Statistical Tables

Palm Springs Area Home Prices Rise

Prices of single-family, re-sale homes in the Palm Springs area show a slow and steady rise since October 2013. Take a look at our 3-month and 12-month moving averages graphs below.

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

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

Home sales rebounded in May from a weak April, with most of the gains in the mied-range: $500K-$1MM.

We expect home sales to continue sliding during the summer, when local and people moving permanently make up the bulk of the buying. The local economy has yet to re-gain ground lost during the past recession, particularly in the construction industry, which was the fourth largest employer in the Coachella Valley. Oh, and it paid the most.

New home building, while growing, is still anemic compared to pre-housing bust levels.

To read our 2015 Annual Report, click here.

May Statistics

Trends at a Glance
(Single-family Homes)
Data May 16 Apr 16 May 15
Median Price: $365,000 $370,000 $348,000
Average Price: $502,041 $531,699 $527,711
Home Sales: 574 562 553
Sale/List Price Ratio: 95.6% 95.0% 95.3%
Days on Market: 114 119 126
(Attached Homes)
Data May 16 Apr 16 May 15
Median Price: $244,700 $257,000 $250,000
Average Price: $260,021 $271,368 $267,428
Home Sales: 284 286 266
Sale/List Price Ratio: 95.2% 95.3% 95.2%
Days on Market: 114 113 125

The median price for single-family, re-sale home rose last month by 4.9% year-over-year. The average price was down 4.9%, reflecting very low sales in the over $1MM range.

At $365,000, the median price dropped $5,000 from April.

Sales of single-family, re-sale homes were off 2.1% last month compared to April. Year-over-year, home sales rose 3.8%. Year-to-date, home sales are up 0.6%.

The median price for attached homes and condos was off 2.1%  year-over-year.

Attached homes and condo sales were up 6.8% year-over-year. Year-to-date, they are up 1.1%.

Desert Price Differences
from January 2015 & Peak & Trough
Homes: detached
YTD Peak % Trough % Peak Trough
3-month 4.8% -22.3% 115.4% Jun-07 Apr-09
12-month 0.6% -22.4% 90.9% Nov-07 Nov-09
Homes: attached      
3-month 5.2% -33.3% 60.3% Mar-06 Oct-11
12-month -0.4% -32.6% 38.8% Jun-06 May-12
The 3-month moving average median price for detached homes is up 4.8% from January 2015. The median price is up 115.4% from the bottom of the market, but is still down 22.3% from the peak.

Since January 2015, the 3-month moving average median price is up 5.2% for attached homes. It is up 60.3% from the bottom of the market which was in October 2011.

Sales momentum…

for homes, rose 3.3 points to -1.0. Sales momentum for condos rose 3.4 points to -3.6. (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 gained 0.7 of a point to  +1.2. Pricing momentum for attached homes fell 0.1 of a point to -2.0.

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 7.0% -0.9% 0.9%
2016 2.0% -1.0% 0.5%
Home Sales
Percent Change From Year Before
  <$500K >=$500K and <$1MM >=$1MM
2000 34.5% 56.3% 58.3%
2001 -31.1% -4.0% -52.6%
2002 47.6% 39.6% 55.6%
2003 -2.8% 40.3% 21.4%
2004 20.7% 138.3% 229.4%
2005 -21.3% -1.3% 37.5%
2006 -25.0% -27.6% 11.7%
2007 -35.8% -11.9% -32.6%
2008 66.3% -26.2% -13.8%
2009 60.7% -37.5% -62.0%
2010 -11.3% 29.2% 168.4%
2011 20.5% 13.1% -17.6%
2012 4.2% 22.1% 14.3%
2013 10.2% 51.7% 52.1%
2014 -28.7% -11.9% 5.5%
2015 -20.6% -29.7% -24.7%
2016 3.6% 14.7% -15.5%

The median price for the under $500,000 segment of the market was up 3.4% year-over-year in May. This segment constituted 69.7% 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 21.8% of sales last month. The median price was down 5.1% year-over-year in May.

Palm Springs area home sales and prices

The million dollar plus market was 8.5% of total sales in May. The median price for this segment of the market was off 5.3% 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

Palm Springs Area Real Estate - May 2016
SINGLE-FAMILY HOMES
  Prices   Change from Last Year Change from Last Month
Cities Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined  $ 365,000  $    502,041 574 4.9% -4.9% 3.8% -1.4% -5.6% 2.1%
Palm Springs  $ 510,000  $    691,594 88 -7.3% 2.5% -12.0% -11.8% 4.6% -4.3%
Palm Desert  $ 428,000  $    522,548 73 14.0% -20.3% 15.9% -2.6% -16.5% -8.8%
La Quinta  $ 442,450  $    614,442 114 7.0% -1.5% 9.6% -4.8% -1.7% 0.9%
Indian Wells  $ 801,250  $    929,909 30 22.0% 4.6% 42.9% 5.8% -11.2% 50.0%
Rancho Mirage  $ 617,500  $    781,565 32 -11.8% -22.6% -11.1% -4.9% -0.5% -30.4%
Cathedral City  $ 251,950  $    253,850 48 0.0% -7.8% -9.4% -10.3% -10.1% 26.3%
Indio  $ 273,000  $    307,210 85 -0.7% 0.3% -6.6% -2.3% -3.0% -3.4%
Desert Hot Springs  $ 196,000  $    198,017 52 16.3% 21.8% 33.3% 15.7% 5.3% 18.2%
Sun City - PD  $ 319,000  $    324,649 28 2.9% -6.1% 3.7% 1.0% -1.3% -33.3%
Bermuda Dunes  $ 370,000  $    386,500 11 31.0% 31.2% 120.0% -1.3% 0.4% 22.2%
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 - May 2016
Condo/Attached Homes
  Prices   Change from Last Year Change from Last Month
Cities Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined  $ 244,700  $    260,021 284 -2.1% -2.8% 6.8% -4.8% -4.2% -0.7%
Palm Springs  $ 224,000  $    241,863 107 -0.4% -4.4% 10.3% -8.4% -6.0% 8.1%
Palm Desert  $ 259,000  $    283,673 83 -9.8% -8.6% 5.1% -4.5% -0.9% -5.7%
La Quinta  $ 302,000  $    332,231 17 10.7% 7.8% -15.0% -7.1% -7.8% -26.1%
Indian Wells  $ 360,000  $    364,167 9 -4.6% 2.2% 50.0% -14.3% -25.6% 28.6%
Rancho Mirage  $ 332,499  $    332,684 32 16.7% 26.6% -15.8% 23.2% 11.9% -8.6%
Cathedral City  $ 134,000  $    146,963 19 -13.5% -13.2% 72.7% 0.8% 4.6% 5.6%
Indio  $ 127,500  $    141,167 9 -18.5% 0.1% 50.0% -2.6% -20.4% -10.0%
Desert Hot Springs  $   47,500  $      47,833 3 35.9% 33.4% -25.0% 21.0% 2.0% -25.0%
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.