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Palm Springs Real Estate Market Update – April 2014

Higher End Market Shift March 2014 Palm Springs Real Estate

Shift In Palm Springs Area Real Estate Luxury Market

Beginning in January of 2013, we started to see another sign of a shift in our Palm Springs area real estate market. Sales of homes and luxury condos that sold for $700,000 and higher increased substantially from month to month right into the first quarter of 2014.

Record Net Worth Pushes Valley Luxury Sales Up 50%!

A record household net worth ($80 trillion) helped push luxury home sales in the Palm Springs real estate market up by 50%, while the lower end of the market seems to be held back by wage stagnation.

Let’s take a look at average selling prices in Palm Springs area golf communities where the average selling price over the last six months is above $700,000. For the larger golf communities, these stats include single-family homes only.

Golf Community / Average Sale Price / High Sale Price (last 6 months)

  • Madison Club, La Quinta: $5,266,667 / $7,100,000
  • Vintage Club, Indian Wells: $3,655,625 / $10,450,000
  • Bighorn, Palm Desert: $2,692,969 / $6,600,000
  • Hideaway, La Quinta: $2,555,411 / $4,650,000
  • Tradition, La Quinta: $2,487,708 / $3,900,000
  • Toscana, Indian Wells: $1,748,644 / $2,695,000
  • Reserve, Indian Wells: $1,715,525 / $2,480,000
  • Monte Sereno, Palm Springs: $1,355,083 / $1,447,360
  • Andalusia, La Quinta: $1,190,751 / $1,750,000
  • The Palms, La Quinta: $1,076,250 / $1,287,500
  • Mission Hills, Rancho Mirage: $946,675 / $2,250,000
  • Indian Wells Country Club: $825,000 / $933,810
  • Citrus, La Quinta: $877,969 / $1,680,000
  • Rancho La Quinta: $870,266 / $1,550,000
  • PGA West, La Quinta $840,090 / $1,625,000
  • Indian Ridge, Palm Desert: $820,625 / $1,950,000
  • Mountain View, La Quinta: $787,808 / $1,525,000

Data Source: April 22, 2014 Market Watch Real Estate seminar and Desert Area MLS.

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