The Desert Real Estate Market Trends Report for Palm Springs, Palm Desert, Rancho Mirage, Indian Wells, La Quinta and Cathedral City.

Statistical Tables

Palm Springs Area Home Prices Stable, Sales Anemic

The median price for Palm Springs area single-family, re-sale homes has been staying in a narrow range between $305,000 and $363,500 since November 2013. That coincides with the sharp rise in the dollar which has pushed foreign buyers out of the market.

Of course, we can't blame it all on foreign buyers. The two biggest areas of employment in the Coachella Valley are hospitality and construction. Hospitality is doing well, but construction is pretty much dead.

Home sales continue to tumble. Sales have been lower than the year before by double-digits for the past six months, and they have been lower for the past twenty-one months in a row. Year-to-date, home sales are down 21.8%. That follows a drop of 18% in 2014. Home sales peaked in 2013.

Prices for condos/attached homes were down in June, for the third month in a row from the year before, while sales were off by double-digits for the sixth month in a row. Dropping sales for condos/attached homes are to be expected this time of year as most of them are bought as second/vacation homes and this isn't the season.

June Statistics

Trends at a Glance
(Single-family Homes)
Data Jun 15 May 15 Jun 14
Median Price: $360,000 $345,000 $329,000
Average Price: $492,097 $528,885 $454,111
Home Sales: 569 544 663
Sale/List Price Ratio: 95.4% 95.3% 95.9%
Days on Market: 120 126 98
(Attached Homes)
Data Jun 15 May 15 Jun 14
Median Price: $229,000 $250,000 $249,000
Average Price: $249,989 $267,428 $265,353
Home Sales: 242 266 324
Sale/List Price Ratio: 95.7% 95.2% 96.0%
Days on Market: 116 125 102

The median price for single-family, re-sale home rebounded in June by gaining 9.4% year-over-year. The average price was up 8.4%.

Sales of single-family, re-sale homes were down 14.2% last month compared to June 2014.

The median price for attached homes and condos was up 8.4% from May, and it was down 8% year-over-year.

Attached homes and condo sales were off 25.3% year-over-year. Year-to-date, sales are down 24.7%.

Since January 2014, the 3-month moving average median price is up 3.5% for attached homes. It is up 56.6% from the bottom of the market which was in October 2011.

Desert Price Differences
from January 2014 & Peak & Trough
Homes: detached          
YTD Peak % Trough % Peak Trough
3-month 4.0% -24.1% 110.3% Jun-07 Apr-09
12-month 5.3% -22.8% 90.0% Nov-07 Nov-09
Homes: attached          
3-month 3.5% -34.9% 56.6% Mar-06 Oct-11
12-month 8.2% -31.7% 40.6% Jun-06 May-12
The 3-month moving average median price for detached homes is up 4.0% from January 2014. The median price has bounced up 110.3% from the bottom of the market, but is still down 24.1% from the peak.

Sales momentum…

for homes, rose 0.1 of a point to -25.7. Sales momentum for condos dropped 1.7 points to -27.9. (See charts below)

We calculate…

momentum by using a 12-month moving average to eliminate seasonality. By comparing this year’s 12-month moving average to last year’s, we get a percentage showing market momentum.  

In the chart below…

the blue area shows momentum for home sales while the red line shows momentum for the median price.

Pricing momentum…

for homes gained 0.5 of a point to  +6.0. Pricing momentum for attached homes fell 2.3 points to +3.6.

Palm Springs Area Real Estate Market Momentum Chart

Palm Springs area real estate condo sales momentum

 

Palm Springs area real estate

The following tables break-down the market into three segments: less than $500,000, $500,000 to $1,000,000 and $1,000,000 and over. The tables are year-to-date.

Median Prices
Percent Change From Year Before
  <$500K >=$500K and <$1MM >=$1MM
2000 12.7% 1.0% 0.0%
2001 14.5% 1.2% -3.8%
2002 18.3% -3.9% 0.0%
2003 13.8% 3.3% -3.2%
2004 23.4% 2.4% -1.1%
2005 16.9% 3.1% 3.0%
2006 0.1% -0.8% 2.6%
2007 -1.6% 1.5% 1.8%
2008 -33.8% -2.2% 7.9%
2009 -26.7% -1.5% -8.9%
2010 9.8% 0.0% -0.9%
2011 -8.9% -1.5% -1.8%
2012 16.4% -0.8% -1.8%
2013 24.2% 2.4% 3.3%
2014 10.3% 0.8% 0.4%
2015 6.9% -0.5% 4.6%
Home Sales
Percent Change From Year Before
  <$500K >=$500K and <$1MM >=$1MM
2000 21.2% 53.1% 71.2%
2001 -19.5% -6.2% -20.2%
2002 21.2% 36.5% 14.1%
2003 7.6% 57.6% 37.0%
2004 31.8% 120.7% 148.6%
2005 -21.4% 15.6% 44.9%
2006 -28.0% -30.8% 12.3%
2007 -31.1% -10.4% -25.2%
2008 31.9% -24.8% -16.1%
2009 87.5% -39.8% -55.0%
2010 -8.7% 49.5% 63.0%
2011 14.4% 6.6% -12.6%
2012 1.3% 1.7% 34.3%
2013 8.7% 60.5% 23.9%
2014 -25.2% -2.6% 22.9%
2015 -21.9% -22.5% -20.3%

The median price for the under $500,000 segment of the market was up 3.9% year-over-year in June. This segment constituted 69.8% of sales.

Palm Springs area home sales and prices under $500,000

By contrast, the $500,000 to $1,000,000 segment of the market was 21.1% of sales last month. The median price was down 2.0% year-over-year in June.

Palm Springs area home sales and prices

The million dollar plus market was 8.1% of total sales in June. The median price for this segment of the market was up 22.9% year-over-year.

See our Annual Report for year-end numbers.

Palm Springs are $1MM home sales and prices

The graphs below show monthly prices and sales since 2006. We have used a three month moving average to smooth out monthly fluctuations yet retain seasonal flow.

This chart show the number of homes sold plus the median and average prices since 2005.

This chart show the number of condos sold plus the median and average prices since 2005.

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.

Monthly Statistics

Desert Home Statistics
June 2015
  Homes     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $360,000 $492,097 569 9.4% 8.4% -14.2% 4.3% -7.0% 4.6%
Palm Springs $555,000 $633,511 105 21.4% 16.1% -30.0% 0.9% -6.0% 6.1%
Palm Desert $425,000 $542,640 67 6.9% -16.4% -9.5% 13.2% -17.3% 6.3%
La Quinta $392,000 $539,628 105 17.2% 5.5% -4.5% -6.2% -14.4% 2.9%
Indian Wells $770,000 $1,151,586 21 22.2% 16.8% -19.2% 16.9% 26.1% 5.0%
Rancho Mirage $652,500 $736,310 42 2.4% 10.2% 16.7% -10.6% -27.9% 20.0%
Cathedral City $275,000 $281,686 72 15.1% 12.4% -11.1% 9.1% 2.3% 35.8%
Indio $282,000 $314,402 78 9.3% 16.2% -8.2% 2.9% 4.8% -10.3%
Desert Hot Springs $158,450 $160,498 40 3.9% 2.8% -41.2% -6.0% -1.3% 2.6%
Sun City - PD $301,250 $330,039 36 -11.7% -6.7% 5.9% -2.8% -4.6% 33.3%
Bermuda Dunes $424,000 $563,320 10 21.1% 16.9% 0.0% 50.1% 91.3% 100.0%
This table provides the median price, the average price and the number of units sold for residential re-sale condominiums.

Desert Condo/Attached Statistics
June 2015
  Condos     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $229,000 $249,989 242 -8.0% -5.8% -25.3% -8.4% -6.5% -9.0%
Palm Springs $212,500 $233,817 104 -11.1% -8.9% -33.8% -5.6% -7.6% 7.2%
Palm Desert $255,000 $274,642 74 1.3% 0.2% -5.1% -11.1% -11.5% -6.3%
La Quinta $302,000 $308,735 17 -19.5% -20.8% -29.2% 10.7% 0.2% -15.0%
Indian Wells $462,500 $424,817 6 18.6% 9.9% 100.0% 22.5% 19.3% 0.0%
Rancho Mirage $267,500 $270,229 21 -16.4% -18.8% -16.0% -6.1% 2.8% -44.7%
Cathedral City $132,500 $135,750 14 6.0% 2.9% -39.1% -14.5% -19.8% 27.3%
Indio $75,000 $75,000 2 -9.6% -27.0% -60.0% -52.1% -46.8% -66.7%
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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The Graphs

Real estate trend charts for individual cities in the Palm Springs area 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.

For our opinion of what your home will sell for in today's market, call or e-mail us.