Statistical Tables

Palm Springs Area Home Prices Moderating, Maybe?

Prices of single-family, re-sale homes in the Palm Springs area rose year-over-year each month from April 2012 through February 2015. In the sixteen months since then, the median price for homes has been higher half the months and lower the other half. In that time, the median price has fluctuated between $322,214 and $370,000.

The median price in March 2015 was $360,000. The median price last month was $365,000. Even though mortgage rates are at, or near, all-time lows, that is not enough incentive to drive the market.

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 were up in June for the second month in a row, with most of the gains in the mid-range: $500K-$1MM.

To read our 2015 Annual Report, click here.

June Statistics

Trends at a Glance
(Single-family Homes)
Data Jun 16 May 16 Jun 15
Median Price: $365,000 $365,000 $360,000
Average Price: $507,900 $502,041 $489,900
Home Sales: 641 574 577
Sale/List Price Ratio: 95.0% 95.6% 95.4%
Days on Market: 113 114 119
(Attached Homes)
Data Jun 16 May 16 Jun 15
Median Price: $225,000 $244,700 $229,500
Average Price: $254,664 $260,021 $251,275
Home Sales: 311 284 244
Sale/List Price Ratio: 95.1% 95.2% 95.7%
Days on Market: 113 114 115

The median price for single-family, re-sale home rose last month by 1.4% year-over-year. The average price was up 3.7%.

Sales of single-family, re-sale homes were up 11.7% last month compared to May. Year-over-year, home sales rose 11.1%. Year-to-date, home sales are up 2.6%.

The median price for attached homes and condos was off 2.0%  year-over-year.

Attached homes and condo sales were up 27.5% year-over-year. Year-to-date, they are up 5.6%.

Desert Price Differences
from January 2015 & Peak & Trough
Homes: detached
YTD Peak % Trough % Peak Trough
3-month 5.0% -21.9% 116.5% Jun-07 Apr-09
12-month 0.5% -22.3% 91.1% Nov-07 Nov-09
Homes: attached      
3-month 3.0% -34.7% 57.0% Mar-06 Oct-11
12-month -0.5% -32.7% 38.6% Jun-06 May-12
The 3-month moving average median price for detached homes is up 5% from January 2015. The median price is up 116.5% from the bottom of the market, but is still down 21.9% from the peak.

Since January 2015, the 3-month moving average median price is up 3% for attached homes. It is up 57% from the bottom of the market which was in October 2011.

Sales momentum…

for homes, rose 2.7 points to +1.7. That's the first time it has been positive since February 2014. Sales momentum for condos rose 5.6 points to +2. (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 fell 0.6 of a point to  +0.6. Pricing momentum for attached homes gained 0.5 of a point to -1.5.

Both sales and pricing momentum show a flattening of the market.

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 2.7% -1.4% 0.9%
Home Sales
Percent Change From Year Before
  <$500K >=$500K and <$1MM >=$1MM
2000 0.2% 14.3% 85.7%
2001 -20.5% 2.5% -15.4%
2002 27.8% 36.6% 0.0%
2003 4.9% 50.0% 81.8%
2004 34.2% 122.6% 180.0%
2005 -20.9% 23.0% 39.3%
2006 -29.5% -33.0% 1.3%
2007 -41.9% -18.8% -36.7%
2008 72.6% -11.2% -28.0%
2009 70.0% -33.3% -22.2%
2010 -10.4% 40.5% 17.9%
2011 21.6% -6.7% -9.1%
2012 -10.8% -16.5% 46.7%
2013 -0.5% 95.1% 61.4%
2014 -14.1% -13.3% -35.2%
2015 -15.8% -7.3% 0.0%
2016 7.2% 21.3% 17.4%

The median price for the under $500,000 segment of the market was up 2.1% year-over-year in June. This segment constituted 67.6% 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 24% of sales last month. The median price was down 3.4% year-over-year in June.

Palm Springs area home sales and prices

The million dollar plus market was 8.4% of total sales in June. The median price for this segment of the market was off 3.2% 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 - June 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  $    507,900 641 1.4% 3.7% 11.1% 0.0% 1.2% 11.7%
Palm Springs  $ 572,500  $    721,035 104 3.4% 15.0% -3.7% 12.3% 4.3% 18.2%
Palm Desert  $ 410,000  $    505,318 95 -3.0% -6.2% 39.7% -4.2% -3.3% 30.1%
La Quinta  $ 394,000  $    593,844 122 0.5% 10.0% 16.2% -11.0% -3.4% 7.0%
Indian Wells  $ 850,000  $    855,367 15 10.4% -25.7% -28.6% 6.1% -8.0% -50.0%
Rancho Mirage  $ 595,000  $    897,323 49 -8.8% 21.9% 16.7% -3.6% 14.8% 53.1%
Cathedral City  $ 274,000  $    280,347 51 -0.4% -0.5% -29.2% 8.8% 10.4% 6.3%
Indio  $ 300,000  $    320,657 89 6.4% 1.6% 11.3% 9.9% 4.4% 4.7%
Desert Hot Springs  $ 189,500  $    189,272 62 20.7% 18.8% 51.2% -3.3% -4.4% 19.2%
Sun City - PD  $ 319,000  $    324,649 28 2.9% -6.1% 3.7% 1.0% -1.3% -33.3%
Bermuda Dunes  $ 387,500  $    481,639 11 -8.6% -14.5% 10.0% 4.7% 24.6% 0.0%
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 - June 2016
Condo/Attached Homes
  Prices   Change from Last Year Change from Last Month
Cities Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined  $ 225,000  $    254,664 311 -2.0% 1.3% 27.5% -8.1% -2.1% 9.5%
Palm Springs  $ 193,000  $    233,452 127 -9.2% -0.5% 19.8% -13.8% -3.5% 18.7%
Palm Desert  $ 237,250  $    264,938 90 -7.0% -4.7% 21.6% -8.4% -6.6% 8.4%
La Quinta  $ 320,500  $    312,604 24 6.1% 1.3% 41.2% 6.1% -5.9% 41.2%
Indian Wells  $ 370,000  $    571,667 6 -20.0% 34.6% 0.0% 2.8% 57.0% -33.3%
Rancho Mirage  $ 305,000  $    291,009 36 14.0% 7.7% 71.4% -8.3% -12.5% 12.5%
Cathedral City  $ 147,500  $    168,287 16 11.3% 24.0% 14.3% 10.1% 14.5% -15.8%
Indio  $ 110,000  $    119,156 9 46.7% 58.9% 350.0% -13.7% -15.6% 0.0%
Desert Hot Springs  $ 250,000  $    250,000 1 402.5% 402.5% -50.0% 426.3% 422.6% -66.7%
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.