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 Price Increases Moderating

After rising by double-digits for twenty-three months in a row, year-over-year, the median price for single-family, re-sale homes has only risen by single-digits for the past two months.

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.

July Statistics

Trends at a Glance
(Single-family Homes)
Data Jul 14 Jun 14 Jul 13
Median Price: $340,000 $329,000 $310,000
Average Price: $481,957 $465,497 $412,094
Home Sales: 438 512 666
Sale/List Price Ratio: 94.3% 95.8% 95.8%
Days on Market: 117 95 95
(Attached Homes)
Data Jul 14 Jun 14 Jul 13
Median Price: $263,000 $249,000 $204,900
Average Price: $267,853 $269,452 $229,951
Home Sales: 199 241 329
Sale/List Price Ratio: 95.9% 95.8% 95.5%
Days on Market: 130 101 109

The median price for single-family, re-sale home was up 9.7% year-over-year. That is the twenty-eighth month in a row the median price has been higher than the year before.

Sales of single-family, re-sale homes fell 34.2% last month compared to July 2013. That's ten months in a row home sales have been lower than the year before. Year-to-date, home sales are down 35.5%.

Attached homes and condo sales were off 31% year-over-year.

The median price for attached homes and condos was up 5.6% from June, and it was up 28.4% year-over-year.

Since January 2013, the 3-month moving average median price is up 35.1% for attached homes. It is up 67.9% from the bottom of the market which was in October 2011.

Desert Price Differences
from January 2013 & Peak & Trough
Homes: detached      
YTD Peak % Trough % Peak Trough
3-month 11.4% -26.3% 104.2% Jun-07 Apr-09
12-month 16.0% -25.9% 82.2% Nov-07 Nov-09
Homes: attached      
3-month 35.1% -30.2% 67.9% Mar-06 Oct-11
12-month 27.9% -31.2% 41.6% Jun-06 May-12
The 3-month moving average median price for detached homes is up 11.4% from January 2013. The median price has bounced up 104.2% from the bottom of the market, but is still down 26.3% from the peak.

Sales momentum…

for homes plummeted 6.2 points to  -34.8. Sales momentum for condos dropped 9.8 points to -22.5. (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 homes fell 1.4 points to  +19. Pricing momentum for attached homes gained 0.6 of a point to +18.5.

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 -48.5% -30.9% -5.4%

The median price for the under $500,000 segment of the market was up 10.2% year-over-year in July. This segment constituted 69.2% of sales in June.

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

By contrast, the $500,000 to $1,000,000 segment of the market was 22.8% of sales last month. The median price was down 3.4% year-over-year in July.

Palm Springs area home sales and prices

The million dollar plus market was 8% of total sales in July. The median price for this segment of the market was up 7.3% 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
July 2014
  Homes     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $340,000 $481,957 438 9.7% 17.0% -34.2% 3.3% 3.5% -14.5%
Palm Springs $575,000 $699,421 73 31.4% 32.4% -53.5% 26.9% 31.0% -13.1%
Palm Desert $375,000 $472,654 59 1.6% -8.2% -30.6% -8.5% -29.8% -14.5%
La Quinta $335,000 $508,169 87 -5.6% 9.8% -10.3% 0.0% -1.5% -12.1%
Indian Wells $1,200,000 $1,287,917 12 77.1% 51.3% -14.3% 89.0% 34.5% -47.8%
Rancho Mirage $579,500 $715,372 42 0.8% -3.0% -2.3% -2.6% 7.9% 27.3%
Cathedral City $229,500 $248,070 40 5.8% 11.2% -32.2% -4.4% -1.8% -34.4%
Indio $253,000 $264,310 57 8.1% 5.7% -26.0% -1.4% -3.7% -20.8%
Desert Hot Springs $165,000 $158,762 39 29.4% 12.9% -45.8% 10.0% 3.4% -7.1%
Sun City - PD $367,500 $389,850 20 -3.8% 9.9% -13.0% 24.1% 18.6% 25.0%
Bermuda Dunes $345,000 $422,000 5 7.8% 11.8% -54.5% -1.4% -15.0% -44.4%
This table provides the median price, the average price and the number of units sold for residential re-sale condominiums.

Desert Condo/Attached Statistics
July 2014
  Condos     Change from last year Change from last month
Area Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined $263,000 $267,853 199 28.4% 16.5% -39.5% 5.6% -0.6% -17.4%
Palm Springs $238,500 $245,330 78 26.9% 24.0% -47.7% 1.0% -1.8% -17.0%
Palm Desert $273,000 $277,286 61 7.9% 2.7% -25.6% 8.9% -0.2% -15.3%
La Quinta $325,000 $365,967 15 -13.3% -1.4% -11.8% -13.3% -6.1% -37.5%
Indian Wells $349,500 $332,833 6 14.6% -15.2% -25.0% -10.4% -13.9% 100.0%
Rancho Mirage $285,000 $314,840 25 8.6% 16.2% -26.5% -11.6% -5.8% 25.0%
Cathedral City $151,500 $153,875 8 24.4% 6.6% -63.6% 21.2% 13.1% -52.9%
Indio $76,000 $76,000 2 3.5% -24.3% -60.0% -32.0% -32.2% -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.