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Palm Springs Real Estate Update

After months of rising sales and falling prices, Palm Springs area real estate trends began to even out in November with the median home price holding steady in November at $225,000, which is down 39.8% from November ’07.

There were 633 Coachella Valley homes sold during the month – up 3.1% from November ’07 but down 25.8% from October according to DataQuick® which tracks sales stats.

November Market Snapshot:

  • 470 Single-family resale home sales – up 56.1% from November ’07
  • 101 Resale condos sold – down 19.2% from ’07
  • 62 New homes sold – down 67% from ’07
  • Entry-level communities of Bermuda Dunes and Indio saw year-over-year sales increases in the triple digits as buyers took advantage of low prices

Average sales price for selected valley cities for November ’07:

  • Indian Wells $990,819
  • Rancho Mirage $538,335
  • La Quinta $484,387
  • Palm Desert $380,827
  • Palm Springs $316,634
  • Bermuda Dunes $178,750
  • Indio $205,744

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