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 Prices Moderating

The median price for Palm Springs area single-family, re-sale homes was up by only single-digits for the third month in a row in December. For the year, the median price gained 14.4%, down from the 30% gain in 2013.

Home sales continued to be anemic for both detached and attached re-sale properties due to the strength of the dollar, which is deterring foreign buyers. 

December Statistics

Trends at a Glance
(Single-family Homes)
Data Dec 14 Nov 14 Dec 13
Median Price: $350,000 $355,000 $330,000
Average Price: $477,515 $486,174 $463,611
Home Sales: 443 358 487
Sale/List Price Ratio: 95.6% 95.8% 95.2%
Days on Market: 101 111 84
(Attached Homes)
Data Dec 14 Nov 14 Dec 13
Median Price: $229,500 $222,500 $231,500
Average Price: $260,654 $248,822 $251,788
Home Sales: 220 159 223
Sale/List Price Ratio: 95.4% 95.7% 95.6%
Days on Market: 110 94 102

The median price for single-family, re-sale home was up 6.1% year-over-year. That is the thirty-third month in a row the median price has been higher than the year before.

Sales of single-family, re-sale homes fell 9% last month compared to December 2013. That's fifteen months in a row home sales have been lower than the year before. For the year, home sales are down 18.3%.

Attached homes and condo sales were off 1.3% year-over-year. For the year, sales are down 12.2%.

The median price for attached homes and condos was up 3.1% from November, but it was down 0.9% year-over-year.

Since January 2014, the 3-month moving average median price is down 6.9% for attached homes. It is up 40.9% 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 1.8% -26.8% 102.8% Jun-07 Apr-09
12-month 5.6% -24.3% 86.3% Nov-07 Nov-09
Homes: attached      
3-month -6.9% -41.4% 40.9% Mar-06 Oct-11
12-month 8.9% -31.2% 41.6% Jun-06 May-12
The 3-month moving average median price for detached homes is up 1.8% from January 2014. The median price has bounced up 102.8% from the bottom of the market, but is still down 26.8% from the peak.

Sales momentum…

for homes rose 2.3 points to  -22.4. Sales momentum for condos fell 1.1 points to -13.9. (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 1.5 points to  +11.9. Pricing momentum for attached homes fell 1.3 points to +13.4.

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 12.9% 0.8% 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 8.5% year-over-year in December. This segment constituted 70.2% 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 21.9% of sales last month. The median price was down 3.1% year-over-year in December.

Palm Springs area home sales and prices

The million dollar plus market was 7.9% of total sales in December. The median price for this segment of the market was down 6.4% 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
December 2014
  Homes     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $350,000 $477,515 443 6.1% 3.0% -9.0% -1.4% -1.8% 23.7%
Palm Springs $487,500 $623,709 76 0.4% 12.8% -15.6% -0.5% 4.9% 7.0%
Palm Desert $412,500 $481,789 57 10.0% -3.4% -12.3% -10.7% -10.5% 26.7%
La Quinta $424,500 $562,099 74 1.8% 2.0% -22.9% 1.1% -14.8% 29.8%
Indian Wells $1,099,500 $1,413,167 12 26.6% 30.1% -14.3% 86.5% 35.6% 20.0%
Rancho Mirage $670,000 $736,252 37 1.7% -5.8% 2.8% 34.0% -3.5% 68.2%
Cathedral City $242,500 $268,612 44 14.9% 20.2% -6.4% -2.6% -2.2% 41.9%
Indio $273,000 $289,616 58 0.1% -8.6% -9.4% -7.5% -10.7% 1.8%
Desert Hot Springs $158,000 $159,214 40 24.7% 24.7% -13.0% 8.1% 2.5% 48.1%
Sun City - PD $350,000 $359,964 32 7.7% -8.0% 88.2% 22.8% 11.7% 23.1%
Bermuda Dunes $486,000 $463,343 7 26.2% 14.7% -22.2% 51.3% 26.9% 16.7%
This table provides the median price, the average price and the number of units sold for residential re-sale condominiums.

Desert Condo/Attached Statistics
December 2014
  Condos     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $229,500 $260,654 220 -0.9% 3.5% -1.3% 3.1% 4.8% 38.4%
Palm Springs $183,000 $215,669 84 13.7% 14.1% 3.7% -9.6% 2.0% 16.7%
Palm Desert $252,500 $271,838 60 -4.7% -3.5% -10.4% 4.1% -2.4% 20.0%
La Quinta $350,000 $383,099 19 -10.3% 5.2% -9.5% 63.7% 46.7% 90.0%
Indian Wells $402,500 $476,250 8 17.6% 39.5% -20.0% 39.3% 28.1% 60.0%
Rancho Mirage $358,000 $345,369 26 5.3% -6.8% 36.8% -8.8% -13.0% 136.4%
Cathedral City $130,000 $142,500 13 -13.6% -9.5% -27.8% -27.1% -25.2% 225.0%
Indio $133,000 $121,271 7 -18.2% -41.9% 75.0% -5.8% -14.8% 75.0%
Desert Hot Springs n/a n/a n/a n/a n/a n/a n/a n/a n/a
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

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.