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 Jump in August

Well, that didn't last long. After rising by double-digits for twenty-three months in a row, year-over-year, the median price for single-family, re-sale homes in the Palm Springs area slowed to single-digits in June and July, but went right back to a double-digit gain last month. The median price was up 25.3% from last August.

The gain in prices has been concentrated in the under $500,000 segment of the market, which has seen prices up 11.2% year-to-date. In the $500,000 to $1,000,000 market, prices are flat, while the $1,000,000+ market shows price up 0.4% compared to last year.

August Statistics

Trends at a Glance
(Single-family Homes)
Data Aug 14 Jul 14 Aug 13
Median Price: $356,880 $340,000 $284,750
Average Price: $485,073 $481,957 $417,792
Home Sales: 378 438 660
Sale/List Price Ratio: 95.7% 94.3% 95.3%
Days on Market: 104 117 89
(Attached Homes)
Data Aug 14 Jul 14 Aug 13
Median Price: $237,000 $263,000 $191,500
Average Price: $256,717 $267,853 $215,931
Home Sales: 150 199 272
Sale/List Price Ratio: 95.3% 95.9% 95.5%
Days on Market: 122 130 113

The median price for single-family, re-sale home was up 25.3% year-over-year. That is the twenty-ninth month in a row the median price has been higher than the year before.

Sales of single-family, re-sale homes fell 42.7% last month compared to August 2013. That's eleven months in a row home sales have been lower than the year before. Year-to-date, home sales are down 36.3%.

Attached homes and condo sales were off 44.9% year-over-year. Year-to-date, sales are down 32.5%.

The median price for attached homes and condos was down 9.9% from July, but it was up 23.8% year-over-year.

Since January 2014, the 3-month moving average median price is up 4.6% for attached homes. It is up 61.9% 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 -1.3% -27.1% 101.9% Jun-07 Apr-09
12-month 4.8% -24.6% 85.6% Nov-07 Nov-09
Homes: attached      
3-month 4.6% -32.7% 61.9% Mar-06 Oct-11
12-month 8.7% -30.1% 43.8% Jun-06 May-12
The 3-month moving average median price for detached homes is down 1.3% from January 2014. The median price has bounced up 101.9% from the bottom of the market, but is still down 27.1% from the peak.

Sales momentum…

for homes plummeted 8.5 points to  -43.3. Sales momentum for condos dropped 7.8 points to -30.3. (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 0.3 of a point to  +18.7. Pricing momentum for attached homes gained 0.7 of a point to +19.2.

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 $1,000,000.

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% 0.0% 0.4%
Home Sales
Percent Change From Year Before
  <$500K >=$500K and <$1MM >=$1MM
2000 12.2% 39.9% 62.1%
2001 -15.8% -3.0% -22.4%
2002 23.1% 47.7% 19.3%
2003 9.4% 61.0% 39.4%
2004 22.6% 116.9% 144.2%
2005 -18.1% 10.1% 55.5%
2006 -31.6% -31.5% 1.7%
2007 -29.8% -10.8% -21.6%
2008 49.6% -25.3% -19.1%
2009 66.9% -31.2% -50.9%
2010 -11.2% 33.0% 53.0%
2011 19.4% 2.7% -10.2%
2012 -3.1% 7.4% 25.9%
2013 8.3% 61.5% 28.6%
2014 -42.9% -22.1% 1.9%

The median price for the under $500,000 segment of the market was up 18.7% year-over-year in August. This segment constituted 66.9% of sales in August.

Palm Springs area home sales and prices under $500,000

By contrast, the $500,000 to $1,000,000 segment of the market was 25.9% of sales last month. The median price was down 7.3% year-over-year in August.

Palm Springs area home sales and prices

The million dollar plus market was 7.1% of total sales in August. The median price for this segment of the market was off 0.6% 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
August 2014
  Homes     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $356,880 $485,073 378 25.3% 16.1% -42.7% 5.0% 0.6% -13.7%
Palm Springs $553,500 $609,611 66 31.8% 17.4% -42.6% -3.7% -12.8% -9.6%
Palm Desert $392,500 $562,264 42 27.9% 40.2% -33.3% 4.7% 19.0% -28.8%
La Quinta $415,000 $544,042 77 15.3% -4.3% -30.6% 23.9% 7.1% -11.5%
Indian Wells $575,000 $900,385 13 -30.3% 3.9% -13.3% -52.1% -30.1% 8.3%
Rancho Mirage $646,000 $796,635 34 2.9% -1.1% -35.8% 11.5% 11.4% -19.0%
Cathedral City $242,500 $259,571 35 11.5% 12.7% -57.3% 5.7% 4.6% -12.5%
Indio $240,000 $282,911 45 0.1% -2.6% -54.1% -5.1% 7.0% -21.1%
Desert Hot Springs $153,000 $158,017 27 5.5% 10.8% -62.0% -7.3% -0.5% -30.8%
Sun City - PD $339,000 $333,828 29 -6.6% -9.8% 93.3% -7.8% -14.4% 45.0%
Bermuda Dunes $380,000 $368,286 7 52.3% 6.2% -53.3% 10.1% -12.7% 40.0%
This table provides the median price, the average price and the number of units sold for residential re-sale condominiums.

Desert Condo/Attached Statistics
August 2014
  Condos     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $237,000 $256,717 150 23.8% 18.9% -44.9% -9.9% -4.2% -24.6%
Palm Springs $192,888 $204,884 49 9.9% -2.7% -59.8% -19.1% -16.5% -37.2%
Palm Desert $265,000 $280,168 43 20.5% 18.1% -12.2% -2.9% 1.0% -29.5%
La Quinta $345,000 $487,500 15 22.1% 67.1% -21.1% 6.2% 33.2% 0.0%
Indian Wells $335,000 $298,914 7 -0.7% 4.7% -30.0% -4.1% -10.2% 16.7%
Rancho Mirage $275,000 $283,824 17 10.0% 11.3% -50.0% -3.5% -9.9% -32.0%
Cathedral City $114,000 $120,869 13 15.7% 14.4% -50.0% -24.8% -21.4% 62.5%
Indio $180,000 $180,000 1 38.5% 32.2% -90.9% 136.8% 136.8% -50.0%
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

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.