| Trends at a Glance | |||
| (Single-family Homes) | |||
| Jul 08 | Jun 08 | Jul 07 | |
| Median Price: | $261,000 | $309,113 | $435,000 |
| Average Price: | $435,509 | $480,900 | $619,843 |
| Home Sales: | 514 | 472 | 334 |
| Sale/List Price Ratio: | 94.4% | 93.9% | 94.7% |
| Days on Market: | 92 | 122 | 117 |
Sales of single-family, re-sale homes in the Palm Springs area rose year-over-year for the fifth month in a row, up 39.9%. Year-to-date, home sales are up 12.1%.
The median home price dropped 10% from July, and is down 46.2% compared to last August. As we've mentioned before, sales of bank-owned properties are skewing statistical prices downward.
Bank-owned properties are mostly in the under $500,000 segment of the market. That's where all the price drops are concentrated. The median price for this segment was down 37.1% year-over-year in August. This segment constituted 81.3% of total sales. We haven't seen that high a percentage of homes sold for under $500,000 since November 2003.
By contrast, the $500,000 to $1,000,000 segment of the was only 13.9% of sales, but the median price was only down 8.5% year-over year.
The million dollar plus market was 4.8% of total sales, the lowest percentage since September 2004. The median price for this segment of the market was up 7% year-over-year.
What does this all mean? Well, the low-end is definitely a buyer's market. In the mid-market, which is being adversely affected by the lack of move-up buyers, sellers are, for the most part, holding firm on their prices, which explains the lack of sales in this segment. The price declines over the last two months are due to foreclosures creeping into this segment. The million dollar plus market is a world of its own.
The condo market, which is highly seasonal and mostly located within country clubs, saw sales rise 9.3% year-over-year. The median price for condos was off 23% compared to last August.
The graphs below show monthly prices and sales since 1999. We have used a three month moving average to smooth out monthly fluctuations yet retain seasonal flow.
These graphs are big. Please click on the graph to expand it. Then, use your back button to return to this page.
The sales price to list price indicator for single-family homes rose 0.2 of a point to 94.6%. The indicator for condos fell 0.2 of a point to 93%. Breaking the market down, the ratio for homes in the under $500,000 market was 96.4%. The ratio for the $500,000 to $999,999 market was 93.8%. The ratio for the over $1,000,000 market was 90.9%.
Days on market for homes fell five days to 92. Days on market for condos dropped 15 days to 141 days.
For full details see the tables below and the Monthly Trends section which breaks out each city's statistics. That menu is at the left.
Also, check out our Annual Trends section for charts and graphs for the past eight years.
The following table provides the median price, the average price and the number of units sold for residential re-sale single family homes.
| Desert Home Statistics | |||||||||
| August 2008 | |||||||||
| Homes | Change from last year | Change from last month | |||||||
| Median | Average | Sales | Median | Average | Sales | Median | Average | Sales | |
| Combined | $235,000 | $352,461 | 459 | -46.2% | -42.4% | 39.9% | -30.7% | -32.5% | -5.2% |
| Palm Springs | $465,000 | $570,129 | 45 | -15.5% | -16.6% | -8.2% | 14.8% | 1.7% | -15.1% |
| Palm Desert | $362,500 | $498,694 | 36 | -17.3% | -35.7% | 0.0% | -29.6% | -47.1% | -23.4% |
| La Quinta | $440,000 | $494,439 | 63 | -22.1% | -24.5% | -11.3% | -13.7% | -28.7% | -42.2% |
| Indian Wells | $825,000 | $1,028,000 | 10 | 1.1% | 15.7% | 42.9% | 5.8% | -18.9% | 11.1% |
| Rancho Mirage | $602,500 | $735,214 | 25 | -29.9% | -37.7% | -30.6% | -27.8% | -17.0% | -24.2% |
| Cathedral City | $222,700 | $239,141 | 68 | -39.6% | -35.6% | 223.8% | -5.6% | -12.9% | 58.1% |
| Indio | $220,000 | $228,599 | 103 | -36.6% | -41.2% | 202.9% | -13.0% | -19.7% | 13.2% |
| Desert Hot Springs | $134,000 | $132,891 | 75 | -46.4% | -46.6% | 102.7% | -10.7% | -11.7% | 74.4% |
This table provides the median price, the average price and the number of units sold for residential re-sale condominiums.
| Desert Condo Statistics | |||||||||
| August 2008 | |||||||||
| Condos | Change from last year | Change from last month | |||||||
| Median | Average | Sales | Median | Average | Sales | Median | Average | Sales | |
| Combined | $258,000 | $283,544 | 129 | -23.0% | -20.4% | 9.3% | -11.3% | -12.2% | -33.2% |
| Palm Springs | $217,450 | $244,979 | 56 | -22.3% | -19.6% | 27.3% | -5.5% | -1.0% | -24.3% |
| Palm Desert | $350,000 | $359,294 | 41 | -2.8% | -7.9% | -6.8% | -2.1% | -7.1% | -29.3% |
| La Quinta | $376,900 | $384,757 | 7 | -8.1% | -11.4% | 75.0% | 12.5% | -5.2% | -56.3% |
| Indian Wells | $308,000 | $298,667 | 3 | -39.3% | -53.3% | -50.0% | -25.3% | -26.0% | -25.0% |
| Rancho Mirage | $295,000 | $305,333 | 9 | -24.3% | -20.8% | -10.0% | -27.0% | -28.1% | -64.0% |
| Cathedral City | $142,500 | $163,250 | 6 | -25.0% | -16.4% | -14.3% | 9.6% | -15.1% | -45.5% |
| Indio | $75,750 | $76,625 | 4 | n/a | n/a | n/a | -11.1% | -10.1% | 100.0% |
| Desert Hot Springs | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
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Trend charts for individual cities can be reached by clicking on the City Trends menu to the left.
For detailed information on a specific neighborhood or country club, give Greg Bauer a call at (800) 975-7720, or fill out the appropriate form: Buyers or Sellers.
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