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Palm Springs Real Estate Statistics

By
Real Estate Agent with RE/MAX Desert Properties BRE# 01342880

In Palm Springs California there are multiple types of property. We have a large percentage of Condos asPalm Springs CA we are a big vacation resort destination spot.  In addition to that we have lease land issues because a big percentage of the land we are on is actually owned by the Indian Tribe.  So a house on lease land that is the same as a House on FEE LAND are not equal in value.

Interestingly, for a resort known for Golf there are really not that many courses in Palm Springs. A much larger percentage of the golf courses are located "Down Valley" as we say in cities like Rancho Mirage, Palm Desert and La Quinta. So often times people that do not know will look for golf course properties in Palm Springs only to be surprised that there are very, very few.

As our market has improved and Inventory of Condos for Sale in Palm Springs CA and Homes for Sale In Palm Springs have fallen the numbers become more crucial than ever.  In some categories there are almost no homes or condos for sale. You really have to know what you are looking at to extrapolate any real data from the lists of Actives and solds.

NUMBERS: With that in mind we pulled the current Active, Pendings and Solds for  3 bed 3 bath Single Family homes in Palm Springs that where built between 1970 and 1990.  

This age range helped us avoid the mid century modern properties so well known in Palm Springs - that typically sell far above average prices.

  • Current Per Square foot Sold Price: $250.61 
  • Current Available inventory: 32 Homes
  • Current # Sold In The last six months:  28 homes
  • Current Percentage of Ask price to sell price: 97%
  • Average Days on Market: 110

Super Low Inventory: As can see with only 32 homes available and 28 selling in the last six months this is a six month supply of homes at best.  Putting Palm Springs decidely in the Sellers Market Column.

 

Comments (1)

Mimi Foster
Falcon Property Company - Colorado Springs, CO
Voted Colorado Springs Best Realtor

Excellent post, and pretty interesting for a market report. Well told, and I had no idea about the golf course situation in Palm Springs.

Aug 10, 2014 02:07 PM