South Palm Desert Real Estate Market Report
Palm Desert has home buying opportunities for every price range. For newer or updated, remodeled homes in south Palm Desert, sales have been in the $700,000. However, there are opportunities to own for much less than that. Contact me to schedule a home tour of your selection.
South Palm Desert Real Estate Market Report
The Desert Sun recently reported that home sales and prices in Palm Desert increased from the same period a year ago. I decided to take a closer look at this market and really see what is happening.
My report focuses on home sales in the south Palm
Desert area (homes on the south side of Highway 111 and El Paseo) during the last six months. For purposes of this report, I focused only on south Palm Desert homes with private pools. This report does not include homes in gated communities such as Ironwood or Big Horn.
Of the pool homes in south Palm Desert that SOLD during the last six months, 11 of the sales were bank owned homes or foreclosures. Eight of the homes were short sales, meaning third party authorization was required and the remaining 23 sales in south Palm Desert were regular sales. Less than half of the home sales in south Palm Desert were distressed sales - or in other words foreclosures or short sales!
South Palm Desert currently has 31 homes with pools actively listed for sale. Of these 31 homes for sale the average square foot of the home is 2824, the average price per square foot is $225.43 and the average days on market is 70. The average list price is $636,506.
Five properties in south Palm Desert are contingent-other, meaning the seller has agreed to an offer to purchase.
Four properties are pending in escrow.
42 homes with pools in south Palm Desert have SOLD in the last six months with an average square foot of 2377 and an average selling price per square foot of $157.07. The average days on market were 113 and the average selling price was $368,533.
The lowest sale price was $132,500 at 74668 Yucca Tree Dr, Palm Desert, CA 92260. It is a 3 bed, 2 bath home with 1456 square feet built in 1957. It sold for $91/square foot. It was originally listed at $164,900 and reduced to $149,900 after 35 days. It was on the market for a total of 75 days. This was a foreclosed home requiring new plumbing, heating, electrical and cosmetic work.
The highest sale price was $700,000 at 48480 Prairie Dr, Palm Desert, CA 92260. It is a 4 bed, 3 bath home with 3095 square feet built in 1964. It sold for $226.17/square foot. It was originally listed at $839,000 and reduced to $775,000 after 70 days. It was on the market for a total of 187 days. It is a custom home that was remodeled with new windows and doors, kitchen and baths, roof and A/C and heating. The home was previously a bank owned property that sold in November 2009 for $327,000.
19 of the sales were CASH sales, 15 of the sales were financed with conventional financing, 1 was an FHA home loan, and 7 were listed as other.
For the same period a year ago, searching with the same criteria, I found there were 38 homes SOLD with an average square foot of 2545 at $169.96/square foot. The average sale price was $429,139. There were 11 foreclosures, 9 short sales, and 18 normal sales. With this it appears prices have fallen from a year ago. However, in 2010 there were two sales over $1,000,000 and there were none in 2011. Overall, the two time periods are not that different but the number of non-distressed sales do seem to be increasing.
In both periods, south Palm Desert real estate had a large number of cash buyers and people with large amounts of liquid cash for down payments!
I see today's market as a competitive market and certainly very different from other areas in the desert. As you can see homes are selling in south Palm Desert. There are investors in this market as well and what a market it is to buy an older home in south Palm Desert and renovate it for a quick sale!
So how is the real estate market in south Palm Desert for homes with no pools?
There are six active listings for sale; two contingent-other, three pending, and 14 homes sold. The average square foot of homes sold in south Palm Desert with no pool is 1757 square feet. The average selling price is $265,474 or $149.17 per square foot. The average number of days on the market was 78 days.
If you are buying or selling in South Palm Desert, contact me for a free market analysis!
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