Mid Year Palm Springs Market Report
- Based on these numbers from MAY 2017, the Mid Year Palm Springs Market Report trends are clear.
- Median detached home prices are up.
- Sales are up.
- Condo prices are flat or down slightly.
- It’s a seller’s market because inventory is low.
- Sold to Asking price is only -2.7% (so no Lowball Offers)
- Bulk of the business is sub-500K homes and condos with the next best segments 500K-700K
- Generally we see homes to 800K in Palm Springs move quickly if they come on the market at the right price based on location and condition.
- The price growth curve is about 3% which is healthy for long steady growth
- Distressed home sales are low
Bottom line in these charts is that Palm Springs fares well and we hope to keep it that way. Have a look and know that this is a good time to buy or sell. We’ve come back to 74% value of our pre-housing bubble high on detached homes and 56% value for our condos. If the economy doesn’t burp, we should see good solid price gains over the coming years making real estate in Palm Springs a good place to invest your nest egg.