Another summer month has come and gone in the city of Palm Springs. During the month of July, we endured high temperatures, humidity, and rain for the first time since last September. Even though it was only a trace, less than 1/4 inch, we'll take any water we can get.
The Fourth of July Festivities at Sunrise Park was a big hit this year, and the Palm Springs Power Baseball finished their season on July 28th with 33 wins & 11 losses. This makes the Power the SCC (Southern CA Conference) Champions!!! They will go on to play in the West Coast World Series in San Luis Obispo from August 5-10. Good luck to the team....The city of Palm Springs is behind you all the way!!!
The real estate market in Palm Springs was also very active, with 114 homes and condos that sold during the month of July. The average time on the market was 141 days, and the average median price of homes sold was $478,236. There were 9 homes that sold in Palm Springs for over $1,000,000.
The 2006 median home price in Palm Springs was $480,246. The year to date median home price is now $478,358. The trend occurring in Palm Springs with home prices is that the more expensive h
omes sold are keeping the median price at the same pace of 2006, even though there have been fewer sales. With the current data available, I see the median price going down just a little over the next few months. This is due in part to the sellers adjusting their home prices to the current market reality.
What does this mean to you, the consumer? It means that it is a perfect time to buy, with plenty of inventory and room for healthy negotiations. Give me a call to help find your perfect Palm Springs home.
If you have a home in Palm Springs and want to know what it is worth, go to my website and sign up for the MLS Market Snapshot. See you next month for the August 2007 Palm Springs Real Estate Sales Update.
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