I cannot believe that we are nearly half way through the 2008 year. Where did the time go? It seems like yesterday that I was taking down the Christmas tree & packing away all the decorations.

Throughout the last six months, we have been inundated with the 24-hour media barrage about the state of the economy, gas prices going up, and home prices going down.

It's a wonder that I even get out of bed & go to work!!

Rather than focusing on the negative news that I get everyday, I try to look at the positive things that are happening around me and try to find a silver lining.

Our office, led by my broker Scott Lyle, procured the highest priced listing in the Coachella Valley. It is the home of Alan Hamel & Suzanne Sommers, called Les Baux de Palm Springs, and is being offered for a mere $27.5 million dollars.
The Palm Springs Real Estate continues to move forward, despite what is being reported in the news:

There are currently 1450 homes for sale in Palm Springs, which includes 218 homes & condos that are currently in escrow. Of these 218 escrows, 117 of them are pending sales. This means that the contingencies have been removed from the contract, and will move forward to a successful escrow closing.

There were 129 homes & condos that sold in Palm Springs in April 2008.

The average listing price of homes was $428,525, with an average time on the market of 138 days. This number is 11 days lower than the 2008 average of 149 days.

Of the homes that sold in April, the average home sales price was $396,087, which was 92.4% of the listing price. The number of 129 homes sold in April represents 35% of the YTD total of 363 homes & condos sold in Palm Springs.

May 2008 housing numbers were also impressive. There were 121 homes & condos sold during the month of May, which is 25% of the YTD total of 484 properties sold in Palm Springs.

The average sales price of the homes & condos sold in Palm Springs was $381,665, which is 92.52% of the average list price of $412,538.

What do all these statistics mean to you & me? It means that there is a 12-month supply of homes to purchase in Palm Springs, prices of homes continue to level off, which gives buyers like yourself more choices than ever to find the home of your dreams. Sellers, which include the banks that have foreclosed on homes, are more likely to be in the right frame of mind to negotiate on the terms of your purchase agreement.

Whether you are looking to purchase your full-time residence, vacation home or just starting your Palm Springs home search, let Scott Lyle Realtors' 30 years of experience help you every step of the way. See you next month for the June 2008 Palm Springs Real Estate Market Report.

Same article posted on Blog of the Desert