Statistical Tables

Palm Springs Area Real Estate

High End Home Sales Pop in the Palm Springs Area

The high end of the Palm Springs area real estate market was very active in February. The median price for single-family, re-sale homes jumped 12.6%, year-over-year, led by a $5,752,500 sale and a $3,450,000 sale in Palm Desert, a $4,600,000 sale in Indian Wells, a $3,200,000 sale and a $3,100,000 sale in La Quinta, and a $3,150,000 and a $3,000,000 sale in Rancho Mirage. There were an additional 43 homes sold between $1MM and $3MM.

Even with all the activity in the high-end of the market, the median price for the $1MM+ market is only up 1.4% through the first two months of the year. The median price for the $500K-$1MM segment of the market is up 3.3%, while the under $500K market is down 1.7%.

Home sales have been very strong this year, rising by double-digits each of the first two months. Year-to-date, home sales are up 13.9%.

Sales of condos/attached homes have been extraordinary. They are up 31.9% for the first two months of the year. Of note, prices were down in February compared to last year.

Palm Springs Area Real Estate Home Prices 3-month Moving Average Chart

Palm Springs Area Real Estate Attached Home Prices 12-month Moving Average Chart

To read our 2015 Annual Report, click here.

February Statistics

Trends at a Glance
(Single-family Homes)
Data Feb 17 Jan 17 Feb 16
Median Price: $385,500 $345,000 $342,450
Average Price: $561,495 $500,871 $526,743
Home Sales: 456 420 390
Sale/List Price Ratio: 96.2% 95.6% 95.5%
Days on Market: 97 102 117
(Attached Homes)
Data Feb 17 Jan 17 Feb 16
Median Price: $234,500 $249,000 $243,750
Average Price: $259,477 $258,348 $266,785
Home Sales: 222 228 176
Sale/List Price Ratio: 95.1% 95.2% 95.2%
Days on Market: 109 99 108

The median price for single-family, re-sale home was up 11.7% from January. The average price gained 12.1%.

Sales of single-family, re-sale homes were up 8.6% last month compared to January. Year-over-year, home sales were up 16.9%.

The median price for attached homes and condos was off 3.8%  year-over-year. Attached homes and condo sales were up 26.1% year-over-year.

Desert Price Differences
from January 2015 & Peak & Trough
Homes: detached
YTD Peak % Trough % Peak Trough
3-month 1.1% -23.3% 112.7% Jun-07 Apr-09
12-month 4.2% -20.1% 96.5% Nov-07 Nov-09
Homes: attached          
3-month -4.1% -35.0% 56.3% Mar-06 Oct-11
12-month -2.7% -33.1% 39.9% Jun-06 May-12
The 3-month moving average median price for detached homes is up 1.1% from January 2015. The median price is up 112.7% from the bottom of the market, but is still down 23.3% from the peak.

In February, the 3-month moving average median price was off 4.1% for attached homes since January 2015. It is up 56.3% from the bottom of the market which was in October 2011.

Sales momentum…

for homes, rose 0.7 of a point to +7.9. Sales momentum for condos rose 1.9 points to +12.9. (See charts below)

We calculate…

momentum by using a 12-month moving average to eliminate seasonality. By comparing this year’s 12-month moving average to last year’s, we get a percentage showing market momentum.  

In the chart below…

the blue area shows momentum for home sales while the red line shows momentum for the median price.

Pricing momentum…

for detached homes rose 1.1 points to  +3.7. Pricing momentum for attached homes fell 0.5 of a point to 0.0.

Palm Springs Area Real Estate Market Momentum Chart

Palm Springs area real estate condo/attached home sales momentum

 

Palm Springs area real estate

The following tables break-down the market into three segments: less than $500,000, $500,000 to $1,000,000 and $1,000,000 and over. The tables are year-to-date.

Home Sales
Percent Change From Year Before
  <$500K >=$500K and <$1MM >=$1MM
2000 990.8% 82.8% 52.9%
2001 -88.2% 7.5% -30.8%
2002 1.3% 1.8% 38.9%
2003 15.7% 82.8% 24.0%
2004 22.9% 89.6% 77.4%
2005 -18.5% 35.8% 67.3%
2006 -25.9% -20.1% 20.7%
2007 -25.8% -5.5% -20.7%
2008 3.1% -30.1% -11.4%
2009 129.9% -48.6% -60.3%
2010 -6.6% 54.1% 71.0%
2011 11.5% 15.8% -17.0%
2012 4.9% -6.1% 18.2%
2013 16.3% 48.4% -11.5%
2014 -33.1% 26.1% 106.5%
2015 -27.5% -31.9% -24.2%
2016 3.5% 1.3% 4.2%
2017 6.4% 40.0% 12.0%
Median Prices
Percent Change From Year Before
  <$500K >=$500K and <$1MM >=$1MM
2000 12.7% 1.0% 0.0%
2001 14.5% 1.2% -3.8%
2002 18.3% -3.9% 0.0%
2003 13.8% 3.3% -3.2%
2004 23.4% 2.4% -1.1%
2005 16.9% 3.1% 3.0%
2006 0.1% -0.8% 2.6%
2007 -1.6% 1.5% 1.8%
2008 -33.8% -2.2% 7.9%
2009 -26.7% -1.5% -8.9%
2010 9.8% 0.0% -0.9%
2011 -8.9% -1.5% -1.8%
2012 16.4% -0.8% -1.8%
2013 24.2% 2.4% 3.3%
2014 10.3% 0.8% 0.4%
2015 7.0% -0.9% 0.9%
2016 3.1% -1.4% 0.4%
2017 -1.7% 3.3% 1.4%

The median price for the under $500,000 segment of the market was up 12.7% year-over-year in February. This segment constituted 61.4% of sales.

Palm Springs area home sales and prices under $500,000

By contrast, the $500,000 to $1,000,000 segment of the market was 27.4% of sales last month. The median price was down 2.7% year-over-year in February.

Palm Springs area home sales and prices

The million dollar plus market was 11.2% of total sales in February. The median price for this segment of the market was down 6.5% year-over-year.

See our Annual Report for year-end numbers.

Palm Springs area real estate $1MM home sales and prices

The graphs below show monthly prices and sales since 2006. We have used a three month moving average to smooth out monthly fluctuations yet retain seasonal flow.

This chart show the number of Palm Springs area homes sold plus the median and average prices since 2005.

This chart show the number of Palm Springs area condos sold plus the median and average prices since 2005.

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.

Palm Springs Area Real Estate Monthly Statistics

Palm Springs Area Real Estate - January 2017
SINGLE-FAMILY HOMES
  Prices   Change from Last Year Change from Last Month
Cities Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined  $  345,000  $    500,871 420 0.0% -0.5% 10.8% -1.4% 1.5% -12.7%
Palm Springs  $  570,000  $    633,777 63 5.6% -8.3% 8.6% -11.6% -5.8% -14.9%
Palm Desert  $  462,250  $    603,459 44 18.1% 24.3% -13.7% 19.1% 2.7% -10.2%
La Quinta  $  480,000  $    662,152 91 7.9% -18.7% 78.4% 4.9% 8.5% -3.2%
Indian Wells  $  905,000  $ 1,265,575 9 51.3% 50.7% -25.0% 10.2% 34.7% -35.7%
Rancho Mirage  $  624,000  $    774,846 24 -1.7% 2.0% -31.4% -4.0% 0.0% -7.7%
Cathedral City  $  279,900  $    292,298 43 5.6% 3.1% 38.7% -4.5% -4.3% -20.4%
Indio  $  274,900  $    310,326 65 1.7% 10.5% -7.1% -6.5% -1.9% -23.5%
Desert Hot Springs  $  178,950  $    176,893 32 -0.4% -7.5% -5.9% -3.6% -4.5% -15.8%
Sun City - PD  $  319,000  $    324,649 28 2.9% -6.1% 3.7% 1.0% -1.3% -33.3%
Bermuda Dunes  $  305,000  $    363,825 7 -15.0% 0.8% -22.2% -24.4% -32.3% 16.7%
This table provides the median price, the average price and the number of units sold for residential re-sale condominiums.

Palm Springs Area Real Estate - January 2017
Condo/Attached Homes
  Prices   Change from Last Year Change from Last Month
Cities Median Average Sales MedY AveY SalesY MedM AveM SalesM
Combined  $  249,000  $    258,348 228 6.1% 3.2% 37.3% 3.9% 1.1% -8.1%
Palm Springs  $  234,000  $    242,775 67 13.0% 4.2% 9.8% 17.0% 4.1% -21.2%
Palm Desert  $  265,000  $    276,030 85 2.6% -0.7% 77.1% -3.5% -2.1% 4.9%
La Quinta  $  335,000  $    319,288 17 1.8% 0.4% 0.0% 45.7% 20.4% 0.0%
Indian Wells  $  430,000  $    420,111 9 3.8% -5.8% 125.0% -4.4% -11.7% 80.0%
Rancho Mirage  $  264,750  $    261,846 24 -11.8% -8.9% 60.0% -3.7% -10.4% -33.3%
Cathedral City  $  120,000  $    138,950 10 -4.0% 1.9% 25.0% -17.2% -5.2% -37.5%
Indio  $  116,410  $    145,172 12 -30.2% 5.3% 140.0% 8.3% 25.0% 100.0%
Desert Hot Springs  $     49,000  $       49,000 1 40.0% 40.0% 0.0% 19.5% 19.5% -50.0%
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The Graphs

Real estate trend charts for individual cities in the Palm Springs area 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 what your home will sell for in today's market, call or e-mail us.