Palm Springs Valley Real Estate Report

The annual reports are out for August in the Palm Springs Valley.  This report reflects sales in all the Valley cities..

Palm Springs, Cathedral City, Rancho Mirage, Indian Wells, Palm Desert, La Quinta, Indio, Coachella, Bermuda Dunes and Desert Hot Springs. 

Single Family Homes:  581 homes sold in August with average prices of $357,600.  (Last Year it was $331,000)

Condos:  187 Total Units sold in August with average Sales Price of $178,500  (Last Year it was $118,100)

The entire Palm Springs Valley (Coachella Valley is the same thing), had a drop in Inventory in just one month..July Inventory for Single family homes was 1923 units.  August was 1860 total.

What about the Bank owned homes?  How did their numbers hold up in August of 2012?

Single Family homes accounted for 43% of August sales.  Last August?  It was 57%!

Condos accounted for only 21% of August Sales.  Last August?  It was 44%!

Equity Sales reached their highest level in four years as reported by the CDAR.  In my own business, I have seen an incredible number of Buyers closing on Equity listings.  My Short Sales have decreased in numbers and there is very little Foreclosed Inventory (except the over-priced FNMAE ones), that does not garner multiples quickly. 

The Palm Springs Valley real estate market is definately in recovery mode!