| Trends at a Glance | |||
| (Single-family Homes) | |||
| Mar 08 | Feb 08 | Mar 07 | |
| Median Price: | $393,000 | $410,000 | $475,000 |
| Average Price: | $594,784 | $582,470 | $686,127 |
| Home Sales: | 369 | 295 | 455 |
| Sale/List Price Ratio: | 93.5% | 94.0% | 95.0% |
| Days on Market: | 102 | 118 | 108 |
Sales of bank owned properties continues to skew the market data. Most of the bank owned sales are in the under $500,000 segment of the market.
This segment of the market is by far the most active. In March, sales of single-family, re-sale homes were up 32% over February, and were only down 3.3% from last March. But, the median price for this segment was down 5.9% month-over-month, and down 22.6% year-over-year.
By contrast, the $500,000 to $1,000,000 segment of the market saw home sales advance by only 3.9% from February, a drop of 39.8% compared to last March. On the other hand, the median price was only off 0.4% month-over-month, and was down only 1.1% year-over year. Interesting.
The million dollar plus market saw home sales advance 35% from February, a drop of 31.6% year-over-year. The median price for this segment of the market was up 4.4% month-over-month, and up 2% year-over-year.
What does this all mean? Well, the low-end is definitely a buyer's market. In the mid-market, which is being adversely affected by the lack of move-up buyers, sellers are, for the most part, holding firm on their prices, which explains the lack of sales in this segment. The million dollar plus market is a world of its own.
The graphs below show monthly prices and sales since 1999. We have used a three month moving average to smooth out monthly fluctuations yet retain seasonal flow.
These graphs are big. Please click on the graph to expand it. Then, use your back button to return to this page.
The Desert Real Estate Report is © 1997 - 2006 www.DesertRealEstate.com, all rights reserved.
The sales price to list price indicator for single-family homes dropped 0.5 of a point to 93.5%. The indicator for condos fell 0.3 of a point to 93.7%. Breaking the market down, the ratio for homes in the under $500,000 market was 94.5%. The ratio for the $500,000 to $999,999 market was 93.9%. The ratio for the over $1,000,000 market was 92.5%.
Days on market for homes shed 17 days to 89. Days on market for condos fell nine days to 111 days.
For full details see the tables below and the Monthly Trends section which breaks out each city's statistics. That menu is at the left.
Also, check out our Annual Trends section for charts and graphs for the past eight years.
The following table provides the median price, the average price and the number of units sold for residential re-sale single family homes.
| Desert Home Statistics | |||||||||
| March 2008 | |||||||||
| Homes | Change from last year | Change from last month | |||||||
| Median | Average | Sales | Median | Average | Sales | Median | Average | Sales | |
| Combined | $393,000 | $594,784 | 369 | -17.3% | -13.3% | -18.9% | 3.4% | -4.2% | 33.2% |
| Palm Springs | $450,000 | $589,808 | 40 | -18.8% | -20.6% | -42.0% | 7.1% | 2.9% | 21.2% |
| Palm Desert | $471,500 | $985,369 | 40 | -18.7% | 28.8% | -14.9% | 3.6% | 2.9% | 8.1% |
| La Quinta | $566,500 | $776,921 | 86 | -11.6% | -11.9% | -18.9% | 13.3% | -0.2% | 41.0% |
| Indian Wells | $1,029,500 | $1,250,438 | 8 | -6.4% | -19.2% | -46.7% | 12.9% | 6.5% | 60.0% |
| Rancho Mirage | $687,500 | $828,034 | 38 | -17.4% | -21.4% | 0.0% | -18.5% | -28.7% | 58.3% |
| Cathedral City | $290,000 | $337,326 | 35 | -19.4% | -13.6% | -18.6% | -4.9% | -1.5% | 40.0% |
| Indio | $289,000 | $323,633 | 55 | -25.4% | -22.8% | -11.3% | -13.3% | -5.6% | 71.9% |
| Desert Hot Springs | $174,250 | $187,708 | 32 | -37.8% | -30.8% | -20.0% | -3.2% | 5.9% | 23.1% |
This table provides the median price, the average price and the number of units sold for residential re-sale condominiums.
| Desert Condo Statistics | |||||||||
| March 2008 | |||||||||
| Condos | Change from last year | Change from last month | |||||||
| Median | Average | Sales | Median | Average | Sales | Median | Average | Sales | |
| Combined | $311,950 | $336,579 | 184 | -10.6% | -9.9% | -4.7% | 0.1% | -7.8% | 73.6% |
| Palm Springs | $231,000 | $249,014 | 60 | -23.0% | -24.3% | -13.0% | -3.8% | -0.6% | 81.8% |
| Palm Desert | $377,000 | $387,758 | 60 | -0.8% | -4.0% | 0.0% | 10.9% | 7.8% | 39.5% |
| La Quinta | $348,000 | $478,556 | 9 | -42.0% | -11.2% | -30.8% | -36.4% | -16.2% | 80.0% |
| Indian Wells | $462,500 | $456,786 | 7 | 12.8% | 22.6% | 0.0% | -14.9% | -46.7% | 75.0% |
| Rancho Mirage | $408,450 | $440,807 | 30 | -1.1% | 5.6% | 15.4% | -18.3% | -18.4% | 130.8% |
| Cathedral City | $150,000 | $160,077 | 13 | -39.6% | -39.5% | 30.0% | -35.1% | -26.8% | 116.7% |
| Indio | $148,000 | $174,833 | 3 | -45.6% | -27.9% | -57.1% | -31.2% | -18.7% | 200.0% |
| Desert Hot Springs | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
If we can help you devise a strategy, call or click buyer or seller. To keep on top of the market, subscribe to this report and you will be notified by e-mail when it is updated each month.
Trend charts for individual cities can be reached by clicking on the City Trends menu to the left.
For detailed information on a specific neighborhood or country club, give Greg Bauer a call at (800) 975-7720, or fill out the appropriate form: Buyers or Sellers.
For our opinion of the value of your home, call or e-mail me.