Recently on MSN Real Estate - Palm Springs was named as #4 of the top 10 hottest vacation real estate markets. Some of the comments regarding real estate in the Palm Springs area (which also includes Rancho Mirage, Palm Desert, Indian Wells, La Quinta and Indio, etc.) were that this area has seen the same severe home-price declines as the rest of California. The median sale price they said is down 52.4% from its peak and is now at $130 per square foot, the same level as in the fall of 2002. They stated that the prices are relatively unchanged since the start of 2010... since we live here and work here had to check it out.
The statistics below only involve Palm Springs. Keeping in mind that the CA Desert is made up of diverse communities and each community has its own statistics that may not match the average of Palm Springs. This report is simply to show that the average sale in Palm Springs is much higher than the $130 per sq ft that the article I am attaching below states.
Palm Springs average price per square foot has been as follows since the first of this year: 2011
January sales - $171 per sq ft
Febuary sales - $220 per sq ft
March sales - $208 per sq ft
April sales - $223 per sq ft
May sales - $213 per sq ft
June sales - $203 per sq ft; The average for the six months was $206.33.
In 2010, Jan-June the average price per sq ft was $200.33
In 2009, Jan-June the average price per sq ft was $188.17
In 2008, Jan-June the average price per sq ft was $279.00
In 2002, Jan-June the average price per sq ft was $177.33
Of course we all know that price per square foot depends on a great many details...i.e. upgrades, condition, location, etc. These records are coming right from the MLS and they indicate that the low time was 2009 and that since 2010 the prices have stabilized if not increased a bit. Since the records I researched are much different from the article on MSN (they were quoting $130 per sq ft) we found it necessary to blog this information. Too many times our markets are wrongly publicized and it hurts us all.
http://realestate.msn.com/10-hottest-vacation-real-estate-markets#4
This being said Palm Springs and surrounding communities are on the Top 10 Hottest Real Estate Vacation Markets and we are grateful for that fact!
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