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 Real Estate Sales Lagging

The average number of single-family, re-sale homes sold each month over the past fifteen years in the Palm Springs area is 504. In January, there were only 363 homes sold. That's 27% lower than the average.

The median price for Palm Springs area single-family, re-sale homes was up by only single-digits for the fourth month in a row in January.

January Statistics

Trends at a Glance
(Single-family Homes)
Data Jan 15 Dec 14 Jan 14
Median Price: $350,000 $350,000 $328,500
Average Price: $514,379 $477,515 $478,662
Home Sales: 363 443 510
Sale/List Price Ratio: 94.7% 95.6% 95.4%
Days on Market: 110 101 90
(Attached Homes)
Data Jan 15 Dec 14 Jan 14
Median Price: $225,500 $229,500 $220,000
Average Price: $252,799 $260,654 $234,026
Home Sales: 192 220 274
Sale/List Price Ratio: 95.3% 95.4% 95.5%
Days on Market: 111 110 97

The median price for single-family, re-sale home was up 6.5% year-over-year. That is the thirty-fourth month in a row the median price has been higher than the year before.

Sales of single-family, re-sale homes fell 28.8% last month compared to January 2014. That's sixteen months in a row home sales have been lower than the year before..

Attached homes and condo sales were off 29.9% year-over-year.

The median price for attached homes and condos was down 1.7% from December, but it was up 2.5% year-over-year.

Since January 2014, the 3-month moving average median price is down 3.2% for attached homes. It is up 46.4% 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 4.0% -25.1% 107.7% Jun-07 Apr-09
12-month 5.7% -23.9% 87.3% Nov-07 Nov-09
Homes: attached      
3-month -3.2% -39.1% 46.4% Mar-06 Oct-11
12-month 9.1% -31.1% 41.8% Jun-06 May-12
Palm Springs Price Differences
from January 2012 & Peak & Trough
Homes: detached      
YTD Peak % Trough % Peak Trough
3-month 45.9% -17.7% 66.8% Jul-07 Nov-10
12-month 49.4% -9.6% 63.2% Nov-07 Nov-09
Homes: attached      
3-month 50.5% -34.4% 56.3% Mar-06 Oct-11
12-month 51.6% -27.3% 53.8% Jun-06 May-12
The 3-month moving average median price for detached homes is up 4% from January 2014. The median price has bounced up 107.7% from the bottom of the market, but is still down 25.1% from the peak.

Sales momentum…

for homes rose 2.0 points to  -23.5. Sales momentum for condos fell 1.1 points to -19. (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 1.4 points to  +10.8. Pricing momentum for attached homes fell 0.5 of a point to +12.9.

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 $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 24.2% 2.4% 3.3%
2014 10.3% 0.8% 0.4%
2015 3.8% 5.3% 5.4%

The median price for the under $500,000 segment of the market was up 11.4% year-over-year in January. This segment constituted 67.5% 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 22.3% of sales last month. The median price was up 2.8% year-over-year in January.

Palm Springs area home sales and prices

The million dollar plus market was 10.2% of total sales in January. The median price for this segment of the market was up 3.9% 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
January 2015
  Homes     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $350,000 $514,379 363 6.5% 7.5% -28.8% 0.0% 7.7% -18.1%
Palm Springs $525,000 $585,891 55 20.1% 10.6% -42.1% 7.7% -6.1% -27.6%
Palm Desert $417,000 $572,577 52 15.2% -8.4% 4.0% 1.1% 18.8% -8.8%
La Quinta $512,500 $818,093 65 -4.1% 20.3% -29.3% 20.7% 45.5% -12.2%
Indian Wells $1,095,000 $1,432,611 9 68.6% 56.4% -35.7% -0.4% 1.4% -25.0%
Rancho Mirage $569,000 $636,272 25 -16.6% -19.9% -43.2% -15.1% -13.6% -32.4%
Cathedral City $243,000 $254,036 41 3.4% 3.7% -19.6% 0.2% -5.4% -6.8%
Indio $282,934 $316,107 54 18.9% 21.3% -28.0% 3.6% 9.1% -6.9%
Desert Hot Springs $136,000 $146,592 34 2.8% 5.5% -32.0% -13.9% -7.9% -15.0%
Sun City - PD $342,500 $379,488 20 1.0% 4.5% -25.9% -2.1% 5.4% -37.5%
Bermuda Dunes $371,500 $353,000 7 19.1% -0.7% -12.5% -23.6% -23.8% 0.0%
This table provides the median price, the average price and the number of units sold for residential re-sale condominiums.

Desert Condo/Attached Statistics
January 2015
  Condos     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $225,500 $252,799 192 2.5% 8.0% -29.9% -1.7% -3.0% -12.7%
Palm Springs $220,000 $255,892 77 22.9% 31.8% -29.4% 20.2% 18.7% -8.3%
Palm Desert $254,500 $269,949 59 0.8% 4.4% -22.4% 0.8% -0.7% -1.7%
La Quinta $249,000 $236,650 15 -29.6% -30.9% -16.7% -28.9% -38.2% -21.1%
Indian Wells $327,500 $327,500 2 -12.7% -16.2% -60.0% -18.6% -31.2% -75.0%
Rancho Mirage $255,000 $314,442 19 -23.0% -1.2% -32.1% -28.8% -9.0% -26.9%
Cathedral City $122,500 $130,459 11 -10.9% -19.1% -54.2% -5.8% -8.4% -15.4%
Indio $100,000 $138,200 5 -25.9% -15.0% -44.4% -24.8% 14.0% -28.6%
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.