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 Sales Plunge

Sales of single-family, re-sale homes are down 35.7% for the year, while attached homes/condo sales are off 29.7%. Home sales in Palm Springs were down 47.5%.

The plunge in home sales is mainly concentrated in the under $500K segment of the market where sales are off 43.8%. Sales of homes in the $500K to $1MM range are down 15.8%, while the $1MM+ segment of the market is up 35.7%.

June Statistics

Trends at a Glance
(Single-family Homes)
Data Jun 14 May 14 Jun 13
Median Price: $329,000 $368,500 $319,200
Average Price: $465,497 $566,869 $484,662
Home Sales: 512 566 788
Sale/List Price Ratio: 95.8% 95.0% 95.1%
Days on Market: 95 104 94
(Attached Homes)
Data Jun 14 May 14 Jun 13
Median Price: $249,000 $265,000 $205,000
Average Price: $269,452 $288,057 $221,685
Home Sales: 241 262 385
Sale/List Price Ratio: 95.8% 95.4% 96.0%
Days on Market: 101 106 101

The median price for single-family, re-sale home broke its 23 month string of double-digit increases in June. The median price was up only 3.1% year-over-year. That is the twenty-seventh month in a row the median price has been higher than the year before.

Sales of single-family, re-sale homes fell 35% last month compared to June 2013. That's nine months in a row home sales have been lower than the year before.

Attached homes and condo sales were off 37.4% year-over-year.

The median price for attached homes and condos was down 6% from May, but it was up 21.5% year-over-year.

Since January 2013, the 3-month moving average median price is up 38.6% for attached homes. It is up 72.4% from the bottom of the market which was in October 2011.

Desert Price Differences
from January 2013 & Peak & Trough
Homes: detached      
YTD Peak % Trough % Peak Trough
3-month 14.1% -24.9% 108.2% Jun-07 Apr-09
12-month 15.6% -26.7% 80.5% Nov-07 Nov-09
Homes: attached      
3-month 38.6% -28.3% 72.4% Mar-06 Oct-11
12-month 24.2% -33.2% 37.5% Jun-06 May-12
The 3-month moving average median price for detached homes is up 14.1% from January 2013. The median price has bounced up 108.2% from the bottom of the market, but is still down 24.9% from the peak.

Sales momentum…

for homes plummeted 7.1 points to  -28.4. Sales momentum for condos dropped 10.2 points to -12.7. (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 1.7 points to  +20.4. Pricing momentum for attached homes gained 0.6 of a point to +17.9.

Palm Springs Area Real Estate Market Momentum Chart

Palm Springs area real estate condo sales momentum

This is an extraordinarily tough market for buyers. It’s important to be calm and realistic. If you don’t know what to do or where to begin, give me a call and let’s discuss your situation and your options.

Palm Springs area real estate

As you can see by the following charts, the largest swings in prices has been in the under $500K segment of the market. Above that, pricing has been pretty stable. Sales, on the other hand, have been abysmal under $500,000, but are surging in the above $1,000,000 segment of the market.

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 24.1% 2.4% 3.3%
2014 11.2% 1.2% 0.4%
Home Sales
Percent Change From Year Before
  <$500K >=$500K and <$1MM >=$1MM
2000 25.0% 68.8% 72.7%
2001 -15.5% -9.6% -10.5%
2002 12.4% 35.2% 9.8%
2003 12.1% 67.3% 32.1%
2004 34.5% 114.1% 121.6%
2005 -21.6% 19.6% 49.4%
2006 -28.4% -31.1% 15.9%
2007 -26.5% -7.2% -19.7%
2008 13.8% -28.1% -14.0%
2009 103.5% -42.8% -59.2%
2010 -7.5% 60.2% 53.8%
2011 10.7% 9.4% -11.4%
2012 4.2% 1.2% 38.5%
2013 10.8% 55.2% 4.0%
2014 -43.8% -15.8% 35.7%

The median price for the under $500,000 segment of the market was up 12.4% year-over-year in June. This segment constituted 72.1% of sales in June.

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 up 0.1% year-over-year in June.

Palm Springs area home sales and prices

The million dollar plus market was 7.2% of total sales in June. The median price for this segment of the market was off 8.6% 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 2005. 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 2014
  Homes     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $329,000 $465,497 512 3.1% -4.0% -35.0% -10.7% -17.9% -9.5%
Palm Springs $453,250 $533,971 84 -2.9% -9.9% -47.5% -2.9% -11.8% 2.4%
Palm Desert $410,000 $673,629 69 22.4% 48.1% -24.2% 4.6% 0.0% -14.8%
La Quinta $335,000 $515,939 99 -15.9% -25.1% -18.9% -44.2% -29.8% -9.2%
Indian Wells $635,000 $957,370 23 -16.7% -27.1% -11.5% -49.7% -42.4% 4.5%
Rancho Mirage $595,000 $662,796 33 0.4% -10.5% -52.9% -9.8% -18.3% -38.9%
Cathedral City $240,000 $252,502 61 5.0% 5.5% -17.6% -0.2% -4.3% 8.9%
Indio $256,520 $274,356 72 10.1% 1.9% -28.7% 5.0% -1.1% 0.0%
Desert Hot Springs $150,000 $153,571 42 15.5% 19.3% -44.0% 3.8% 2.4% -16.0%
Sun City - PD $296,250 $328,775 16 -4.7% -10.9% -50.0% -13.4% -7.6% -51.5%
Bermuda Dunes $350,000 $496,556 9 16.7% 25.3% -25.0% 17.3% 63.2% 28.6%
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 2014
  Condos     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $249,000 $269,452 241 21.5% 21.5% -37.4% -6.0% -6.5% -8.0%
Palm Springs $236,250 $249,727 94 39.8% 28.0% -42.3% 15.2% 4.3% 3.3%
Palm Desert $250,750 $277,744 72 11.4% 12.4% -22.6% -9.9% -8.4% -10.0%
La Quinta $375,000 $389,756 24 15.2% 22.4% 0.0% -5.1% -4.1% -4.0%
Indian Wells $390,000 $386,667 3 8.3% 12.7% -80.0% 3.3% 3.5% -78.6%
Rancho Mirage $322,500 $334,100 20 26.5% 20.3% -53.5% -16.0% -9.3% -31.0%
Cathedral City $125,000 $136,112 17 24.0% 11.5% -46.9% -3.8% -0.3% 13.3%
Indio $111,750 $112,125 4 -51.8% -35.6% -42.9% -36.1% -44.3% 33.3%
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

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.

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