The little recognized fact about the Palm Springs Real Estate Market is simply that our market is “uniquely different”. The underlying currents and directional trends that shape our local Real Estate Market’s current state do not compare with what maybe happening in other parts of California, or in cities throughout the US. I consider the real estate market in Palm Springs to be “special and matchless”.
The front page headline from the Thursday, March 25th issue of The Desert Sun Newspaper says it all: “Area Home Sales Buck Trend, Up 7.3% — Other Regions Saw Drops in February Sales” “People Want to Live Here!” Read the story at:
Obvious conclusions to be drawn about the Palm Springs Real Estate Market using my detailed market trend data are:
1. Palm Springs’ single family home and condo prices are very affordable as compared to other areas of California and the country.
2. The majority of February’s home sales, or 62.1%, are conventional sales and not Foreclosures or Short Sales (this has been the trend for the past several months). Current Active listings reflect this same trend, with only approximately 10% of the listings Foreclosures, and 8% are Short Sales.
3. “Good Deals” do exist on properties in Palm Springs today. Current “conventional” home prices reflect the impact of prior-period Foreclosures and Short Sales as well as the steep price declines from the peak ’06 sales levels. The Palm Springs Real Estate Market continues to improve, after bottoming out in Q-1 of 2009, with the number of home and condo sales and sale prices increasing month-over-month.
For more information on Palm Springs Real Estate trend data please visit my website’s Real Estate Market Insights Reports:
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