In the Palm Springs Real Estate Market, super luxury properties are those that sell for $2 million and higher. In the last six months 31 properties sold for $2 million or higher in the desert. La Quinta topped the list of sales over $2 million for this period and recorded the high sales price of $7.6 million at Madison Club.
Palm Springs Area Sales Over $2 Million By City Last 6 Months:
- La Quinta: 13 ($2.016 to $7.6 million)
- Palm Desert: 7 ($2 to $5.1 million)
- Indian Wells: 5 ( $2 to $3.25 million)
- Palm Springs: 3 ($2.4 to $4.9 million)
- Rancho Mirage: 3 ( $2.75 to $4.253 million)
Super Luxury Sales Down From 2010 / Average Prices Up
During the same six-month time period in 2010 there were 40 super luxury homes sold with an average sales price of $3,006,876. While the number of sales this year decreased to 31 the average sales price increased to $3,130,94. The average price paid per square foot also increased from $534 to $543 per square foot. The average super luxury home had 5,871 square feet with four bedrooms and 5.61 bathrooms.
Bank Owned & Short-Sale Super-Luxury Sales
Only two of these 31 sales were bank owned homes. One REO sold in less than 30-days for 110.49% of the asking price while the other sold in 120+ days for 94.34% of asking price. Two of 31 sales were short sales leaving 27 sales as regular traditional sales.
Source: Latest six month data from Desert Area MLS for the period 2/24/11 to 8/24/11