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 Up, Sales Anemic

After dipping slightly in March, the median price for Palm Springs area single-family, re-sale homes re-gained momentum in April.

Home sales, on the other hand, continue to tumble. Sales have been lower than the year before by double-digits for the past four months, and they have been lower for the past nineteen months in a row.

Much of this has to do with the high price of the dollar, which has effectively shut the Canadians out of the market. Three years ago the loonie was at $1.05. For the first four months of the year, it has been hovering between $0.78 and $0.80. The loonie has strengthened in the past four weeks and got as high as $0.84 last week.

Combine that with the fall in the price of oil, and Canadians have just stopped buying.

Prices for condos/attached homes were down in April, while sales were off by double-digits for the fourth month in a row.

April Statistics

Trends at a Glance
(Single-family Homes)
Data Apr 15 Mar 15 Apr 14
Median Price: $363,500 $360,000 $335,000
Average Price: $530,998 $520,000 $502,082
Home Sales: 582 560 732
Sale/List Price Ratio: 95.7% 95.9% 95.4%
Days on Market: 115 115 97
(Attached Homes)
Data Apr 15 Mar 15 Apr 14
Median Price: $245,500 $259,990 $256,000
Average Price: $269,941 $274,415 $284,814
Home Sales: 294 237 390
Sale/List Price Ratio: 95.9% 95.5% 95.7%
Days on Market: 120 110 100

The median price for single-family, re-sale home rose 8.5% year-over-year. The average price was up 5.8%.

Sales of single-family, re-sale homes were down 20.5% last month compared to April 2014.

The median price for attached homes and condos was off 5.6% from March, and it was down 4.1% year-over-year.

Attached homes and condo sales were off 24.6% year-over-year.

Since January 2014, the 3-month moving average median price is up 6.5% for attached homes. It is up 61.1% 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 4.8% -23.8% 111.3% Jun-07 Apr-09
12-month 5.5% -23.1% 89.2% Nov-07 Nov-09
Homes: attached      
3-month 6.5% -33.0% 61.1% Mar-06 Oct-11
12-month 9.0% -31.1% 41.7% Jun-06 May-12
The 3-month moving average median price for detached homes is up 4.8% from January 2014. The median price has bounced up 111.3% from the bottom of the market, but is still down 23.8% from the peak.

Sales momentum…

for homes, after rising 2.0 points in February, backed off one point to -25.7. Sales momentum for condos dropped 4.1 points to -25.8. (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 rose 0.1 of a point to  +7.3. Pricing momentum for attached homes fell 2.1 points to +7.4.

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% 0.4% 5.4%
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 12.5% year-over-year in April. This segment constituted 67.9% 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 22.0% of sales last month. The median price was down 4.6% year-over-year in April.

Palm Springs area home sales and prices

The million dollar plus market was 10.1% of total sales in April. The median price for this segment of the market was up 6.8% 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
April 2015
  Homes     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $363,500 $530,998 582 8.5% 5.8% -20.5% 1.0% 2.1% 3.9%
Palm Springs $550,000 $677,920 101 4.4% 17.3% -19.8% 7.7% 18.1% 7.4%
Palm Desert $350,000 $508,927 81 -1.8% -3.6% 3.8% -7.9% -3.8% 50.0%
La Quinta $395,000 $686,085 111 -25.8% -11.0% 0.9% -16.4% -5.3% -0.9%
Indian Wells $700,000 $887,140 21 -32.4% -38.9% -12.5% 9.8% -7.4% -4.5%
Rancho Mirage $587,500 $847,858 54 -11.0% 1.8% -6.9% -15.2% -1.7% 28.6%
Cathedral City $253,000 $285,526 55 12.4% 19.6% -41.5% 1.2% 2.1% 0.0%
Indio $276,590 $294,489 77 1.7% -3.0% -25.2% -1.2% -13.8% -18.9%
Desert Hot Springs $154,900 $151,573 39 -3.2% -7.5% -55.7% -0.1% 1.6% 0.0%
Sun City - PD $310,000 $345,815 27 -7.8% 0.1% -3.6% -11.4% -2.7% -27.0%
Bermuda Dunes $295,000 $360,108 13 -11.9% 0.1% -31.6% -21.5% -0.3% 116.7%
This table provides the median price, the average price and the number of units sold for residential re-sale condominiums.

Desert Condo/Attached Statistics
April 2015
  Condos     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $245,500 $269,941 294 -4.1% -5.2% -24.6% -5.6% -1.6% 24.1%
Palm Springs $220,000 $253,935 114 -0.8% -1.8% -30.5% -7.9% 3.0% 48.1%
Palm Desert $252,500 $258,356 84 -10.4% -15.4% -28.8% -4.7% -9.4% 6.3%
La Quinta $380,000 $356,418 21 8.6% -2.7% -27.6% -7.0% -9.2% 31.3%
Indian Wells $454,950 $576,290 10 20.5% 50.3% 0.0% 15.5% 49.2% 42.9%
Rancho Mirage $296,000 $306,499 36 5.0% -4.1% -18.2% -3.7% -9.6% 16.1%
Cathedral City $146,000 $149,203 16 12.3% -20.1% -5.9% 18.2% 14.3% 23.1%
Indio $149,000 $193,983 6 79.5% 101.8% 20.0% -17.2% -15.8% -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

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.