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 Flat, Sales Down in 2015

Sales of single-family, re-sale homes were down 12.3% in 2015. Much of the loss was due to three factors:

  1. the strength of the dollar, which stopped foreign buyers from entering the market,
  2. the slump in oil prices, which has reduced or eliminated the mineral rights payments our neighbors to the north receive, and
  3. while unemployment in the Valley has decreased, the new jobs aren't paying as much as the lost ones did.

 We do not see any of these factors changing in the next three years.

To read the full 2015 Annual Report, click here.

December Statistics

Trends at a Glance
(Single-family Homes)
Data Dec 15 Nov 15 Dec 14
Median Price: $345,000 $359,900 $350,000
Average Price: $467,635 $458,606 $477,515
Home Sales: 478 339 443
Sale/List Price Ratio: 96.4% 96.5% 95.6%
Days on Market: 101 116 101
(Attached Homes)
Data Dec 15 Nov 15 Dec 14
Median Price: $210,000 $232,500 $229,500
Average Price: $250,215 $255,551 $260,654
Home Sales: 187 187 220
Sale/List Price Ratio: 95.6% 95.2% 95.4%
Days on Market: 104 110 110

The median price for single-family, re-sale home fell last month by 1.4% year-over-year. The average price was off 2.1%.

Sales of single-family, re-sale homes were up 7.9% last month compared to December. For the year, home sales were down 13.9%.

The median price for attached homes and condos was down 8.5%  year-over-year.

Attached homes and condo sales were off 15.0% year-over-year. For the year, condo sales are down 16.0%.

Since January 2014, the 3-month moving average median price is down 4.8% for attached homes. It is up 44.0% 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 0.0% -27.4% 101.3% Jun-07 Apr-09
12-month 5.2% -22.5% 90.6% Nov-07 Nov-09
Homes: attached          
3-month -4.8% -40.1% 44.0% Mar-06 Oct-11
12-month 6.6% -32.7% 38.5% Jun-06 May-12
The 3-month moving average median price for detached homes is flat from January 2014. The median price has bounced up 100.3% from the bottom of the market, but is still down 27.4% from the peak.

Sales momentum…

for homes, gained 1.5 points to -14.1. Sales momentum for condos fell 1.4 points to -19. (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 lost 0.6 of a point to  +2.2. Pricing momentum for attached homes fell 0.6 of a point to -2.1.

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 7.2% -0.9% 0.9%
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 7.2% -0.9% 0.9%

The median price for the under $500,000 segment of the market was down 0.7% year-over-year in December. This segment constituted 71.3% 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 20.7% of sales last month. The median price was down 4.0% year-over-year in December.

Palm Springs area home sales and prices

The million dollar plus market was 7.9% of total sales in December. The median price for this segment of the market was up 7.6% 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
December 2015
  Homes     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $345,000 $467,635 478 -1.4% -2.1% 7.9% -4.1% 2.0% 41.0%
Palm Springs $505,000 $596,162 75 3.6% -4.4% -1.3% -11.4% -3.2% 47.1%
Palm Desert $375,000 $439,589 55 -9.1% -8.8% -3.5% 3.0% 5.3% 31.0%
La Quinta $410,000 $638,540 92 -3.4% 13.6% 24.3% -6.8% 16.7% 12.2%
Indian Wells $549,000 $696,944 15 -50.1% -50.7% 25.0% -28.2% -28.9% 36.4%
Rancho Mirage $650,000 $912,877 31 -3.0% 24.0% -16.2% 6.6% 36.1% 82.4%
Cathedral City $260,000 $277,488 43 7.2% 3.3% -2.3% -8.8% -9.3% 126.3%
Indio $290,000 $326,845 83 6.2% 12.9% 43.1% 1.4% -3.1% 50.9%
Desert Hot Springs $145,000 $150,797 49 -8.2% -5.3% 22.5% -13.2% -13.0% 53.1%
Sun City - PD $310,000 $325,152 25 -11.4% -9.7% -21.9% 2.1% 2.7% 25.0%
Bermuda Dunes $277,500 $285,536 5 -42.9% -38.4% -28.6% -42.8% -41.1% 0.0%
This table provides the median price, the average price and the number of units sold for residential re-sale condominiums.

Desert Condo/Attached Statistics
December 2015
  Condos     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $210,000 $250,215 187 -8.5% -4.0% -15.0% -9.7% -2.1% 0.0%
Palm Springs $175,000 $233,314 59 -4.4% 8.2% -29.8% -19.3% 1.3% -28.9%
Palm Desert $242,250 $274,871 58 -4.1% 1.1% -3.3% -5.7% -5.9% 18.4%
La Quinta $447,500 $398,500 8 27.9% 4.0% -57.9% 51.1% 21.0% -20.0%
Indian Wells $345,825 $330,506 8 -14.1% -30.6% 0.0% -17.7% -15.2% -27.3%
Rancho Mirage $223,000 $305,968 19 -37.7% -11.4% -26.9% -29.2% 1.9% 18.8%
Cathedral City $143,375 $142,524 20 10.3% 0.0% 53.8% 19.5% 5.0% 122.2%
Indio $149,000 $161,916 7 12.0% 33.5% 0.0% 49.0% 51.8% 133.3%
Desert Hot Springs n/a n/a n/a n/a n/a n/a n/a n/a n/a
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.