Palm Springs Real Estate Trends, Q3, 2018
Palm Springs and other desert cities continue to show good price appreciation. Palm Springs, Cathedral City, Rancho Mirage, and Palm Desert have all seen steady increases over the last two years, while Palm Springs remains “steady” from Q3 2017 to Q3 2018. One shouldn’t read too much into these quarterly stats, but, instead, should watch for trends. My blog is a good place to so that!
Median Sales Price
Palm Springs “leads overall” when it comes to number of sales, average price per square foot, and average days on market. Cathedral City, though, takes the top position for the fewest average days on market. We’ll talk more about this in another blog post.
Q3 2018, Number of Sales, Average Days on market, Average Price per Sq Ft
This graph essentially shows that the longer a home stays on the market, the lower it sells for as a percentage of list price. For example, homes in Palm Springs that sold within 30 days of list, sold, on average, 98% of list price. But, those that stayed on over 30 days dropped to 97%, and those over 120 days dropped to 96.54%. While these don’t seem like big differences, it totals thousands of dollars! Don’t lose thousands of dollars by making a pricing mistake. The real loss, I suppose, is in the carrying costs, such as mortgages, property taxes, and maintenance costs.
Palm Springs 2018 YTD, days of market and Avg Sales Price VS % of List Price
This graph shows some popular neighborhoods with median sales prices under $1M. Mid century neighborhoods in Palm Springs, such as Deepwell and Twin Palms are seeing impressive appreciation. Los Compadres, with a similar location, is a relative bargain! Racquet Club East in north Palm Springs has seen spectacular growth over the years. I personally don’t see that changing overall in a strong market.
Palm Springs Neighborhoods - Median Sales Price, YTD 2018, 2017, and 2016
Drop me a line if you have questions about these stats, or about real estate in general. Be sure and check back in January, 2019 for Q4 stats, and for 2018 annual numbers. Thank you for reading.
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