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Sheri’s Palm Springs Area Blog

Whether it be real estate updates, restaurant reviews, events, or highlights of unique homes in Palm Springs, follow Sheri as she covers all that Palm Springs and the surrounding area has to offer.

January Sales -7.7% / February +18.5%

The national media reported on March 3rd that sales of previously owned U.S. homes tumbled 7.7% in January, reversing the prior month's gains. To compare our local Palm Springs area real estate market to the national stats we crunched our own local MLS numbers and found a similar 7% decline for January '09 compared to the same month in '08.

Being curious to see if this sales trend continued into February, we next examined February's numbers, which showed a whopping 18.5% sales increase compared to the same month in '08. While homes priced under $500,000 continue to account for the vast majority of desert home sales, we are starting to see some upward trends in the super-luxury homes of over $2 million as well, especially in Palm Desert, La Quinta and Rancho Mirage.

Another interesting trend in '09 is that the number of days that a property was on the market declined in both January and February for homes that sold under $500,000. These homes are now selling faster than last year and agents are now starting to receive more multiple offers on some properties.

From
In Real Estate Market Updates

Find-A-Trade / Refer-A-Trade

A reputable trade professional can be hard to find when you need them. That's why we are now networking desert homeowner suggestions for recommended trades in the Palm Springs area on our website.

Based on suggestions over the last two years, we've developed a starting list of trades. You’ll find everything from plumbers to pest control, electricians to window washing and beyond. At the bottom of the referral page you'll find a post comment button. We are encouraging homeowners to post their comments about trades that you have used. Our thought is to encourage business towards the companies and trades people that get high marks from homeowners.

The referral link is available on our web site home page under Resources for Owners.

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Location, Location, Location

Homes within most Palm Springs area golf communities continue to out-perform properties outside golf communities. As an example, La Quinta's average single-family resale home in a golf community sold for $817,800 in November '08. While the price is well above La Quinta's average prices, it is down significantly from the average golf course home sale price of $1,284,889 in November of '07.

’08 Palm Springs Golf Community Top-20 List

Our annual Palm Springs area Golf Community Top-20 report ranks area golf communities by units sold during the year 2008 compared to '07. This year nine of the top 20 golf communities recorded sales increases over '07 totally bucking the national real estate trends. Only three golf communities recorded overall price increases, while ultra-exclusive Bighorn was the only one to record both sales and price increases for '08.

The top-10 offered double digit discounts over '07. Communities that recorded a significant sales increase along with price decreases seemed to be popular with bargain hunters, especially in the under $500,000 segment where about 82% of December '08 sales were recorded. After each community name you’ll see the sales increase or decrease in units first, then the average price change over the previous year. We've ranked these communities by sales increases in descending order.

Golf Community / 08 Sales Change / 08 Price Change

  1. Bighorn, Palm Desert: +36% / +6%
  2. Woodhaven Country Club, Palm Desert: +32% / -19
  3. Mountain View Country Club, La Quinta: +31% / -15%
  4. Trilogy, La Quinta: +26% / -18%
  5. Ironwood, Palm Desert: +23% / -14%
  6. Palm Valley, Palm Desert: +14% / -13%
  7. The Palms Golf Club, La Quinta: +14% / -16%
  8. La Quinta Country Club, La Quinta: +10% / -7%
  9. The Reserve, Palm Desert: +9% / +17%
  10. PGA West, La Quinta: -1% / -11%
  11. Indian Springs Country Club, Indio: -5% / -18%
  12. Tradition Golf Club, La Quinta: -20% / -1%
  13. Rancho La Quinta Country Club: -20% / -15%
  14. Mission Hills Country Club, Rancho Mirage: -23% / -9%
  15. Desert Falls Country Club, Palm Desert: -29% / -5%
  16. Hideaway, La Quinta: -50% / -11%
  17. Indian Ridge Country Club, Palm Desert: -56% / +4%
  18. La Quinta Resort & Club: -57% / +4%
  19. Vintage Club, Indian Wells: -67% / -26%
  20. Toscana Country Club, Indian Wells: -71% / -1%

You can see profiles on each of these golf communities here

From
In Golf Communities

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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