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 Take a Pause

After 35 straight months of year-over-year price gains, the median price for Palm Springs area single-family, re-sale homes dipped in March.

Prices have been slowing down for the past five months. It looks like the market is flattening out.

Home sales continue to be anemic. April is the last month of the season and it will be interesting to see how we end.

Prices for condos/attached homes eked out a small gain in March, but prices have also been slowing down for the past six months.

March Statistics

Trends at a Glance
(Single-family Homes)
Data Mar 15 Feb 15 Mar 14
Median Price: $360,000 $349,750 $365,500
Average Price: $520,000 $507,286 $522,840
Home Sales: 560 370 682
Sale/List Price Ratio: 95.9% 95.6% 95.1%
Days on Market: 115 128 100
(Attached Homes)
Data Mar 15 Feb 15 Mar 14
Median Price: $259,990 $239,900 $259,500
Average Price: $274,415 $261,963 $279,966
Home Sales: 237 190 346
Sale/List Price Ratio: 95.5% 94.9% 95.4%
Days on Market: 110 109 103

The median price for single-family, re-sale home dipped 1.5% year-over-year. The average price was off 0.5%.

Sales of single-family, re-sale homes were down 17.9% last month compared to March 2014. That's eighteen months in a row home sales have been lower than the year before.

The median price for attached homes and condos was up 8.4% from February, and it was up 0.2% year-over-year.

Attached homes and condo sales were off 31.5% year-over-year.

Much of the weakness in sales can be attributed to the strength of the dollar. A significant portion of home sales in the Valley over the years can be attributed to foreign buyers, particularly are friends to the north. With foreign buyers on the sidelines, it was inevitable that sales would decline.

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 3.8% -24.7% 108.6% Jun-07 Apr-09
12-month 5.2% -23.6% 87.9% Nov-07 Nov-09
Homes: attached      
3-month 3.5% -34.8% 56.6% Mar-06 Oct-11
12-month 9.4% -30.9% 42.3% Jun-06 May-12
The 3-month moving average median price for detached homes is up 3.8% from January 2014. The median price has bounced up 108.6% from the bottom of the market, but is still down 24.7% from the peak.

Sales momentum…

for homes, after rising 2.0 points in February, backed off 0.5 of a point to -24.7. Sales momentum for condos dropped 3.7 points to -21.7. (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 fell 2.2 points to  +7.2. Pricing momentum for attached homes fell 2.1 points to +9.5.

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 6.5% 3.1% 2.8%
Home Sales
Percent Change From Year Before
  <$500K >=$500K and <$1MM >=$1MM
2000 37.9% 72.7% 50.0%
2001 -17.0% -9.5% -13.9%
2002 10.4% 19.8% 25.8%
2003 11.2% 85.4% 28.2%
2004 31.0% 98.4% 98.0%
2005 -18.9% 33.5% 58.6%
2006 -25.3% -30.6% 28.7%
2007 -28.6% -3.4% -17.3%
2008 1.5% -33.3% -18.6%
2009 123.5% -42.9% -61.8%
2010 -3.0% 51.9% 63.5%
2011 11.0% 17.9% -4.7%
2012 4.9% 1.3% 29.6%
2013 9.6% 40.6% -9.5%
2014 -30.3% 15.2% 84.2%
2015 -23.7% -26.4% -24.6%

The median price for the under $500,000 segment of the market was up 6.7% year-over-year in March. This segment constituted 67.7% 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 21.6% of sales last month. The median price was up 2.3% year-over-year in March.

Palm Springs area home sales and prices

The million dollar plus market was 10.7% of total sales in March. The median price for this segment of the market was up 4.8% 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
March 2015
  Homes     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $360,000 $520,000 560 -1.5% -0.5% -17.9% 2.9% 2.5% 51.4%
Palm Springs $510,500 $573,953 94 -7.2% -16.6% -35.2% 5.4% 1.4% 74.1%
Palm Desert $380,000 $528,824 54 8.6% -1.5% -19.4% 1.1% 4.0% 3.8%
La Quinta $472,500 $724,711 112 10.9% 10.9% -12.5% 5.0% -9.5% 57.7%
Indian Wells $637,500 $957,977 22 -30.3% -25.8% -24.1% -30.5% -14.7% 57.1%
Rancho Mirage $692,500 $862,571 42 16.9% 16.2% -12.5% 12.4% 22.9% 55.6%
Cathedral City $250,000 $279,774 55 11.6% 18.6% 19.6% 0.0% 10.5% 22.2%
Indio $280,000 $341,768 95 9.0% 22.3% 1.1% 5.7% 19.9% 79.2%
Desert Hot Springs $155,000 $149,183 39 13.1% 6.9% -53.6% 16.5% 12.8% 34.5%
Sun City - PD $350,000 $355,454 37 9.9% 2.9% 23.3% 6.1% -1.6% 94.7%
Bermuda Dunes $376,000 $361,167 6 -3.6% -18.4% -45.5% -0.8% -4.2% 20.0%
This table provides the median price, the average price and the number of units sold for residential re-sale condominiums.

Desert Condo/Attached Statistics
March 2015
  Condos     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $259,990 $274,415 237 0.2% -2.0% -31.5% 8.4% 4.8% 24.7%
Palm Springs $239,000 $246,634 77 5.1% -0.8% -42.5% 32.8% 22.4% 18.5%
Palm Desert $265,000 $285,162 79 0.2% -2.2% -12.2% -11.7% -10.4% 38.6%
La Quinta $408,700 $392,456 16 10.8% 5.8% -54.3% 16.8% 9.3% -30.4%
Indian Wells $394,000 $386,143 7 7.9% -29.1% -36.4% 29.8% 27.2% 250.0%
Rancho Mirage $307,500 $338,900 31 2.6% 1.9% -29.5% -6.7% 14.2% 29.2%
Cathedral City $123,500 $130,554 13 -4.9% -5.3% -18.8% 7.7% 10.6% 8.3%
Indio $180,000 $230,433 9 24.1% 82.5% 28.6% -17.8% 4.4% 125.0%
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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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.