Valley-wide resales of single-family homes rose 51% in December '08 compared to '07 with 545 homes sold. Condo sales dipped 32% to 107 units for the month. New construction home sales dropped 44% from December '07 as resale homes continued to present the best buying opportunities.
Before the credit crunch, property listed under $500,000 accounted for 43% of desert sales. In December '08, that percentage almost doubled to 82% reflecting a high percentage of bank owned and 'must sell' sales. We recently compiled a report to look at the number of bank owned properties in several price categories; the results are listed below:
Current Bank Owned Property Inventory Counts for The Palm Springs Area (1)
- All price ranges: 422
- Under $500,000: 374
- $501,000 to $750,000: 29
- $751,000 to $999,999: 9
- Over $1 Million: 10 (Average $1.9 Million)
- Over $1 Million in golf communities: 4
Palm Springs Area Inventory Declines Another 10%
Valley-wide MLS inventory declined almost 10% from 9,186 properties in December '07 to 8,250 properties by December '08. This indicates that buyers continue to absorb properties that individual home-sellers and banks must sell.
(1) Our bank owned inventory report includes the cities of La Quinta, Indian Wells, Rancho Mirage, Palm Desert, Indio and Palm Springs as of 2/10/08. Copyright & Copy 2009; Sheri Dettman And Associates / Your Resort Home