings.com, and click MLS Market Snapshot to receive a no-obligation home valuation.
See you next month for the September 2007 Palm Springs Market Update.

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Brian Block

RE/MAX Allegiance, Managing Broker/Branch Vice President - McLean, VA

Northern Virginia & D.C. Real Estate

Harold, great graphs and information for your local consumers. I'm sure the hot summer has something to do with the slowdown in sales in August.

Sep 05, 2007 01:00 PM

Harold Watts

Teles Properties - Palm Springs, CA

Palm Springs Real Estate Blog

Brian,

This year besides being hot, it was more humid by Palm Springs standards. It was a little uncomfortable. Thanks for the tips on the graphs. Have a good evening.

Sep 05, 2007 01:25 PM

Ginger Wilcox

Sindeo - San Francisco, CA

Our August sales activity was dismal, but we didn't have very many new listings either. I can already feel a shift with new listings coming on this week- and some good ones. I hope you will feel that in Palm Springs as well!

Sep 05, 2007 05:09 PM

Ginger,

This was the slowest August I have seen in 2 years. I think with the media's portrayal of the housing market & the coverage of "Mortgage Meltdown 2007" had a lot to do with the low numbers. Traditionally after Labor Day, the housing market in Palm Springs always sees an upswing. I am very optimistic.

Sep 05, 2007 05:20 PM

Rick Tourgee

Robert Paul Properties, Inc. - Provincetown, MA

Provincetown and Cape Cod

Harold,

Great graph's on your blog! I reported on my blog that actual closed sales here in Provincetown are up 16% YTD compared to LYTD. Buyers are now realizing that NOW is the time to buy before the market shifts toward a sellers market, while inventory is plentiful, and mortgage rates remain in the 6% range for a conventional 30-year fixed.

Sep 05, 2007 11:04 PM

Richard,

The market information is easier to digest using the graphs. It was a little slow in August, but things are already picking up. It is a great time for buyers, but we as Realtors must educate our clients of this fact. Thanks for your comments....Have a great day!!!

Sep 06, 2007 02:20 AM

Tina Maraj

RE/MAX One - Fullerton, CA

Celebrating 30 Years of Real Estate Sales

That's great news. I hope Orange County Follows your trend. Thanks for the POSITIVE market info.

Sep 06, 2007 02:23 AM

Tina,

Thank you for your comments. We have to stay positive in this market, so I am going to expound on ANY positive market information and relay that information to my clients.

Sep 06, 2007 03:01 AM

Median Home Prices on the Rise in Palm Springs- Market Update for August 2007

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