We analyze several housing market indicators in order to present an in-depth breakdown of Palm Springs Real Estate Market comparing February 2009 to February 2010.
Summary of Key Points
Palm Springs Real Estate has not shown any significant movement compared to last year. Units sold remained the same, Median sales price dropped, median days on market went up. The only encouraging factor was sellers received 94% of asking price as compared to 87% last year.
Key Statistics, Palm Springs, CA: Median Sales Price (-32.45%), Median Days on Market (66.75%), and Number of Units Sold (0.00%), Sales Price to List Price Ratio (Feb 09 87% – Feb 10 94%)
Palm Springs Real Estate
The city of Palm Springs experienced a 32.45% decrease in median sales price from last year going down from 8,725 (Feb. 09) to 3,125 (Feb. 2010). Median days on market data for Palm Springs show that houses are selling slower than Feb 09. It took 100 days in Feb 09 for a house to sell and for Feb 10 that number has gone up to 167 days (a 66.75% deterioration). Another important factor to consider is total number of units sold. In the month of Feb 09, 4 units were sold compared to 4 for Feb 10 (0.00% change). Lastly we are going to take a look at the Sales Price to List Price Ratio for Palm Springs. SP/LP ratio for Feb 09 was 87% compared to 94% for Feb 10.
Let’s take a brief look at neighbors Redlands and San Bernardino. Redlands Real Estate featured a 31.46% decrease in median sales price (8,506 Feb 09 – 2,576 Feb 10) and San Bernardino Real Estate saw a 3.58% increase (0,591 Feb 09 – 4,551 Feb 10). Are houses in Redlands and San Bernardino selling faster or slower this year? Well, Redlands experienced a 5.72% decrease (57 to 54 days) in median days on market and San Bernardino saw a 26.92% decrease (61 to 45 days). In the units sold category, Redlands sold 4 units more (11.11%) in Feb 2010 than 09 and San Bernardino sold 57 units less (-22.98%) in Feb 2010 than Feb 09.
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