Statistical Tables

Palm Springs Area Real Estate

Is It Time to Buy Real Estate in the Palm Springs Area?

Let's review the stats.  The 3-month moving average median price for single-family, re-sale homes peaked in June 2007 at $469,283. It bottomed out almost two years later at $169,333. Since then, the median price has more than doubled to $348,083, which leaves the median price 25.8% below its peak.

The 3-month moving average median price for condominiums/attached homes peaked in March 2006 at $370,833. It bottomed out in October 2011 at $154,250. Since then, the median price has risen only 50.8% to $232,583, which leaves the median price 37.3% below its peak.

Prices of both detached and attached homes in the Palm Springs area have been stagnant since march 2014, fluctuating within a narrow range.

The market is stable due to a combination of low demand and lack of new building. We don't see much on the horizon to change that.

The strong dollar has pushed out foreign buyers, particularly Canadians, who accounted for about 18% of the market four years ago. Combined with the low price of oil, which has eliminated their mineral rights checks, we don't expect them to be back in the market any time soon.

The lack of new home construction has removed a lot of well-paying jobs from the local economy, further depressing demand.

So, yes, it seems to be a very good time to buy real estate in the Palm Springs area.

Palm Springs Area Real Estate Home Prices 3-month Moving Average Chart

Palm Springs Area Real Estate Attached Home Prices 12-month Moving Average Chart

To read our 2015 Annual Report, click here.

January Statistics

Trends at a Glance
(Single-family Homes)
Data Jan 17 Dec 16 Jan 16
Median Price: $345,000 $350,000 $345,000
Average Price: $500,871 $493,356 $503,292
Home Sales: 420 481 379
Sale/List Price Ratio: 95.6% 96.4% 96.2%
Days on Market: 102 94 109
(Attached Homes)
Data Jan 17 Dec 16 Jan 16
Median Price: $249,000 $239,750 $234,750
Average Price: $258,348 $255,533 $250,338
Home Sales: 228 248 166
Sale/List Price Ratio: 95.2% 95.9% 95.0%
Days on Market: 99 104 115

The median price for single-family, re-sale home was flat at $345,000. The average price fell 0.5%.

Sales of single-family, re-sale homes were off 12.7% last month compared to December. Year-over-year, home sales were up 10.8%.

The median price for attached homes and condos was up 6.1%  year-over-year. Attached homes and condo sales were up 37.3% year-over-year.

Desert Price Differences
from January 2015 & Peak & Trough
Homes: detached
YTD Peak % Trough % Peak Trough
3-month -2.2% -25.8% 105.6% Jun-07 Apr-09
12-month 4.0% -20.3% 96.1% Nov-07 Nov-09
Homes: attached          
3-month -7.5% -37.3% 50.8% Mar-06 Oct-11
12-month -1.0% -32.0% 42.3% Jun-06 May-12
The 3-month moving average median price for detached homes is off 2.2% from January 2015. The median price is up 105.6% from the bottom of the market, but is still down 25.8% from the peak.

In January, the 3-month moving average median price was off 7.5% for attached homes since January 2015. It is up 50.8% from the bottom of the market which was in October 2011.

Sales momentum…

for homes, rose 0.6 of a point to +7.2. Sales momentum for condos jumped 3.1 points to +11.0. (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 detached homes rose 0.1of a point to  +2.6. Pricing momentum for attached homes gained 0.2 of a point to -+0.5.

Palm Springs Area Real Estate Market Momentum Chart

Palm Springs area real estate condo/attached home 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.

Home Sales
Percent Change From Year Before
  <$500K >=$500K and <$1MM >=$1MM
2000 108.2% 32.8% 58.0%
2001 -56.9% -4.7% -23.7%
2002 25.7% 47.9% 34.9%
2003 12.3% 70.2% 48.3%
2004 13.3% 102.2% 128.3%
2005 -18.3% 10.0% 46.5%
2006 -32.7% -33.3% -5.8%
2007 -30.9% -15.3% -17.4%
2008 93.1% -24.3% -28.1%
2009 41.4% -16.6% -41.1%
2010 -10.7% 15.9% 41.0%
2011 17.1% 8.5% -6.1%
2012 -6.2% 8.2% 22.9%
2013 -0.5% 48.8% 33.1%
2014 -23.7% -5.2% 5.5%
2015 -11.2% -15.6% -13.6%
2016 39.2% 17.0% 3.9%
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 7.0% -0.9% 0.9%
2016 3.1% -1.4% 0.4%

The median price for the under $500,000 segment of the market was up 0.9% year-over-year in November. This segment constituted 70.2% 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 23.2% of sales last month. The median price was down 2.7% year-over-year in November.

Palm Springs area home sales and prices

The million dollar plus market was 6.6% of total sales in November. The median price for this segment of the market was up 15.7% year-over-year.

See our Annual Report for year-end numbers.

Palm Springs area real estate $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 Palm Springs area homes sold plus the median and average prices since 2005.

This chart show the number of Palm Springs area 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.

Palm Springs Area Real Estate Monthly Statistics

Palm Springs Area Real Estate - January 2017
SINGLE-FAMILY HOMES
  Prices   Change from Last Year Change from Last Month
Cities Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined  $  345,000  $    500,871 420 0.0% -0.5% 10.8% -1.4% 1.5% -12.7%
Palm Springs  $  570,000  $    633,777 63 5.6% -8.3% 8.6% -11.6% -5.8% -14.9%
Palm Desert  $  462,250  $    603,459 44 18.1% 24.3% -13.7% 19.1% 2.7% -10.2%
La Quinta  $  480,000  $    662,152 91 7.9% -18.7% 78.4% 4.9% 8.5% -3.2%
Indian Wells  $  905,000  $ 1,265,575 9 51.3% 50.7% -25.0% 10.2% 34.7% -35.7%
Rancho Mirage  $  624,000  $    774,846 24 -1.7% 2.0% -31.4% -4.0% 0.0% -7.7%
Cathedral City  $  279,900  $    292,298 43 5.6% 3.1% 38.7% -4.5% -4.3% -20.4%
Indio  $  274,900  $    310,326 65 1.7% 10.5% -7.1% -6.5% -1.9% -23.5%
Desert Hot Springs  $  178,950  $    176,893 32 -0.4% -7.5% -5.9% -3.6% -4.5% -15.8%
Sun City - PD  $  319,000  $    324,649 28 2.9% -6.1% 3.7% 1.0% -1.3% -33.3%
Bermuda Dunes  $  305,000  $    363,825 7 -15.0% 0.8% -22.2% -24.4% -32.3% 16.7%
This table provides the median price, the average price and the number of units sold for residential re-sale condominiums.

Palm Springs Area Real Estate - January 2017
Condo/Attached Homes
  Prices   Change from Last Year Change from Last Month
Cities Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined  $  249,000  $    258,348 228 6.1% 3.2% 37.3% 3.9% 1.1% -8.1%
Palm Springs  $  234,000  $    242,775 67 13.0% 4.2% 9.8% 17.0% 4.1% -21.2%
Palm Desert  $  265,000  $    276,030 85 2.6% -0.7% 77.1% -3.5% -2.1% 4.9%
La Quinta  $  335,000  $    319,288 17 1.8% 0.4% 0.0% 45.7% 20.4% 0.0%
Indian Wells  $  430,000  $    420,111 9 3.8% -5.8% 125.0% -4.4% -11.7% 80.0%
Rancho Mirage  $  264,750  $    261,846 24 -11.8% -8.9% 60.0% -3.7% -10.4% -33.3%
Cathedral City  $  120,000  $    138,950 10 -4.0% 1.9% 25.0% -17.2% -5.2% -37.5%
Indio  $  116,410  $    145,172 12 -30.2% 5.3% 140.0% 8.3% 25.0% 100.0%
Desert Hot Springs  $     49,000  $       49,000 1 40.0% 40.0% 0.0% 19.5% 19.5% -50.0%
If we can help you devise a strategy, call or click buyer or seller.  To keep on top of the market, subscribe to this report and you will be notified by e-mail when it is updated each month.

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.