Statistical Tables

Palm Springs Area Sales and Prices Flatten

After two years of declining sales, of both detached and attached homes, sales have flattened for the first quarter of 2016.

In 2014, sales fell 13.7%, due mostly to the decline in value of the Canadian Loonie compared to the U.S. dollar. In 2015, sales fell 24.4%, due to the decline in oil prices, which lowered or did away with the mineral rights payments Canadians were receiving. Oh, and the loonie continued to fall.

For the first quarter, sales are up a paltry 0.3%. With the absence of Canadians in the market, the only impetus for growing sales will be baby boomers looking to downsize.

With falling sales, one would expect prices to fall. Supply and demand, right? Hasn't happened.

While demand has weakened and supply seems normal, prices have only flattened.  A closer look at active listings shows many of the properties currently on the market are in the outlying areas of the valley, where retirees and vacation/second home buyers don't buy. Plus, many properties for sale in the central vally are less desireable due to location, on streets near high-traffic thoroughfares.

We expect the current situation to continue for the foreseeable future.

To read the full 2015 Annual Report, click here.

March Statistics

Trends at a Glance
(Single-family Homes)
Data Mar 16 Feb 16 Mar 15
Median Price: $359,000 $344,900 $360,000
Average Price: $510,502 $528,213 $519,166
Home Sales: 561 385 569
Sale/List Price Ratio: 96.2% 95.4% 96.0%
Days on Market: 119 117 115
(Attached Homes)
Data Mar 16 Feb 16 Mar 15
Median Price: $242,500 $245,000 $259,990
Average Price: $264,424 $267,377 $274,415
Home Sales: 287 173 237
Sale/List Price Ratio: 95.5% 95.1% 95.5%
Days on Market: 115 109 110

The median price for single-family, re-sale home fell last month by 0.3% year-over-year. The average price was off 1.7%.

Although the median price has fallen four months in a row, at $359,000, it is the 5th highest price since May 2014.

Sales of single-family, re-sale homes were up 45.7% last month compared to February. Year-over-year, home sales fell 1.4%.

The median price for attached homes and condos was down 6.7%  year-over-year, again, at $242,500, it is the 5th highest price since June 2014.

Attached homes and condo sales were up 21.1% year-over-year.

The 3-month moving average median price for detached homes is up 1.2% from January 2015. The median price is up 106.5% from the bottom of the market, but is still down 25.5% from the peak.

Since January 2015, the 3-month moving average median price is down 2.7% for attached homes. It is up 56.4% from the bottom of the market which was in October 2011.

Desert Price Differences
from January 2015 & Peak & Trough
Homes: detached          
YTD Peak % Trough % Peak Trough
3-month 1.2% -25.5% 106.5% Jun-07 Apr-09
12-month 0.7% -22.8% 89.9% Nov-07 Nov-09
Homes: attached          
3-month 2.7% -34.9% 56.4% Mar-06 Oct-11
12-month -0.5% -32.7% 38.6% Jun-06 May-12
Sales momentum…

for homes, rose 1.9 points to -6.7. Sales momentum for condos rose 6.5 points to -10.5. (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 lost 0.6 of a point to  +0.6. 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 7.2% -0.9% 0.9%
2016 1.1% 0.0% 3.6%
Home Sales
Percent Change From Year Before
  <$500K >=$500K and <$1MM >=$1MM
2000 30.0% 61.5% 42.9%
2001 -26.2% -31.0% 30.0%
2002 26.5% 55.2% 7.7%
2003 4.8% 88.9% 35.7%
2004 43.6% 109.4% 131.6%
2005 -19.3% 30.9% 47.7%
2006 -24.6% -42.9% 40.0%
2007 -32.3% 0.0% -13.2%
2008 -0.8% -38.3% -26.6%
2009 113.7% -32.9% -63.8%
2010 2.9% 49.1% 52.4%
2011 10.2% 20.7% 15.6%
2012 4.8% 11.1% 43.2%
2013 -0.3% 31.8% -7.5%
2014 -25.4% 1.4% 63.3%
2015 -15.4% -16.3% -23.8%
2016 -2.6% 1.6% 0.0%

The median price for the under $500,000 segment of the market was up 1.8% year-over-year in March. This segment constituted 66.8% 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 down 4.5% year-over-year in March.

Palm Springs area home sales and prices

The million dollar plus market was 10.9% of total sales in March. The median price for this segment of the market was up 7.4% 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
March 2016
  Homes     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $359,000 $510,502 561 -0.3% -1.7% -1.4% 4.1% -3.4% 45.7%
Palm Springs $555,000 $653,614 91 6.7% 13.5% -4.2% -2.3% 2.6% 62.5%
Palm Desert $405,000 $508,774 54 6.6% -3.8% 0.0% 0.6% -10.6% 35.0%
La Quinta $451,000 $627,627 105 -8.0% -13.2% -7.1% 0.8% -12.2% 31.3%
Indian Wells $682,500 $924,333 24 7.1% -3.5% 9.1% -20.6% -9.8% 60.0%
Rancho Mirage $724,000 $917,191 45 3.4% 5.2% 4.7% -4.7% -5.9% 45.2%
Cathedral City $275,000 $286,704 53 8.0% 2.7% -8.6% 12.2% 7.0% 71.0%
Indio $291,111 $320,299 102 2.9% -6.0% 5.2% 5.1% 5.6% 82.1%
Desert Hot Springs $155,000 $176,886 38 -1.1% 17.2% -5.0% -6.0% 10.4% -19.1%
Sun City - PD $315,750 $328,968 42 -9.8% -8.6% 31.3% 4.0% 3.9% 110.0%
Bermuda Dunes $515,000 $515,000 1 37.0% 42.6% -83.3% 62.2% 59.4% -75.0%
This table provides the median price, the average price and the number of units sold for residential re-sale condominiums.

Desert Condo/Attached Statistics
March 2016
  Condos     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $242,500 $264,424 287 -6.7% -3.6% 21.1% -1.0% -1.1% 65.9%
Palm Springs $225,000 $249,371 95 -5.9% 1.1% 23.4% -2.2% -1.5% 33.8%
Palm Desert $271,000 $278,131 89 2.3% -2.5% 12.7% -1.5% -7.3% 89.4%
La Quinta $289,000 $307,944 27 -29.3% -21.5% 68.8% -11.1% -2.3% 68.8%
Indian Wells $425,000 $529,545 11 7.9% 37.1% 57.1% 6.5% 20.0% 266.7%
Rancho Mirage $272,500 $305,704 26 -11.4% -9.8% -16.1% 8.1% 1.8% 52.9%
Cathedral City $132,500 $135,732 25 7.3% 4.0% 92.3% -7.0% -1.0% 127.3%
Indio $131,750 $133,225 10 -26.8% -42.2% 11.1% 19.8% -3.5% 100.0%
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

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.