EXTRA, EXTRA, READ ALL ABOUT IT!!!

We all know bad news sells newspapers.  Whether it is the latest celebrity going to rehab or the Dow dropping 150 points, we are fixated on the bad.  

For the last year, we have been inundated by the media on how terrible the real estate market is across the country.  We all have to remember that real estate market is local, and that was is happening in Michigan is not necessarily happening in Palm Springs.   It drives me crazy when publications like the Desert Sun will report in bold headlines, "The Palm Springs Real Estate Market Continues Downward Spiral", but in small print on page 6, "home sales up for the month of December".

During my research in the Palm Springs MLS for the January 2008 home sales report, I found a silver lining: 

Median Home Price in Palm Springs for January 2008 Up 8% over last year

The January 2008 median home price in Palm Springs was $409,383, compared to the January 2007 price of $379,186.  This is an increase of nearly 8%!!  The incremental increase in the average median home prices is attributed to the continued sales of $1,000,000+  homes in Palm Springs, in which 3 were sold last month.  Here is the breakdown of the real esate business last month:

In addition, homes and condos in Palm Springs are selling nearly 94% of asking price.  Again, what does this mean to you, the buyer?  It means that the sellers of homes are continuing to adjust their offering prices to the reality of the current real estate market. 

Whether you are buying a short-sale home or a foreclosure, there many investment opportunities to be had in Palm Springs.  See you in March for the February 2008 Home Sales report.

 Photos courtesy of Flickr  

Same article posted at Blog of the Desert

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About the Author:

Harold Watts of Lyle Realtors has been a REALTOR in Palm Springs since 1999.  Focusing on the 2nd & Vacation home market, Harold has been helping Real Estate Buyers and Sellers in Palm Springs achieve their real estate goals.   If you want to know what is happening with the Palm Springs Real Estate market, give Harold Watts a call at 760-778-6200 or email him at Harold@LyleRealtors.com   You can also search for your dream home via the Palm Springs MLS through Harold's website, GreetingsFromPalmSprings.com