Condo sales this October grew by a whopping 22.4% vs. Septembers' numbers. ...and year-over-year sales of Palm Springs Condos were up by 25%. Buyers are snapping up the best properties, with the best prices in years.
For Single Family Palm Springs Homes, the number of sales in October declined by 2.5% versus the previous month. This marks the third consecutive month in a row of declining Palm Springs Single Family Home sales. When compared to a year ago, the number of Single Family Home sales also was down, but by double digits -- 20.2%. WOW!
So the message is clear. The Palm Springs Condominium market was the first sector of the Palm Springs Homes market to recover. And it is clear that strong Buyer interest and actual sales continue to propel the Palm Springs Condo market to new highs.
Given the slump in Palm Springs Single Family Home sales, the median sale price dropped in October by 4.9% to $194,000 versus Septembers' number. This means simply that the market could not be more opportune for Buyers given the values now available in the Palm Springs Single Family Homes for sale market.
Some other key Palm Springs Home Sales market indicators:
Number of Days on the Market: Condos average days on market dropped by 20 days from September's average number to 100 days. Single Family Homes now average 92 days on the market, down by 5 days from September.
Normal Sales: This is a BIG Palm Springs Real Estate Market Headline - 57% of all the Palm Springs Single Family Homes and Condos sold in October were normal sales...not Short Sales or REOs.
Majority of Homes and Condos Sold Under $500,000: Of all Palm Springs Real Estate transactions in October, 86.1% were sales under $500,000. 11.1% of the sales were in the $500,000 to $1 million category, and only 2.8% of the sales were in the $1 million dollar plus Palm Springs Homes segment.
Given the unprecedented market favoring Buyers, my question is simply -- Why Wait? Is This A Good Time To Buy A Palm Springs Condo or Palm Springs Home -- Yes, Yes and Yes!
If you have interest in purchasing property in Palm Springs, either a Palm Springs Condo or Palm Springs House, I welcome the opportunity to share with you the Buying opportunities that are now available. Please visit my website for more information on my Palm Springs Real Estate Market Insights - The October 2010 Report.
Maurice Minno, Palm Springs Realtor For Palm Springs Homes For Sale and Palm Springs Condos For Sale